General form of registration statement for all companies including face-amount certificate companies

13. INCOME TAXES (Tables)

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13. INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2012
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation

 

    Years Ended December 31,  
    2012     2011  
Statutory rate     35.0%       35.0%  
Change in valuation allowance     125.5       (3,849.0)
Section 382 reduction to loss carryover     (169.4)     3,827.9  
State income taxes, net of federal benefit     5.5       3.9  
Stock compensation     (1.9)   (16.8)
Non-deductible items     3.6       (1.1)
Other     1.7       0.1  
Effective rate     0.0%       0.0%  

Components of deferred income taxes

 

    December 31,  
    2012     2011  
Deferred tax assets:                
Net operating loss carryforwards   $ 17,818     $ 30,681  
Capital loss carryover     840       8,013  
Stock-based compensation     278       417  
Derivative instruments mark-to-market     –       201  
Other accrued liabilities     156       123  
Fixed assets     167       157  
Other     207       167  
Total deferred tax assets     19,466       39,759  
                 
Deferred tax liabilities:                
Investment in New PE Holdco     (7,480 )     (3,792 )
Intangibles     (1,513 )     (1,706 )
Derivative instruments mark-to-market     (9 )     –  
Total deferred tax liabilities     (9,002 )     (5,498 )
                 
Valuation allowance     (11,555 )     (35,352 )
Net deferred tax liabilities   $ (1,091 )   $ (1,091 )
                 
Classified in balance sheet as:                
Deferred income tax benefit (current assets)   $ –     $ –  
Deferred income taxes (long-term liability)     (1,091 )     (1,091 )
    $ (1,091 )   $ (1,091 )

Federal Income Tax Note

These jurisdictions, along with the years still open to audit under the applicable statutes of limitation, are as follows:

 

Jurisdiction Tax Years
Federal 2009 – 2011
Arizona 2009 – 2011
California 2008 – 2011
Colorado 2008 – 2011
Idaho 2009 – 2011
Oregon 2009 – 2011
Wisconsin 2008