). In a note to clients, Citadel Securities writes, "All three RLECs we cover have acknowledged that they will recognize significant benefits from 100% bonus depreciation this year. Based on management commentary, we believe bonus depreciation will lower Windstream's 2011 cash taxes by $110-120MM, and Frontier's by approximately $170MM. CenturyLink was not expected to be a meaningful cash tax payer due to NOLs, but the company has said that bonus depreciation should allow its NOLs to shield taxes through the end of 2014, about a year later than we previously estimated. Under current law, bonus depreciation will revert to 50% in 2012, then end in 2013." Shares of CTL closed at $40.71 yesterday.