Emergis provides e-business solutions to the financial services industry in North America and the health-care industry in Canada. It auto- mates transactions between companies and allows them to interact and transact elec- tronically. Before Emergis sold its Security business it also provided organizations with the related security services. Before Emergis sold its  US Health operations, it also operated cost contain- ment networks that process medical claims for health- care payers, including insur- ance companies and self-insured entities. Notes to Consolidated Financial Statements Note  9 : Discontinued Operations The table below shows the significant components of income tax expense relating to earnings from continu- ing operations. The table below shows future income taxes resulting from temporary differences between the carrying amounts of assets and liabilities for accounting pur- poses and the amounts used for tax purposes, as well as tax loss carryforwards. At December 31, 2004, BCE had $3,029 million in non-capital loss carryforwards. We: • recognized a future tax asset of $826 million for finan- cial reporting purposes for approximately $2,425 mil- lion of the non-capital loss carryforwards. Of the total, $2,319 million expires in varying annual amounts until the end of 2011. The balance expires in varying annual amounts from 2012 to 2024. • did not recognize a future tax asset for financial reporting purposes for approximately $604 million  of the non-capital loss carryforwards. Of the total, $599 million expires in varying annual amounts until the end of 2011. The balance expires in varying annual amounts from 2012 to 2024. At December 31, 2004, BCE had $4,225 million in capital loss carryforwards, which can be carried for- ward indefinitely. We: • recognized a future tax asset of $23 million for finan- cial reporting purposes for approximately $102 mil- lion of the capital loss carryforwards • did not recognize a future tax asset for financial reporting purposes on the balance. The table below is a summarized statement of opera- tions for the discontinued operations. In May 2004, our board of directors approved the sale of our 63.9% interest in Emergis. In June 2004, BCE completed the sale of its interest in Emergis by way of a secondary public offering. Emergis 100 Bell Canada Enterprises  2004 Annual Report 2004 2003 2002 Current income taxes 744 701 1,051 Future income taxes Utilization (recognition)  of loss carryforwards 38 404 (259) Change in statutory rate 2 21 (16) Change in temporary  differences and other (74) (7) 838 Total income tax expense 710 1,119 1,614 2004 2003 Non-capital loss carryforwards 826 467 Capital loss carryforwards 23 22 Capital assets (348) (176) Indefinite-life intangible assets (339) (363) Employee benefit plans 91 (148) Investment tax credits carryforwards 126 – Investments 49 46 Other (878) (754) Total future income taxes (450) (906) Future income taxes are comprised of: Future income tax asset –  current portion 489 197 Future income tax asset –  . long-term portion 772 704 Future income tax liability –  current portion (16) (13) Future income tax liability –  long-term portion (1,695) (1,794) Total future income taxes (450) (906) 2004 2003 2002 Emergis 23 (154) (55) Teleglobe Inc. (Teleglobe) – 39 893 Bell Canada International  Inc. (BCI) – – (316) Aliant’s emerging  business segment  – (4) (20) Aliant’s remote  communications segment – 63 34 Other 3 – – Net gain (loss) from  discontinued operations 26  (56) 536 2004 2003 2002 Revenue 128  962 1,804 Operating gain (loss) from  discontinued operations,  before tax (52) 67 (222) Gain (loss) from discontinued  operations, before tax 70  (70) (407) Income tax recovery (expense)  on operating loss (gain) (11) (30) 85  Income tax recovery (expense)  on loss (gain) (3) 17 1,068 Non-controlling interest 22  (40) 12  Net gain (loss) from  discontinued operations 26  (56) 536