Overstock.com 2010 Annual Report Download - page 131
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Table of Contents
Overstock.com, Inc.
Notes to Consolidated Financial Statements (Continued)
21. INCOME TAXES
The provision for income taxes consists of the following (in thousands):
Years ended
December 31,
2010 2009
Current:
Federal $ 226 $ 145
State 133 112
Total current 359 257
Deferred:
Federal $ — $ —
State — —
Total deferred — —
Total provision for income taxes $ 359 $ 257
The components of our deferred tax assets and liabilities as of December 31, 2010 and 2009 are as follows (in thousands):
December 31,
2010 2009
Deferred tax assets and liabilities:
Net operating loss carry-forwards $ 66,241 $ 68,755
Temporary differences:
Accrued expenses 5,536 4,246
Reserves and other 6,369 5,667
Depreciation and amortization (1,095) 1,577
77,051 80,245
Valuation allowance (77,051) (80,245)
Net asset $ — $ —
As a result of our history of losses, a valuation allowance has been provided for the full amount of our net deferred tax assets as we believe that it is more
likely than not that these benefits will not be realized. We recorded a tax provision of $359,000 for the year ended December 31, 2010, for federal alternative
minimum taxes and state taxes.
At December 31, 2010 and 2009, we had U.S. federal net operating loss carry-forwards of approximately $166.7 million and $180.9 million and state net
operating loss carry-forwards of approximately $150.7 million and $165.0 million, respectively, which may be used to offset future taxable income. We are
currently reviewing whether we had any ownership changes during the period we operated as a loss company before 2009. The result of having ownership
changes under IRS Code Section 382 would limit the amount of net operating losses that could be used in any annual period. Our carry-forwards begin to
expire in 2018.
F-42