U-Haul 2007 Annual Report Download - page 96

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
Significant components of the Company’ s deferred tax assets and liabilities were as follows:
2007 2006
Deferred tax assets:
Net operating loss and credit carry forwards $ 11,342 $ 7,906
Accrued expenses 116,989 102,159
Policy benefit and losses, claims and loss expenses payable, ne
t
13,527 17,476
Unrealized gains - 677
Total deferred tax assets 141,858 128,218
Deferred tax liabilities:
Property, plant and equipment 246,992 221,578
Deferred policy acquisition costs 5,330 7,608
Other 625 7,124
Unrealized losses 2,081 -
Total deferred tax liabilities 255,028 236,310
Net deferred tax liability $ 113,170 $ 108,092
March 31,
(In thousands)
Under the provisions of the Tax Reform Act of 1984, the balance in Oxford’ s account designated “Policyholders’
Surplus Account” is frozen at its December 31, 1983 balance of $19.3 million. Federal income taxes (Phase III) will be
payable thereon at applicable current rates if amounts in this account are distributed to the stockholder or to the extent the
account exceeds a prescribed maximum. Oxford did not incur a Phase III liability for the years ended December 31, 2006,
2005 and 2004.
The SAC Holding II affiliated group, which began to file tax returns in the fiscal year ending March 31, 2003, and has
net operating losses of $18.9 million and $18.2 million in fiscal years ending March 31, 2007 and March 31, 2006,
respectively, to offset taxable income in future years. These carry forwards expire in 2023 through 2027.
Under certain circumstances and sections of the Internal Revenue Code, a change in ownership for tax purposes could
limit the amount of net operating loss carry forwards that can be used to offset future taxable income.
F-31