Sentences with phrase «usable by pride»

In the absolute «best - case version» of this worst - case scenario, if credits were immediately usable by Pride and were allocated to Seahawk under the Agreement, requiring payments from Pride to Seahawk, payments to the Mexican tax authority for certain disputes could theoretically be «free» because the payments were offset one - to - one by immediately usable tax credits.

Therefore, it is unclear whether any tax benefits would be immediately usable by Pride for the tax year in which the benefit ultimately relates, or even during the carryback or carryforward period allowed under U.S. tax law, but the fact that Pride does not record a valuation allowance against its existing U.S. deferred tax assets suggests that Pride expects future profitability to allow it to use its tax benefits at some point.

The foreign tax credit rules are very complex, and it's not obvious whether the Mexican taxes at issue are creditable under U.S. law, or even if payments for a given year would generate tax credits that would be usable by Pride.