Hi there, I am currently working on a Corporate Valuation report of Nokia during my studies at Aarhus University and i am having troubles wrapping my head around what posts under the note of income taxes that relates to the operational and the non-operational activities for Nokia. The following posts is to be found in the reconciliation note: Income tax (expense)/benefit at statutory rate (This is operational) Permanent differences (This is what i would call operational as well, as the difference will re-occur every year) Tax impact on operating model changes (This is non-operational as it relates to the acquistion of Alcatel) Non-creditable withholding taxes (This is not operating as it is the outcome of a financial transaction) Income taxes for prior years (This is operational as previous years taxes affect the current years taxes) Effect of different tax rates of subsidiaries operating in other jurisdictions (Also operational) Effect of deferred tax assets not recognized (I am in doubt of how to classify this) Benefit arising from previously unrecognized deferred tax assets (I am also in doubt of how to classify this) Net increase in uncertain tax positions (Non-operational as this relates to information gathered at a certain point in time) Change in income tax rates (Change in income tax i USA, this is operational) Income taxes on undistributed earnings (In doubt of this post as well) What i am asking is whether my classification of the different posts is right and if someone can enlighten me on the posts where i am in doubt of the classification :) Thanks for your time. Best, Karsten
