...tatsächlich nur um ca. $5 Millionen abgenommen, d.h. von den NOLs wurde fast nichts verwendet.
Siehe Seite 105 des 10-K: www.sec.gov/ix?doc=/Archives/edgar/data/.../coop-20201231.htm
Es ist recht kompliziert, und ich bin kein Steuerfachmann, schon gar nicht für US Steuerrecht für Firmen. Ein relevanter Teil ist auf Seite 104 beschrieben:
In 2020, the effective tax rate differed from the statutory tax rate primarily due to state tax adjustments and permanent differences such as nondeductible executive compensation and nondeductible penalties. In 2019, the effective tax rate differed from the statutory tax rate primarily due to the release of the valuation allowance associated with the net operating loss (“NOL”) carryforwards of WMIH and state tax adjustments. The effective tax rate for the five months ended December 31, 2018 differed from the statutory tax rate primarily due to the reversal of the valuation allowance associated with the NOL carryforwards of WMIH, permanent differences including executive compensation disallowed under Internal Revenue Code Section 162(m), penalties and nondeductible meals and entertainment expenses.
In the assessment of whether a valuation allowance was required as of December 31, 2020, the Company considered the four sources of taxable income, as follows, under ASC 740-10-30-18:
1.Taxable income in prior carryback year(s) if carryback is permitted under the tax law;
2.Future reversals of existing taxable temporary differences;
3.Tax-planning strategies; and
4.Future taxable income exclusive of reversing temporary differences and carryforwards.
As part of the CARES Act enacted on March 27, 2020, the Company noted provisions allowing certain NOLs to be carried back and determined it does not have NOLs available for carryback as a result of this change in law. In determining the appropriate deferred tax asset valuation allowance as of December 31, 2020, the Company considered and evaluated the remaining three sources of income. The Company considered the future reversals of existing taxable temporary differences and identified tax-planning strategies that were considered prudent and feasible. In addition, the Company considered:
1.Internal forecasts of future pre-tax income exclusive of reversing temporary differences and carryforwards;
2.The nature and timing of future reversals of existing temporary differences;
3.Future originating temporary and permanent differences; and
4.NOL carryforward expiration dates.
Consistent with the prior year analysis, the Company based its projection of future taxable income on historical pre-tax income and assumed a steady state of operations that would generate cash flows and liquidity sufficient to maintain current operations. The Company considered other factors in its determination of future taxable income that was demonstrated by historical performance.
As a result, the Company still believes it is more likely than not that its deferred tax assets will be realized prior to its expiration except for federal 382 limited NOLs and immaterial state NOL carryforwards that begin to expire with the 2020 tax year if unused. A federal and state valuation allowance of $7 and $2, respectively, was recorded as of December 31, 2020 and 2019 related to these NOL carryforwards. The Company does not expect any future tax loss limitations under Sections 382 and 384 that would impact its utilization of remaining federal NOL carryforwards. Accordingly, the Company has federal NOL carryforwards (pre-tax) of approximately $2.6 billion and $4.7 billion as of December 31, 2020 and 2019, respectively. It is expected that the federal NOL carryforwards will begin to expire beginning with the 2026 tax year, if unused. The Company also has immaterial state NOL carryforwards that begin to expire with the 2020 tax year, if unused.
Aber ich persönlich glaube nicht, dass es etwas mit den Escrows zu tun hat, und dass sie die NOLs nicht nutzen DÜRFEN/KÖNNEN, sondern die Firma entscheidet strategisch, wann und wieviel sie davon n utzt.
Im Earnings Call haben sie auch davon gesprochen, wenn ich es richtig verstanden habe, dass sie mehr als 1/3 der NOLs, die irgednwann ablaufen würden, in "ordinary losses" wandeln konnten, die NIE ablaufen. Aber die Aussage ohne Gewähr, die muss ich mir im Audiomitschnitt noch mal anhören, oder im Transkript, sobald es eines gibt, nachlesen.
ICH vermute, es wird irgendeinen Event geben, bei dem sie die NOLs annähernd auf einen Schlag umwandeln/gegenrechnen können, und somit zu "hartem Cash" in der Firmenkasse machen können.
Aber nur mein Bauchgefühl, wie immer keine Handelsaufforderung! Ich bin extrem long COOP... :-)