INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

Components of our benefit for income taxes from continued operations are as follows:

The effective income tax rate from continuing operations differs from the statutory US federal income tax rate as follows:



	Successor						Predecessor
	Year Ended December 31, 2013		Year Ended December 31, 2012		April 1, 2011 Through December 31, 2011		January 1, 2011 Through March 31, 2011
Taxes at federal statutory rate	35.0	%	35.0	%	35.0	%	35.0	%
State income tax, net	—	%	(0.9	)%	3.4	%	(4.0	)%
Discontinued Operations	—	%	0.3	%	8.4	%	—	%
FICA credit	(1.3	)%	0.2	%	2.5	%	0.6	%
AMT credit	(1.9	)%	—	%	—	%	—	%
Other, net	(2.0	)%	(0.3	)%	(4.0	)%	14.8	%
Deferred taxes - NOL	—	%	—	%	(16.3	)%	—	%
Reorganization costs	—	%	—	%	(3.1	)%	(22.5	)%
Goodwill Impairment	—	%	(15.4	)%	—	%	—	%
Non-deductible interest	(6.8	)%	(2.2	)%	(20.7	)%	—	%
Valuation allowance	(22.6	)%	0.4	%	6.6	%	(23.9	)%
Benefit for income taxes	0.4	%	17.1	%	11.8	%	—	%

Significant components of the Company’s net deferred income tax asset consisted of the following:



(In Thousands)	2013			2012			2011
Deferred Tax Assets
Reserves and accruals	$	1,149		$	1,556		$	1,395
Fair value of SWAP	—			—			—
Federal net operating loss carry forwards	29,992			24,181			26,232
State net operating loss carry forwards	—			—			858
AMT and other tax credits	1,733			2,664			2,897
Deferred interest	675			381			—
Other	18			136			48
Total before valuation allowance	33,567			28,918			31,430
Valuation allowance	(19,559		)	(13,481		)	(13,682		)
Total Deferred Tax Asset	14,008			15,437			17,748
Deferred Tax Liabilities
Prepaid expenses	(583		)	(621		)	(792		)
Property and equipment	(34,238		)	(35,417		)	(34,757		)
Intangibles	(1,621		)	(1,833		)	(4,633		)
Total Deferred Tax Liability	(36,442		)	(37,871		)	(40,182		)
Net Deferred Tax Liability	$	(22,434	)	$	(22,434	)	$	(22,434	)

RIVIERA HOLDINGS CORP 10-K