On December 1, 2010, IAC completed the tax-free exchange of Evite, Gifts.com, IAC Advertising Solutions and $217.9 million in cash for substantially all of Liberty's equity stake in IAC resulting in a gain of $140.8 million. In addition, during the fourth quarter of 2010, InstantAction ceased operations. During 2008, IAC completed the Spin-Off and sold EPI for $34.9 million, which resulted in a pre-tax loss of $37.4 million and an after-tax gain of $22.3 million. The net assets of EPI included goodwill of $19.1 million.

Discontinued operations include Evite, Gifts.com and IAC Advertising Solutions through December 1, 2010, HSNi, ILG, Ticketmaster and Tree.com through August 20, 2008, EPI through May 30, 2008, and InstantAction for all periods presented.

The revenue and net loss for the aforementioned discontinued operations for the applicable periods were as follows (in thousands):

	Years Ended December 31,

	2010			2009			2008
Revenue	$	35,963		$	38,163		$	3,195,734

Loss before income taxes	$	(42,744	)	$	(20,876	)	$	(325,601	)
Income tax benefit (provision)		5,721			(2,563	)		(3,809	)

Net loss	$	(37,023	)	$	(23,439	)	$	(329,410	)

Included in "Loss before income taxes" in the table above for the year ended December 31, 2010 is an impairment charge related to the goodwill of InstantAction of $31.6 million. Included in "Loss before income taxes" for the year ended December 31, 2008 are impairment charges related to the goodwill and indefinite-lived intangible assets of HSNi of $221.5 million and $78.5 million, respectively, and of Tree.com of $132.5 million and $33.4 million, respectively.