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Swick: SBOW looks interesting. They're not paying

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researcher59 Member Level  Friday, 11/10/17 02:07:03 PM
Re: Swick984 post# 40999
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Swick: SBOW looks interesting. They're not paying taxes due to NOL carryforwards but are subject to change of control limits since emerging from bankrutpcy. Does the $5.8M annual limit pertain only after $115M cumulative ?

10K -

The Company has evaluated the full impact of the reorganization on our carryover tax attributes and believes it will not incur an immediate cash income tax liability as a result of emergence from bankruptcy. The Company will be able to fully absorb cancellation of debt income (CODI), estimated to be $854 million, with NOL carryforwards. The remaining NOL carryforward will be severely limited under Sec. 382 due to the change in control annual limitation of $5.8 million. The NOL carryforward that will expire before utilization due to the IRC Sec. 382 limitation is estimated to be $305 million. The deferred tax asset associated with the NOLs expected to expire was written off as of December 31, 2016. The remaining NOL carryforward after CODI and excess Sec. 382 limitation is $115 million, which will expire between 2034 and 2035 if not utilized in earlier periods. The Company’s state NOL carryforwards and deferred tax benefits for excess stock-based compensation deductions were written off as part of the reorganization.


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