iHeartMedia 2007 Annual Report Download - page 106

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SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS
Deferred Tax Asset Valuation Allowance
(In thousands)
105
Charges
Balance at to Costs, Balance
Beginning Expenses at end of
Description of period and other Utilization (1) Adjustments (2) Period
Year ended December 31, 2005 $ — $
—
$
—
$ 571,154 $571,154
Year ended December 31, 2006 $571,154 $
—
$
—
$ (17,756) $553,398
Year ended December 31, 2007 $553,398 $
—
$77,738 $ 41,262 $516,922
(1) During 2007 the Company utilized capital loss carryforwards to offset the capital gains generated in both continuing and discontinued
operations from the disposition of primarily broadcast assets. The related valuation allowance was released as a result of the capital loss
carryforward utilization.
(2) Related to a valuation allowance for the capital loss carryforward recognized during 2005 as a result of the spin-off of Live Nation.
During 2006 the amount of capital loss carryforward and the related valuation allowance were adjusted to the final amount reported on
our 2005 filed tax return. During 2007 the amount of capital loss carryforward and the related valuation allowance were adjusted due to
the impact of settlements of various matters with the Internal Revenue Service for the 1999-2004 tax years.