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INCOME TAXES
6 Months Ended
Jun. 25, 2016
Income Tax Disclosure [Abstract]  
INCOME TAXES
INCOME TAXES
The Company’s tax provision of approximately $2.0 million for the three months ended June 25, 2016 represents $0.7 million of income taxes on the gain of the sale of Kowon’s plant and land and $1.3 million of net movement in estimated foreign withholding on anticipated future remitted earnings of a foreign subsidiary. The Company's tax provision of approximately $2.1 million for the six months ended June 25, 2016 represents $0.7 million of income taxes on the gain of the sale of Kowon’s plant and land, $1.4 million of net movement in estimated foreign withholding on anticipated future remitted earnings of a foreign subsidiary, and $18,000 in state taxes. The Company’s tax provision of approximately $12,500 and $25,000 for the three and six month periods ended June 27, 2015 represents estimated state income taxes.
As of June 25, 2016, the Company has available for tax purposes U.S. federal NOLs of approximately $98 million expiring through 2035. The Company has recognized a full valuation allowance on its domestic and certain foreign net deferred tax assets due to the uncertainty of realization of such assets. The Company has not historically recorded, nor does it intend to record the tax benefits from stock awards until realized. Unrecorded benefits from stock awards approximate $10 million.
The Company’s income tax returns have not been examined by the Internal Revenue Service and are subject to examination for all years since 2001. State income tax returns are generally subject to examination for a period of 3 to 5 years after filing of the respective return. The state impact of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states.