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To: wanna_bmw who wrote (167990)	7/11/2002 5:26:50 PM
From: Elmer	Read Replies (1) \| Respond to of 186894

I can't see how this could be a "write-off" for expenses, since AMD had a loss. Wouldn't they then pay zero taxes? How does this come out to be a negative tax amount? Maybe it's a refund for prepaid taxes?

To: wanna_bmw who wrote (167990)	7/11/2002 9:05:58 PM
From: TGPTNDR	Read Replies (3) \| Respond to of 186894

Wanna, Re: < 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.> Think tax credits for future earnings. -tgp

To: wanna_bmw who wrote (167990)	7/11/2002 9:54:49 PM
From: qgambit	Read Replies (2) \| Respond to 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.