Income Taxes (Tables)

6 Months Ended

Jun. 30, 2015

The following are the major jurisdictions in which Ambac and its subsidiaries 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 June 30, 2015 and December 31, 2014 are presented below:



	June 30, 2015			December 31, 2014
Deferred tax liabilities:
Insurance intangible	$	468,799		$	493,822
Variable interest entities	30,865			14,149
Investments	156,377			138,072
Unearned premiums and credit fees	100,058			104,589
Other	33,751			33,835
Total deferred tax liabilities	789,850			784,467
Deferred tax assets:
Net operating loss and capital carryforward	1,741,477			1,890,551
Loss reserves	167,242			185,881
Compensation	6,112			5,276
AMT Credits	15,761			10,359
Other	9,538			9,539
Sub total deferred tax assets	1,940,130			2,101,606
Valuation allowance	1,152,235			1,319,218
Total deferred tax assets	787,895			782,388
Net deferred tax asset (liability)	$	(1,955	)	$	(2,079	)