INCOME TAXES

As of December 31, 2015 and 2014, we had net deferred tax assets of $1.2 million and $1.3 million, respectively, for BDL. As of December 31, 2015, BDL’s net operating loss carryforwards had been fully utilized, primarily due to taxable income generated by the disposition of an ammonia pipeline in Texas, and therefore, we released the valuation allowance against the net deferred tax assets based on our assessment of projected future book and taxable income. As of December 31, 2014, we had provided a full valuation allowance against the net deferred tax assets based on the available evidence of projected future operating losses.

As of December 31, 2015 and 2014, we had net deferred tax assets of $42.3 million and $43.4 million related to Buckeye Caribbean. As of December 31, 2015, $18.2 million of the deferred tax assets related to net operating loss carryforwards, and unless utilized, the tax benefits of the net operating loss carryforwards will expire between 2020 and 2022. Based on available evidence, we had recorded a full valuation allowance against the net deferred tax assets upon our acquisition of Buckeye Caribbean during the year ended December 31, 2010. However, based on our assessment at December 31, 2015 and 2014, we concluded that sufficient positive evidence exists, including the realization of book and taxable income and a forecast of future book and taxable income, to realize $1.3 million and $1.8 million of these deferred tax assets, respectively, at December 31, 2015 and 2014.

The tax effects of significant items comprising our net deferred tax assets and liabilities at December 31, 2015 and 2014 are as follows (in thousands):



	December 31,
	2015			2014
Deferred tax asset:
Net operating loss carryforward	$	18,236		$	21,652
Property, plant and equipment - refinery	23,447			22,333
Other	3,016			2,879
Total deferred tax asset	$	44,699		$	46,864

Deferred tax liability:
Property, plant and equipment - terminals	$	1,189		$	2,124
Other	—			55
Total deferred tax liability	1,189			2,179
Net deferred tax asset	43,510			44,685
Less: Valuation allowance	(41,056		)	(42,893		)
Deferred taxes, net	$	2,454		$	1,792

We are currently not under any income tax audits or examinations. As of December 31, 2015, BDL’s tax years from 2012 to 2015 and Buckeye Caribbean’s tax years from 2009 through 2015 were open to examination by the Internal Revenue Service and Puerto Rico Treasury Department, respectively.