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Local Corporation Message Board

  • fankenguru fankenguru Apr 18, 2014 12:40 PM Flag

    The value is 18 million by 25%-tax

    At December 31, 2013, the Company had federal and state income tax net operating loss carryforwards of approximately $74.4 million and $71.6 million,
    respectively. The federal and state net operating loss carryforwards will expire through 2031 unless previously utilized. Under Section 382 of Internal Revenue
    Code, if a corporation undergoes an "ownership change" generally defined as a greater than 50% change (by value) in its equity ownership over a three-year
    period, the corporation's ability to use its post-change income may be limited. The Company performed a Section 382 study during the fourth quarter of 2010
    and determined that it has more likely than not undergone five ownership changes as described in IRC Section 382.

 
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