XML 40 R13.htm IDEA: XBRL DOCUMENT v3.3.1.900
Income Taxes
3 Months Ended
Oct. 31, 2015
Income Taxes [Abstract]  
Income Taxes

Note 7—Income Taxes

 

Because of the way it is structured, Straight Path and its subsidiaries file the following income tax returns.

 

Straight Path Spectrum files its own tax returns. There is no provision for Straight Path Spectrum for Fiscal 2016 and Fiscal 2015 as it incurred a taxable loss in both periods. In addition, there is a 100% valuation allowance against the net operating losses generated by Straight Path Spectrum at both October 31, 2015 and 2014.

 

The operations of Straight Path IP Group are included in the consolidated tax return of Straight Path. There is no provision for Straight Path for Fiscal 2016 as it incurred a taxable loss. In addition, there is a 100% valuation allowance against the net operating losses generated by Straight Path at October 31, 2015.

 

The provision in Fiscal 2016 represents state income taxes. The provision in Fiscal 2015 represents estimated accrual of federal and state income taxes.