IHOP 2010 Annual Report Download - page 149
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DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
20. Income Taxes (Continued)
The (benefit) provision for income taxes differs from the expected federal income tax rates as
follows:
2010 2009 2008
Statutory federal income tax rate .................... (35.0)% 35.0% (35.0)%
State and other taxes, net of federal tax benefit ......... (0.4) 5.8 (1.4)
Change in unrecognized tax benefits ................. (28.1) (9.7) 1.0
Change in valuation allowance ...................... (1.5) 7.5 —
State adjustments including audits and settlements ....... (0.6) 4.5 (0.2)
State income tax receivables adjustment ............... 0.2 0.4 0.1
Compensation related tax credits, net of deduction offsets . . (46.0) (14.9) (3.4)
Changes in tax rates and state tax laws ................ — (6.5) (0.3)
Kansas High Performance Incentive Program credits ...... — (7.3) —
Goodwill intangibles adjustment .................... 27.0 — —
Goodwill impairment ............................ — — 21.1
Non-deductible preferred stock issuance costs ........... 8.5 — —
Other ........................................ (1.0) (0.7) 0.2
Effective tax rate ............................... (76.9)% 14.1% (17.9)%
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