hmmm,
in my last post, i think i got confused by QCOM's "Non-cash income tax provision (benefit)" item in the operating c/f. i kept trying to find where this was turning up in the income statement, but it appears to be on the balance sheet instead. this paragraph from the 10-K explains>
The Company has provided a valuation allowance on its net deferred tax
assets because of uncertainty regarding their realizability due to the
expectation that deductions from future employee stock option exercises and
related deductions will exceed future taxable income. If or when recognized, the
tax benefit of these deferred assets will be accounted for as a credit to
shareholders' equity rather than as a reduction of the income tax provision.
At September 30, 2000, the Company had unused net operating losses,
manufacturing, research, foreign tax and alternative minimum tax credits
expiring from 2002 through 2019. The unused net operating tax losses were
generated by the exercise of non-qualified employee stock options.
Cash amounts paid for income taxes were $44 million, $68 million and $58
million for fiscal 2000, 1999 and 1998, respectively.
what it also explains is that "Cash amounts paid for income taxes were $44 million, $68 million and $58
million for fiscal 2000, 1999 and 1998, respectively". i don't think these amounts in and of themselves will hold up the USS Enterprise. but that's just my opinion; i could be wrong. |
