|12 Months Ended|
Dec. 31, 2012
NOTE 8. INCOME TAXES
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 $0.03 million in 2010, $0.5 million in 2011 and $(0.06) million in 2012.
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, 2012, we had net operating loss carryforwards for federal income tax purposes of approximately $125.9 million that expire in 2020 through 2032 and for state income tax purposes of approximately $844.5 million that expire in years 2013 through 2032. For financial reporting purposes at December 31, 2012, we had a valuation allowance of $2.9 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.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/presentationRef