Income Taxes	6 Months Ended
Jun. 30, 2015
Income Taxes
Income Taxes	10. Income Taxes We did not record a provision for income taxes for the three and six months ended June 30, 2015. The deferred tax assets remain fully offset by a valuation allowance or uncertain tax position liabilities. As a part of the overall Spin-Off transaction on June 1, 2014, certain assets that were transferred by us to Theravance Biopharma resulted in taxable transfers pursuant to Section 367 of the Internal Revenue Code of 1986, as amended (the “Code”), or other applicable provisions of the Code and Treasury Regulations. The taxable gain attributable to the transfer of the certain assets to Theravance Biopharma was the excess of the fair market value of each asset transferred over our adjusted tax basis in such asset. The U.S. federal income tax gain on transfer of the assets to Theravance Biopharma was approximately $400 million. This taxable income was substantially offset by our net operating loss from 2014 and carryforwards from prior years resulting in an income tax expense of approximately $0.3 million for the three and six months ended June 30, 2014.

Income Taxes

6 Months Ended

Jun. 30, 2015

10. Income Taxes

We did not record a provision for income taxes for the three and six months ended June 30, 2015. The deferred tax assets remain fully offset by a valuation allowance or uncertain tax position liabilities.

As a part of the overall Spin-Off transaction on June 1, 2014, certain assets that were transferred by us to Theravance Biopharma resulted in taxable transfers pursuant to Section 367 of the Internal Revenue Code of 1986, as amended (the “Code”), or other applicable provisions of the Code and Treasury Regulations. The taxable gain attributable to the transfer of the certain assets to Theravance Biopharma was the excess of the fair market value of each asset transferred over our adjusted tax basis in such asset. The U.S. federal income tax gain on transfer of the assets to Theravance Biopharma was approximately $400 million. This taxable income was substantially offset by our net operating loss from 2014 and carryforwards from prior years resulting in an income tax expense of approximately $0.3 million for the three and six months ended June 30, 2014.