US Airways 2011 Annual Report Download - page 46

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Table of Contents
For the year ended December 31, 2011, we recorded a special non-cash tax charge of $21 million in connection with the sale of our final investment in
auction rate securities in July 2011. This charge recognizes in the statement of operations the tax provision that was recorded in other comprehensive income,
a subset of stockholders' equity, in the fourth quarter of 2009. In addition, we recognized an AMT credit of $2 million resulting from our elections under
applicable sections of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. For the year ended December 31, 2011, we
did not record any additional federal income tax expense, and state income tax expense related to certain states where NOLs may be limited or unavailable to
be used was nominal.
For the year ended December 31, 2010, we did not record federal income tax expense, and state income tax expense related to certain states where
NOLs may be limited or unavailable to be used was nominal.
For the year ended December 31, 2009, we recorded a special tax benefit of $38 million. Of this amount, $21 million was due to a non-cash income tax
benefit related to gains recorded within other comprehensive income during 2009 due to an increase in the fair value of certain investments in auction rate
securities. In addition, we recorded a $14 million tax benefit related to a legislation change allowing us to carry back 100% of 2008 AMT net operating losses,
resulting in the recovery of AMT amounts paid in prior years. We also recognized a $3 million tax benefit related to the reversal of the deferred tax liability
associated with the indefinite lived intangible assets that were impaired during 2009.
43