Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Total income tax (benefit) expense was allocated as follows (in thousands):

	Year Ended December 31,
	2014			2013			2012
Income tax (benefit) expense from continuing operations:
Current taxes
Federal taxes	$	(8,790	)	$	(17,711	)	$	57
State taxes		93			140			640
Foreign taxes		330			-			506
Current taxes	$	(8,367	)	$	(17,571	)	$	1,203
Deferred taxes
Federal taxes	$	(1,319	)	$	-		$	(376	)
State taxes		(3,181	)		-			537
Foreign taxes		(64	)		-			(28	)
Deferred taxes	$	(4,564	)	$	-		$	133
Income tax (benefit) expense	$	(12,931	)	$	(17,571	)	$	1,336

Actua’s net deferred tax asset (liability) consists of the following (in thousands):

	As of December 31,
	2014			2013
	(in thousands)
Deferred tax assets:
Net operating loss and capital loss carryforward - 382 limited	$	68,210		$	74,220
Net operating loss carryforward - not 382 limited		40,925			34,774
State net operating loss carryforward, net		3,114			-
Capital loss carryforward - not 382 limited		35,982			23,106
Company basis difference		17,978			25,176
Reserves and accruals		2,045			291
Equity-based compensation expense		8,926			5,369
AMT and other credits		81			-
Other, net		1,174			1,302
Total deferred tax assets		178,435			164,238
Valuation allowance		(151,389	)		(150,408	)
Deferred tax asset		27,046			13,830
Deferred tax liabilities:
Intangible assets		24,132			(13,830	)
Total deferred tax liabilities		24,132			(13,830	)
Total net deferred tax assets	$	2,914		$	-

The effective tax rate differs from the federal statutory rate as follows:

	Year Ended December 31,
	2014				2013				2012
Tax expense (benefit) at statutory rate		35.0		%		35.0		%		35.0		%
Foreign and state taxes		10.4		%		(2.3	)	%		4.6		%
Non-deductible expenses and other		(4.8	)	%		0.6		%		0.1		%
Valuation allowance		-				-				(24.4	)	%
Prior period adjustment		-				-				(3.6	)
Acquisition of MSDSonline		-				-				(6.3	)
		40.6		%		33.3		%		5.4		%