Overstock.com 2009 Annual Report Download - page 142
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Table of Contents
Overstock.com, Inc.
Notes to Consolidated Financial Statements (Continued)
23. INCOME TAXES
The provision for income taxes consists of the following (in thousands):
Year ended December 31, 2009
Current:
Federal $ 145
State 112
Total current 257
Deferred:
Federal —
State —
Total deferred —
Total provision for income taxes $ 257
The components of the Company's deferred tax assets and liabilities as of December 31, 2008 and 2009 are as follows (in thousands):
December 31,
2008 2009
Deferred tax assets and liabilities:
Net operating loss carry-forwards $ 71,908 $ 68,755
Temporary differences:
Accrued expenses 5,365 4,246
Reserves and other 4,115 5,667
Depreciation 5,055 1,577
86,443 80,245
Valuation allowance (86,443) (80,245)
Net asset $ — $ —
As a result of the Company's history of losses, a valuation allowance has been provided for the full amount of the Company's net deferred tax assets as
the Company believes that it is more likely than not that these benefits will not be realized. The Company recorded a tax provision of $257,000 for the year
ended December 31, 2009, for federal alternative minimum taxes and state taxes.
At December 31, 2008 and 2009, the Company had federal net operating loss carry-forwards of approximately $166.1 million and $160.4 million and
state net operating loss carry-forwards of approximately $145.8 million and $140.1 million, respectively, which may be used to offset future taxable income.
An additional $15.9 million of net operating losses are limited under Internal Revenue Code Section 382 to $799,000 a year, plus any excess over limitations
not used in prior years. These carry-forwards begin to expire in 2018.
F-47