Qurate Retail, Inc. Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014


	Years ended December 31,
	2014		2013	2012
	amounts in millions
Computed expected tax benefit (expense)	$	(293)	(258)	(309)
State and local income taxes, net of federal income taxes		(7)	(15)	—
Foreign taxes, net of foreign tax credits		(2)	(7)	5
Sale of consolidated subsidiary		14	—	—
Impairment of intangible assets not deductible for tax purposes		(3)	(2)	(16)
Dividends received deductions		10	9	13
Alternative energy tax credits		58	54	48
Change in valuation allowance affecting tax expense		(2)	(27)	(8)
Impact of change in state rate on deferred taxes		(28)	66	—
Other, net		(5)	(3)	(11)
Income tax benefit (expense)	$	(258)	(183)	(278)


	December 31,
	2014		2013
	amounts in millions
Deferred tax assets:
Net operating and capital loss carryforwards	$	90	74
Foreign tax credit carryforwards		88	129
Accrued stock compensation		41	27
Other accrued liabilities		143	85
Other future deductible amounts		134	119
Deferred tax assets		496	434
Valuation allowance		(54)	(52)
Net deferred tax assets		442	382

Deferred tax liabilities:
Investments		703	569
Intangible assets		1,284	1,416
Discount on exchangeable debentures		1,009	958
Deferred gain on debt retirements		257	313
Other		10	52
Deferred tax liabilities		3,263	3,308
Net deferred tax liabilities	$	2,821	2,926

The Company's deferred tax assets and liabilities are reported in the accompanying consolidated balance sheets as follows:


	December 31,
	2014		2013
	amounts in millions
Current deferred tax liabilities	$	972	925
Long-term deferred tax liabilities		1,849	2,001
Net deferred tax liabilities	$	2,821	2,926


	Years ended December 31,
	2014		2013
	amounts in millions
Balance at beginning of year	$	124	122
Additions based on tax positions related to the current year		16	19
Additions for tax positions of prior years		20	1
Reductions for tax positions of prior years		(3)	(3)
Lapse of statute and settlements		(21)	(15)
Balance at end of year	$	136	124