Tax Question for FSM Model
Hey guys I am currently building an FSM model and have a few questions regarding the Reported Taxes line and the Pro-forma Taxes line.
Under the income statement, for 2010 taxes there is a footnote that says: *Includes $11,501 or $0.20 per diluted share income tax benefit recorded in connection with favorable income tax matters.
For 2011 it says something similar: *Includes $2,469 or $0.04 per diluted share income tax benefit recorded in connection with favorable income tax matters.
And even stranger, it shows positive Tax Expense for 2012. How is this possible? The footnote for 2012 says: *Includes a $17,298 or $0.27 per diluted share income tax benefit recorded in connection with the favorable resolution of several income tax matters and the recognition of previously unrecognized benefits.
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Do I add these "Tax benefits" back into the Tax expense, or what exactly am I supposed to do with these.
And I really cannot figure out why the 2012 tax line would be positive when the rest are listed as a negative expense as they should. I'd appreciate any help, thanks!
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