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Notes to Consolidated Financial Statements
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Income
Taxes
The company accounts for income taxes in accordance with the liability method. Deferred income taxes are determined based upon the difference between the book and the tax basis of the company’s assets and liabilities. Deferred taxes are provided at the enacted tax rates expected to be in effect when these differences reverse. Deferred tax liabilities (assets) are comprised of the following at December 31 (in thousands):
A reconciliation between income taxes at the federal statutory rate (35%) and the consolidated provision from continuing operations follows (in thousands):
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