Income Taxes (Tables)

3 Months Ended

Mar. 31, 2015

The following are the major jurisdictions in which Ambac and its affiliates operate and the earliest tax years subject to examination:



Jurisdiction	Tax Year
United States	2010
New York State	2011
New York City	2011
United Kingdom	2009
Italy	2009

Significant Portions of Deferred Tax Liabilities and Deferred Tax Assets

The tax effects of temporary differences that give rise to significant portions of the deferred tax liabilities and deferred tax assets at March 31, 2015 and December 31, 2014 are presented below:



	March 31, 2015			December 31, 2014
Deferred tax liabilities:
Insurance intangible	$	471,553		$	493,822
Variable interest entities	11,611			14,149
Investments	141,208			138,072
Unearned premiums and credit fees	101,647			104,589
Other	33,763			33,835
Total deferred tax liabilities	759,782			784,467
Deferred tax assets:
Net operating loss and capital carryforward	1,829,084			1,890,551
Loss reserves	146,429			185,881
Compensation	5,469			5,276
AMT Credits	11,899			10,359
Other	9,539			9,539
Sub total deferred tax assets	2,002,420			2,101,606
Valuation allowance	1,244,543			1,319,218
Total deferred tax assets	757,877			782,388
Net deferred tax asset (liability)	(1,905		)	(2,079		)