Crucial 2012 Annual Report Download - page 295
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50
INOTERA MEMORIES, INC.
NOTES TO FINANCIAL STATEMENTS
(Continued)
(28) Additional US GAAP disclosures
(a) Valuation allowance for deferred income tax assets
The change in valuation allowance for deferred tax assets was as follows:
Amount
Balance as of January 1, 2010 $ 14,559,758
Increase in 2010 968,034
Balance as of December 31, 2010 15,527,792
Increase in 2011 4,545,220
Balance as of December 31, 2011 $ 20,073,012
According to originally amended Income Tax Act publicly announced on May 27, 2009, the statutory income
tax rate has been reduced from 25% to 20% commencing from 2010. Also, based on the amended Income Tax
Act publicly announced on June 15, 2010, the statutory income tax rate has been reduced further from 20%
to 17% commencing from 2010. For these reasons, the Company had written down the deferred tax assets of
approximately $1,046,077 against the related valuation allowance for deferred tax assets as of December 31,
2010, for the effect in the reduction of such income tax rate.