Yahoo 2007 Annual Report Download - page 92
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The provision (benefit) for income taxes is composed of the following (in thousands):
2005 2006 2007
Years Ended December 31,
Current:
United States federal ............................. $508,175 $ 595,967 $ 380,923
State ......................................... 184,296 68,348 87,725
Foreign ....................................... 42,625 68,129 81,357
Total current provision for income taxes ............. 735,096 732,444 550,005
Deferred:
United States federal ............................. 37,058 (221,204) (137,095)
State ......................................... 4,996 (23,403) (37,046)
Foreign ....................................... (9,334) (29,826) (38,601)
Total deferred provision (benefit) for income taxes ..... 32,720 (274,433) (212,742)
Provision for income taxes ......................... $767,816 $ 458,011 $ 337,263
The provision for income taxes differs from the amount computed by applying the federal statutory income tax rate
to income before income taxes as follows (in thousands):
2005
(2)
2006
(2)
2007
Years Ended December 31,
Income tax at the United States federal statutory rate of
35 percent ...................................... $890,254 $384,300 $297,297
State income taxes, net of federal benefit ................. 113,685 43,297 32,942
Change in valuation allowance ........................ 16,342 15,206 9,806
Non-deductible stock-based compensation ................ 1,400 18,652 34,011
Capital (loss)/gain on subsidiary restructuring transaction
(1)
. . . (248,284) 10,616 —
R&D tax credits ................................... — (5,300) (8,618)
Effect of non-U.S. operations ......................... (21,454) 5,246 (26,097)
Other ........................................... 15,873 (14,006) (2,078)
Provision for income taxes.......................... $767,816 $458,011 $337,263
(1)
During 2005, the Company completed a taxable liquidation of a subsidiary. The transaction gave rise to a capital loss for tax purposes,
resulting in a net tax benefit of approximately $238 million being recorded in 2005 and 2006.
(2)
Certain reclassifications have been made to prior year amounts in order to conform to the current year presentation.
90
Yahoo! Inc.
Notes to Consolidated Financial Statements — (Continued)