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Technology Stocks : Intel Corporation (INTC)
INTC 40.03-1.3%3:59 PM EST
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To: wanna_bmw who wrote (167990)7/11/2002 9:54:49 PM
From: qgambit  Read Replies (2) of 186894
 
<One of the lines reads "Income Tax Expense", but ever since Q3 of last year, this number has been negative, *and* it's contributed positively to Net Income.>

Wbmw,

When a firm has a net operating loss (NOL) it may recalculate its tax liability over the prior two years as if the current loss had occurred during the prior years, As a result the firm receives a tax refund of the the taxes it originally paid to the IRS. This is why the tax expense is negative.

Also if the NOL exceed the profits over the prior 2 years the firm can apply the remainder of the NOL to reduced its tax liability over the next 20 years.
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