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Article: The Cushing MLP Total Return Fund Provides Update.
- Article from:
- PR Newswire
- Article date:
- December 19, 2008
CopyrightCOPYRIGHT 2008 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DALLAS, Dec. 19 /PRNewswire/ -- The Cushing MLP Total Return Fund (the "Fund"), in consultation with its auditors, Deloitte, has been evaluating, pursuant to FAS 109, the appropriateness of its deferred tax asset. Currently, the Fund's total deferred tax asset is approximately $49.1 million and, to date, the Fund has established a valuation allowance of approximately $15.9 million against the deferred tax asset resulting in a net deferred tax asset of approximately $33.2 million. Based on recently received guidance from its auditors, the Fund has determined it appropriate to establish a valuation allowance to fully offset the remaining net deferred tax asset. The ...