In determining core operating income, the Company excludes certain legacy litigation expenses and adjusts net income determined in accordance with GAAP for the following non-cash and other items: (i) compensation costs associated with stock-based awards, (ii) non-cash accretion of private-label MBS purchase discounts, (iii) private-label MBS purchase discount accretion realized upon sale or repayment, (iv) other-than-temporary impairment charges, (v) other-than-temporary impairment charges realized upon sale, (vi) both realized and unrealized gains and losses on the agency-backed MBS and all related hedge instruments, and (vii) non-cash income tax provisions
However, many states refer to the IRC or to federal income tax provisions
or indirectly adopt the federal definition by referring to common law rules focusing on an employer's right to control an employee's work.
The new measures that include international taxation provision, personal income tax provision
and corporate income tax provisions
are expected to have wide implication for companies engaged in business in Canada and their employees.
As a result of the restatement of the 2006 results, the Company has determined that a material weakness in its internal control over financial reporting as it relates to its income tax provision
existed as at December 31, 2007, because the Company did not maintain effective controls over the accounting for income taxes, including the determination and reporting of current income taxes payable, deferred tax assets and the related income tax provisions
While Subtitle D contains the excise tax provisions, Subtitle A contains the income tax provisions
Revises Previously Announced 2007 Income Tax Provisions
Understandably, it is difficult to track our bottom-line financial performance due to unusual items and confusing income tax provisions
, however, focusing on pretax income excluding these items provides a clearer picture of the Company's growing earnings strength," he said.
However, the gift tax provisions operate independently from the income tax provisions
Excluding stock options expenses and income tax provisions
, profits increased, totaling $29.
The non-recurring items, discussed in the Bank's August 5 press release announcing the completion of the sale of Shadow Lawn Savings Bank, include the gain on the sale of Shadow Lawn, a modification in procedures for valuing purchased mortgage servicing rights, and additional income tax provisions
resulting from the deferral of certain income tax benefits into future periods.
109, Learning Tree estimates that the net effect of the adjustments will increase its combined income tax provisions
for fiscal years 2001 through 2004 by a total of approximately $1.
shows that the income tax provisions
of the Clinton budget plan approved on Aug.