that Toll Brothers loss today

[walkitout]

Am I correctly interpreting that big tax deferred blah blah blah writedown as: there was a tax change early on in the bust to expand the ability to write losses off against profits both forwards and backwards by extra years (I remember getting pissed off about this), they were carrying this on the books as an asset against future earnings BUT since they haven't made any money in a while, they no longer have a 50/50 chance of ever using it so the accounting rules say they have to write the rest of it off.

Did I get that right?

And should I be happy? Because I _think_ I'm happy, but I'm not entirely certain.