Crucial 2011 Annual Report Download - page 174
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24
INOTERA MEMORIES, INC.
NOTES TO FINANCIAL STATEMENTS
ROC Income Tax Law provides an investment tax credit to companies that purchase certain types of equipment and
machinery. Such tax credit can be used to reduce by up to 50% of income tax liability for each of the four years commencing
from the year of equipment purchase, and can be used further to reduce by up to 100% of such income tax liability in the
fifth year.
(Continued)
(d)
Under the ROC Statute for Upgrading Industries, the Company’
s unused investment tax credits as of December 31, 2010,
were as follows:
Year
Purchasing machinery
and equipment
Personnel training and research and
development expenditures
Expiry Year
2007
3,946,683
28,722
2011
2008
1,587,701
22,788
2012
2009
376,714
47,414
2013
2010
1,734,956
-
2014
$
7,646,054
98,924
(e)
As of December 31, 2010, unused loss carry forward tax credits available to the Company were as follows:
Year
Unused loss carry forward tax credits
Expiry Year
2008
$ 16,011,859
2018
2009
12,234,762
2019
2010
12,494,219
2020
$ 40,740,840
(f)
The Company’s income tax returns have been examined by the ROC tax authority through 2008.
(g)
Undistributed earnings, imputation credit account (ICA) and creditable ratio
December 31,
2009 2010
Accumulated deficit after 1997
$
(26,974,986
)
(37,636,298
)
Imputation credit account
$
181,287
181,295
2009 2010
Creditable ratio -
%
-
%