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Income Taxes
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3 Months Ended |
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Mar. 31, 2013
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| Income Tax Disclosure [Abstract] | |
| Income Taxes |
Income Taxes
Income tax expense for the three months ended March 31, 2013 and March 31, 2012 was $79,040 and $2,802, respectively.
For the three months ended March 31, 2013, we estimate our annual effective tax rate to be 38.5%. For the three months ended March 31, 2012, we did not have any federal income tax expense as it was offset by a corresponding release of the valuation allowances related to deferred tax assets. Income tax expense of $2,802 principally related to foreign withholding taxes.
We released significantly all of our deferred tax valuation allowance in 2012. As of March 31, 2013, there remains a valuation allowance related to deferred tax assets of $9,835 that are not likely to be realized due to certain state net operating loss limitations.
The increased ownership in us by Liberty Media to over 50% of our outstanding common stock did not create a change of control under Internal Revenue Code 382.
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- Details
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- Definition
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
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