Incredimail 2011 Annual Report Download - page 117

PERION NETWORK LTD. AND ITS SUBSIDIARIES
(Formerly: Incredimail Ltd.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
Net operating loss carry-forwards as of December 31, 2011 are as follows:
Net operating losses in the U.S. may be carried forward through periods which will expire in the years starting from 2026 up to 2031.
NOTE 10:
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INCOME TAXES (Cont.)
d.
Tax reports filed by the Company in Israel through the year ended December 31, 2008 are considered final. The U.S tax returns of the U.S
subsidiaries Smilebox and Incredimail Inc. remain subject to examination by the U.S tax authorities for the tax years beginning on December
31, 2007 and December 31, 2008, respectively.
e.
Tax loss carry
-
forwards:
United States *)
$
17,053
*)
Utilization of U.S. net operating losses may be subject to substantial annual limitation due to the "change in ownership" provisions of
the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of net operating
losses before utilization.
f.
Deferred tax assets, net:
Deferred taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for tax purposes.
F
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30