Net income attributable to common shareholders for the fourth quarter and the 12 months ended December 31, 2015 was USD88.6m and USD93m, respectively, as compared to USD1m and USD9.3m, respectively, for the same periods in 2014, as the company recognises USD92.5m of
deferred income tax benefits.
Earnings of foreign subsidiaries $55,000,000 "Potential" deferred tax liability $20,000,000 Company could "potentially" be required to recognize
deferred income tax expense and a deferred tax liability for $20,000,000.
The company's net investment income totaled USD0.4m and included a
deferred income tax expense of USD0.1m and current income tax expense of USD0.05m.
As a result, we expect to record a
deferred income tax benefit of approximately $8.2 million in the third quarter and to benefit from a reduced income tax rate going forward.
Results in 2017 were positively impacted by $13.0 million after-tax, or $0.25 per share, for the remeasurement of ALLETE's
deferred income tax assets and liabilities resulting from the Tax Cuts and Jobs Act (TCJA) that was enacted on December 22, 2017.
The net loss for October to December 2009 was further exacerbated by a USD7.5m write-down in the carrying value of
deferred income tax assets, Bay National said in a statement.
If the book and tax basis of goodwill and indefinite-lived intangible assets is determined to be the same as of the acquisition date, no
deferred income tax assets or liabilities would be recorded with respect to such assets.
Since a deferred tax liability of $3,000 was assumed for the first quarter, an estimated
deferred income tax benefit of $5,885 is recorded for the second quarter of 19X1.
The Company re-measured its net
deferred income tax assets at the end of December and recorded a one-time additional income tax expense of $4.7 million related to the write-down of
deferred income tax assets for tax benefits that the Company does not expect to realize due to the reduction of the federal corporate tax rate.
These results for the fourth quarter of 2017 include a significant net
deferred income tax benefit related to the Tax Cuts and Jobs Act legislation enacted in December 2017, the company said.
Prior to the fourth quarter of 2017, there was no
deferred income tax expense recorded because of significant unrecognized deferred tax assets.
According to GAP this increase is mainly a result of the decrease in
deferred income tax during the quarter.
