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ValleyCrest Holding Co. and Subsidiaries <br />Notes to Consolidated Financial Statements (continued) <br />11. Income Taxes (continued) <br />The tax effects of temporary differences that give rise to significant portions of the deferred tax <br />assets and deferred tax liabilities are as follows: <br />April 30, <br />2008 <br />Deferred tax assets: <br />Allowance for doubtful accounts $ 1,675,000 <br />Accrued insurance costs 3,472,000 <br />Inventories, due to uniform capitalization rules 250,000 <br />Net operating loss carryforwards for various state purposes 568,000 <br />Vacation accrual 812,000 <br />Other, net 3,272,000 <br />Total gross deferred tax assets 10,049,000 <br />Less: valuation allowance (529,000) <br />Total net deferred tax assets 9,520,000 <br />Deferred tax liabilities: <br />Nursery stock expensed for tax purposes (9,626,000) <br />Revenue recognition for contracts on the completed- contract (1,297,000) <br />method for tax purposes <br />Prepaid and recurring expenses (1,717,000) <br />Property and equipment (2,762,000) <br />Purchase accounting (73,377,000) <br />Total gross deferred tax liabilities (88,779,000) <br />Net deferred tax liabilities before net unrealized loss on <br />investments (79,259,000) <br />Net unrealized loss on investments 5,224,000 <br />Net deferred tax liabilities $ (74,035,000) <br />lb -lt-01 <br />4131 <br />VallcyCr Est Landscape MOTIti. <br />164u0 NW 127th Ave. 19 <br />CV iomi, FL 33018 -1051 <br />