Cumulatively the company has on net deferred income taxes over 35 billion.

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And federal income taxes are deferred until you redeem them.

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If higher capital gains and income taxes go into effect, the tax-deferred accounts will become much more attractive.

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Roughly speaking, cash flow from operations is defined as net income plus depreciation, plus decreases in receivables and inventory, plus increases in accounts payable and deferred taxes payable.

FORBES: Magazine Article