|6 Months Ended|
Jun. 30, 2015
I. INCOME TAXES
For the three and six months ended June 30, 2014, we incurred a 13 percent effective tax rate expense on pre-tax income and a 50 percent effective tax rate benefit on pre-tax loss, respectively, primarily due to the decrease in the valuation allowance resulting from the anticipated partial utilization of our U.S. Federal net operating loss carryforward and from a tax benefit recorded in the second quarter of 2014 to adjust certain income tax returns to amounts as filed.
Although we recorded an income tax benefit on a loss from continuing operations for the six months ended June 30, 2014, based on actual results, we recorded an income tax expense on income from continuing operations for the full year 2014.
It is reasonably possible that the continued improvements in our operations could result in the objective positive evidence necessary to warrant the reversal of all or a portion of the valuation allowance for U.S. Federal and certain state jurisdictions by the end of 2015.
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.
Reference 1: http://www.xbrl.org/2003/role/presentationRef