Incredimail 2011 Annual Report Download - page 118

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)
NOTE 10:
-
INCOME TAXES (Cont.)
Components of the Company's deferred tax assets (liabilities) are as follows:
December 31,
2010
2011
Deferred tax assets:
Employee benefits
$
214
$
106
Net operating loss carry forwards
-
6,821
Losses on marketable securities
119
-
Other
197
225
Deferred tax assets, before valuation allowance
530
7,152
Valuation allowance
(93
)
(4,113
)
Total deferred tax assets, net of valuation allowance
437
3,039
Deferred tax liabilities:
Intangible assets
$
-
$
(2,281
)
Deferred revenues
-
(427
)
Exempt income *)
(1,305
)
-
Capitalized software development costs
-
(85
)
Unrealized gain on marketable securities
(26
)
-
Total deferred tax liabilities
(1,331
)
(2,793
)
Deferred tax asset (liability), net
$
(894
)
$
246
Domestic:
Current deferred tax asset, net
-
246
Current deferred tax liability, net
(996
)
-
Non-current deferred tax asset, net
102
-
$
(894
)
$
246
*)
Deferred tax liability recorded in 2010 on the exempt income that the Company did not have the intention to permanently re
-
invest.
Current deferred tax assets, net, is included within other receivables and prepaid expenses in the balance sheets. Current deferred tax liability, net,
is included within accrued expenses and other liabilities in the balance sheets. Non-
current deferred tax asset, net is included within other assets
on the balance sheets.
F
-
31