US Airways 2010 Annual Report Download - page 90

Table of Contents
For the year ended December 31, 2008, the Company reported a loss, which increased its NOLs, and it did not record a tax provision.
The components of the provision (benefit) for income taxes are as follows (in millions):
Year Ended December 31,
2010 2009 2008
Current provision:
Federal $ — $ — $ 1
State — — —
Total current — — 1
Deferred benefit:
Federal — (38) —
State — — (1)
Total deferred — (38) (1)
Benefit for income taxes $ — $ (38) $ —
Income tax expense (benefit) differs from amounts computed at the federal statutory income tax rate as follows (in millions):
Year Ended December 31,
2010 2009 2008
Income tax expense (benefit) at the federal statutory income tax rate $ 176 $ (85) $ (775)
Book expenses not deductible for tax purposes 14 17 229
State income tax expense, net of federal income tax expense (benefit) 12 (6) (30)
Change in valuation allowance (202) 74 575
AMT provision (benefit) — (14) 1
Allocation to other comprehensive income — (21) —
Long-lived intangibles — (3) —
Other, net — — —
Total $ — $ (38) $ —
Effective tax rate —% (15.7)% —%
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