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INCOME TAXES
6 Months Ended
Jun. 30, 2017
INCOME TAXES  
INCOME TAXES

 

NOTE 11        INCOME TAXES

 

For the three and six months ended June 30, 2017, we did not provide any current or deferred tax provision or benefit.  The difference between our expected tax rate and our effective tax rate for the periods is primarily related to changes in our valuation allowance.  Given our recent and anticipated future earnings trends, we have recorded a full valuation allowance against our net deferred tax asset and do not believe any of our valuation allowance as of June 30, 2017 will be released within the next 12 months.  The amount of the net deferred tax assets considered realizable could however be adjusted if estimates change.  In the first quarter of 2016, we had a deferred tax benefit of $78 million resulting from a change in valuation allowance.