american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) for the years ended december 31 , 2007 and 2006 , the company increased net deferred tax assets by $ 1.5 million and $ 7.2 million , respectively with a corresponding reduction of goodwill associated with the utilization of net operating and capital losses acquired in connection with the spectrasite , inc .merger .these deferred tax assets were assigned a full valuation allowance as part of the final spectrasite purchase price allocation in june 2006 , as evidence available at the time did not support that losses were more likely than not to be realized .the valuation allowance decreased from $ 308.2 million as of december 31 , 2006 to $ 88.2 million as of december 31 , 2007 .the decrease was primarily due to a $ 149.6 million reclassification to the fin 48 opening balance ( related to federal and state net operating losses acquired in connection with the spectrasite , inc .merger ) and $ 45.2 million of allowance reductions during the year ended december 31 , 2007 related to state net operating losses , capital loss expirations of $ 6.5 million and other items .the company 2019s deferred tax assets as of december 31 , 2007 and 2006 in the table above do not include $ 74.9 million and $ 31.0 million , respectively , of excess tax benefits from the exercises of employee stock options that are a component of net operating losses due to the adoption of sfas no .123r .total stockholders 2019 equity will be increased by $ 74.9 million if and when any such excess tax benefits are ultimately realized .basis step-up from corporate restructuring represents the tax effects of increasing the basis for tax purposes of certain of the company 2019s assets in conjunction with its spin-off from american radio systems corporation , its former parent company .at december 31 , 2007 , the company had net federal and state operating loss carryforwards available to reduce future federal and state taxable income of approximately $ 1.6 billion and $ 2.1 billion , respectively .if not utilized , the company 2019s net operating loss carryforwards expire as follows ( in thousands ) : .
[['years ended december 31,', 'federal', 'state'], ['2008 to 2012', '', '$ 294358'], ['2013 to 2017', '', '561608'], ['2018 to 2022', '$ 466747', '803201'], ['2023 to 2027', '1134060', '451874'], ['total', '$ 1600807', '$ 2111041']]
as described in note 1 , the company adopted the provisions of fin 48 on january 1 , 2007 .as of january 1 , 2007 , the total amount of unrecognized tax benefits was $ 183.9 million of which $ 34.3 million would affect the effective tax rate , if recognized .as of december 31 , 2007 , the total amount of unrecognized tax benefits was $ 59.2 million , $ 23.0 million of which would affect the effective tax rate , if recognized .the company expects the unrecognized tax benefits to change over the next 12 months if certain tax matters ultimately settle with the applicable taxing jurisdiction during this timeframe .however , based on the status of these items and the amount of uncertainty associated with the outcome and timing of audit settlements , the .

Question: what portion of the unrecognized tax benefits would affect the effective tax rate if recognized as of december 31 , 2007?
Answer: 38.9%