Net of tax:

It simply means what's left after tax is deducted from an amount.
Net of tax = Gross Amount – Tax
Definition: Net of tax is the initial (or gross) results of a transaction or group of transactions, minus the associated amount of income taxes. The term is most commonly associated with the results of an entire business, such that its profits or losses are described as being "net of tax" if the effects of income taxes are calculated into the profits or losses. If income taxes are not included in a profit or loss calculation, then the profit or loss is said to be "before tax." The net of tax concept is useful for reporting the complete results of a transaction, inclusive of the effects of income taxes.
GAAP and IFRS sometimes specify that the results of certain activities be reported in the financial statements net of tax. These items are reported after the results of operations in the income statement.
If a company has a large net operating loss carry forward, there will not be any tax to offset against income, since the loss carry forward offsets the tax. In this case, the net of tax profit figure will be the same as the before tax profit figure.
An example of net of tax is when ABC Company reports a before tax profit of $1,000,000. After subtracting the related $350,000 of income taxes, ABC reports income net of tax of $650,000.

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