104 (d) The Company recognizes as future tax asset the benefit of investment tax credits and capital loss carryforwards to the extent it is more likely than not that the benefit will be realized. At August 31, 2000, the Company has available loss carry- forwards of approximately $35,200,000 which expire between 2001 and 2007.  A future tax asset of $12,100,000 has been recognized in respect of these carry- forwards. In 2000, a valuation allowance of $3,200,000 has been recorded against the future tax assets related to the unutilized losses. Reportable business segments are based on lines of business and include (1) radio broadcasting (“radio”), (2) specialty programming (“programming”) and (3) digital audio, cable advertising services and conventional television. All business activities are located in Canada. Radio includes a number of owned radio stations across Canada. Revenues are derived from advertising aired over these stations. Programming includes interests in several specialty television networks and digital audio services for residential customers. Revenues are generated from affiliate subscriber fees and advertising. Digital audio services include commercial free music service delivered to commercial customers. Cable advertising services are provided to commercial cus- tomers on local cable systems. Conventional television includes a number of owned television stations across Canada. Revenues are derived from advertising aired over these stations. 13. BUSINESS SEGMENT INFORMATION 