|12 Months Ended
Dec. 31, 2014
|INCOME TAXES [Abstract]
NOTE 9. INCOME TAXES
We account for income taxes in accordance with FASB ASC Topic 740 Income Taxes. Deferred income taxes are determined based on the difference between the consolidated financial statement and income tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Our evaluation was performed for tax years that remain subject to examination by major tax jurisdictions, which range from 2010 through 2013.
The consolidated provision (benefit) for income taxes from continuing operations for Salem consisted of the following:
Discontinued operations are reported net of the tax benefit of $(0.02) million in 2013.
The consolidated deferred tax asset and liability consisted of the following:
The following table reconciles the above net deferred tax liabilities to the financial statements:
A reconciliation of the statutory federal income tax rate to the provision for income tax is as follows:
At December 31, 2014, we had net operating loss carryforwards for federal income tax purposes of approximately $159.0 million that expire in 2021 through 2034 and for state income tax purposes of approximately $972.8 million that expire in years 2019 through 2034. For financial reporting purposes at December 31, 2014, we had a valuation allowance of $3.0 million, net of federal benefit, to offset a portion of the deferred tax assets related to state net operating loss carryforwards that may not be realized.