THE RYLAND GROUP, INC. & SUBSIDIARIES
Notes to Consolidated Financial Statements
(amounts in thousands, except share data, in all notes unless
otherwise noted)
NOTE J: INCOME TAXES
The Company's expense for income taxes is summarized as follows:
Deferred income taxes reflect the net tax effects of temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and the
amounts used for income tax purposes.
Significant components of the Company's deferred tax assets and liabilities as of
December 31 were as follows:
The Company has determined that no valuation allowance for the deferred tax asset is
required due to tax carrybacks currently available. The Company had a current tax
liability of $9,761 and $7,608 as of December 31, 1998 and 1997, respectively. The
following table reconciles the statutory federal income tax rate to the Company's
effective income tax rate:
