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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2016
Income Taxes [Abstract] |
Income Taxes | Income Taxes The provision (benefit) for income taxes is based on loss from operations before provision for income taxes and noncontrolling interests as follows ($ in thousands):
| Years Ended December 31,
| 2016 |  | 2015
United States | $ | (33,171.5 | ) |  | $ | (98,254.0 | )
| $ | (33,171.5 | ) |  | $ | (98,254.0 | )
The provision (benefit) for income taxes was as follows ($ in thousands):
|  | Years Ended December 31,
|  | 2016 |  | 2015
Current |  |  |
| U.S. Federal | $ | — |  |  | $ | — |
| State and local | — |  |  | — |
|  | $ | — |  |  | $ | — |
Deferred |  |  |
| U.S. Federal | $ | 109.4 |  |  | $ | (14,695.5 | )
| State and local | 28.6 |  |  | (2,548.0 | )
|  | $ | 138.0 |  |  | $ | (17,243.5 | )
Total |  |  |
| U.S. Federal | $ | 109.4 |  |  | $ | (14,695.5 | )
| State and local | 28.6 |  |  | (2,548.0 | )
|  | $ | 138.0 |  |  | $ | (17,243.5 | )
The provision (benefit) for income taxes is determined by applying the U.S. Federal statutory rate of 34% to income before income taxes as a result of the following ($ in thousands):
|  | Years Ended December 31,
|  | 2016 |  | 2015
U.S. Federal benefit at statutory rate |  | $ | (11,278.3 | ) |  | $ | (33,406.4 | )
State and local benefit net of U.S. federal tax |  | 2,702.5 |  |  | (4,926.9 | )
Permanent non deductible expenses for U.S. taxes |  | 80.2 |  |  | 706.4 |
True-up of prior year net operating loss |  | (2,371.6 | ) |  | (556.5 | )
Effect of change in deferred tax rate |  | (44.3 | ) |  | 1.3 |
Valuation allowance for deferred tax assets |  | 11,049.5 |  |  | 20,938.6 |
Tax provision |  | $ | 138.0 |  |  | $ | (17,243.5 | )
Deferred income taxes at December 31, 2016 and 2015 consist of the following ($ in thousands):
|  | December 31,
|  | 2016 |  | 2015
Deferred Tax Assets: |  |  |  |
Accumulated net operating losses (tax effected) |  | $ | 91,455.7 |  |  | $ | 86,537.8 |
Deferred revenue |  | 1,846.8 |  |  | — |
Deferred rent |  | 314.6 |  |  | 11.1 |
Share-based compensation |  | 13,747.3 |  |  | 12,764.3 |
Intangibles |  | 897.8 |  |  | 899.7 |
Charitable contributions |  | 424.2 |  |  | 423.3 |
Bad debt provision |  | — |  |  | 297.4 |
Partnership interest |  | 3,857.7 |  |  | — |
Capital loss carry-forward |  | 6,988.1 |  |  | 6,973.0 |
Other |  | 659.3 |  |  | 652.1 |
Deferred tax assets prior to tax credit carryovers |  | 120,191.5 |  |  | 108,558.7 |
Deferred Tax Liabilities: |  |  |  |
Accumulated depreciation |  | $ | (649.4 | ) |  | $ | (66.0 | )
Intangible and indefinite lived assets |  | (1,070.7 | ) |  | (932.7 | )
Deferred tax liabilities |  | (1,720.1 | ) |  | (998.7 | )
|  | 118,471.4 |  |  | 107,560.0 |
Valuation reserve |  | (119,542.1 | ) |  | (108,492.7 | )
Net deferred tax liability |  | $ | (1,070.7 | ) |  | $ | (932.7 | )
In assessing the realizability of deferred tax assets, including the net operating loss carryforwards (NOLs), the Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize its existing deferred tax assets. Based on its assessment, the Company has provided a full valuation allowance against its net deferred tax assets as their future utilization remains uncertain at this time. As of December 31, 2016 and 2015, the Company had approximately $232.7 million and $221.5 million, respectively of Federal NOLs available to offset future taxable income expiring from 2027 through 2036. In accordance with Section 382 of the Internal Revenue code, the usage of the Company’s NOLs could be limited in the event of a change in ownership. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period when those temporary differences become deductible. If a change of ownership did occur there would be an annual limitation on the usage of the Company’s losses which are available through 2036. The Company applies the FASB’s provisions for uncertain tax positions. The Company utilizes the two step process to determine the amount of recognized tax benefit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company recognizes interest and penalties associated with certain tax positions as a component of income tax expense. As of December 31, 2016, management does not believe the Company has any material uncertain tax positions that would require it to measure and reflect the potential lack of sustainability of a position on audit in its financial statements. The Company will continue to evaluate its uncertain tax positions in future periods to determine if measurement and recognition in its financial statements is necessary. The Company does not believe there will be any material changes in its unrecognized tax positions over the next year. The Company completed the audit of its federal tax returns for the years 2012 and 2013 during the fourth quarter of 2016. The audit resulted in an adjustment to the Company’s NOL carryforward. For years prior to 2014 the federal statute of limitations is closed for assessing tax. The Company’s state tax returns remain open to examination for a period of three to four years from date of filing. The Company ceased doing business in China in 2012. After 2012, the Company had no foreign tax filing obligations. The foreign returns filed for 2012 and prior are subject to examination for five years.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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