For fiscal year 2019 and 2018, we recorded an income tax benefit of $3,197 and $727, respectively, which consisted of the following:

A reconciliation of our benefit of income taxes with the federal statutory tax rate for fiscal years 2019 and 2018 is shown below:

Loss before benefit of income taxes was derived from the following sources for fiscal years 2019 and 2018 as shown below:

The components of net deferred tax assets (liabilities) as of December 28, 2019 and December 29, 2018, are as follows:

As of December 28, 2019, the Company has net operating loss carryforwards of approximately $6,600 for federal income tax purposes, which will be available to offset future taxable income. Due to recent tax legislation, these net operating losses are eligible for indefinite carryforward, limited by certain taxable income limitations. The Company has certain foreign tax credits available but has recorded a full valuation allowance against these tax credits until the Company has sufficient foreign source income to utilize these credits. The Company continues to have a full valuation allowance against its Canadian operations. The Company released approximately $700 of valuation allowance related to state net operating losses due to sufficient income in those jurisdictions or otherwise expired.

The Company annually conducts an analysis of its uncertain tax positions and has concluded that it has no uncertain tax positions as of December 28, 2019. The Company’s policy is to record uncertain tax positions as a component of income tax expense. The Company was selected for examination by the IRS for its 2016 tax year which was settled in November 2019 with no adjustments.