Mitsubishi 2000 Annual Report Download - page 56

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Notes to consolidated financial statements
54
Significant components of deferred tax assets and liabilities as of March 31, 2000 were as follows:
Deferred tax assets and liabilities at March 31, 2000 and 1999 are included in the consolidated balance sheets as follows:
March 31, 2000
(In millions of (In thousands of
yen) U.S. dollars)
Deferred tax assets
Net operating loss carry forward ¥ 113,247 $1,066,858
Accrued severance indemnities 8,858 83,448
Foreign income tax credit 8,631 81,309
Other temporary differences 28,766 270,994
Less valuation allowance on assets (102,617) (966,717)
Total deferred tax assets 56,886 535,902
Deferred tax liabilities
Deferred taxable gain on sale of property (21,053) (198,332)
Revaluation on land (19,575) (184,409)
Depreciation (17,939) (168,997)
Other temporary differences (1,878) (17,692)
Total deferred tax liabilities (60,448) (569,458)
Net deferred tax liabilities ¥ (3,561) $ (33,547)
Year ended March 31,
2000 1999 2000
(In millions of yen) (In thousands of
U.S. dollars)
Deferred income taxes ¥ 19,637 ¥ 12,403 $ 184,993
Long-term prepaid expenses and other 1,483 3 13,971
Other current liabilities (30) (59) (283)
Deferred tax liabilities (24,651) (522) (232,228)
Net deferred tax assets (liabilities) ¥ (3,561) ¥ 11,825 $ (33,547)