Buy time, page-311

19 million is an accumulated accounting loss not a tax loss. Accounting and tax are different.

For example, if you travelled on behalf of the company and it was a 50/50 mix of business and leisure, and the company agreed to pay all of it then the full amount would show up as and expense on the income statement. For tax purposes, you would only be able to deduct the business related expenditure as part of the trip (for simplicity, assume revenue is the same) -- as a result this creates differences between accounting and tax.