SEC Filings

10-12G
AMSURG CORP filed this Form 10-12G on 03/11/1997
Entire Document
 
<PAGE>   90
 
                                  AMSURG CORP.
 
         NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
 
4.  INCOME TAXES
 
     Income tax expense is comprised of the following:
 

<TABLE>
<CAPTION>
                                                          YEAR ENDED DECEMBER 31,
                                                      -------------------------------
                                                       1994        1995        1996
                                                      -------    --------    --------
<S>                                                   <C>        <C>         <C>
Current
  Federal...........................................  $    --    $301,000    $593,000
  State.............................................   26,000      64,000     143,000
Deferred............................................       --     213,000     249,000
                                                      -------    --------    --------
                                                      $26,000    $578,000    $985,000
                                                      =======    ========    ========
</TABLE>

 
     Deferred income taxes reflect the net tax effects of temporary differences
between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for income tax purposes. Significant components of
the Company's net deferred liability are as follows:
 

<TABLE>
<CAPTION>
                                                                  DECEMBER 31,
                                                              --------------------
                                                                1995        1996
                                                              --------    --------
<S>                                                           <C>         <C>
Deferred tax asset:
  Allowance for uncollectible accounts......................  $228,000    $297,000
  State operating losses....................................    26,000      60,000
  Valuation allowance on state net operating losses.........   (11,000)    (60,000)
  Other.....................................................        --       6,000
                                                              --------    --------
                                                               243,000     303,000
                                                              --------    --------
Deferred tax liability:
  Tax over book depreciation................................    37,000      66,000
  Tax over book amortization................................   419,000     699,000
                                                              --------    --------
                                                               456,000     765,000
                                                              --------    --------
Net deferred tax liability..................................  $213,000    $462,000
                                                              ========    ========
Net current deferred tax asset..............................  $243,000    $303,000
Net long-term deferred tax liability........................   456,000     765,000
                                                              --------    --------
                                                              $213,000    $462,000
                                                              ========    ========
</TABLE>

 
     The Company has provided a valuation allowance on its deferred tax asset
related to state net operating losses as it deems such allowance is necessary.
 
     The difference between income tax expense computed using the effective tax
rate and the statutory Federal income tax rate follows:
 

<TABLE>
<CAPTION>
                                                        YEAR ENDED DECEMBER 31,
                                                   ----------------------------------
                                                     1994         1995         1996
                                                   ---------    ---------    --------
<S>                                                <C>          <C>          <C>
Statutory Federal income tax.....................  $ 230,000    $ 553,000    $838,000
State income taxes, less Federal income tax
  benefit........................................     19,000       60,000     132,000
Increase (decrease) in valuation allowance.......   (199,000)    (124,000)     49,000
Other............................................    (24,000)      89,000     (34,000)
                                                   ---------    ---------    --------
                                                   $  26,000    $ 578,000    $985,000
                                                   =========    =========    ========
</TABLE>

 
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