PBF Energy 2012 Annual Report Download - page 129

PBF ENERGY INC. AND SUBSIDIARIES
(COMBINED AND CONSOLIDATED WITH PBF ENERGY COMPANY LLC AND SUBSIDIARIES)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT AND BARREL DATA)
13 - INCOME TAXES (Continued)
The provision for (benefit from) income taxes consisted of:
For the Year
Ended
December 31,
2012
Current expense:
Federal .................................... $ —
State ...................................... —
Total current .................................... —
Deferred expense:
Federal .................................... 1,134
State ...................................... 141
Total deferred ............................... 1,275
Total provision for income taxes .................... $1,275
The difference between the Company’s effective income tax rate and the United States statutory rate is
reconciled below:
Tax computed at statutory rate ............................ 35.0%
Increase (decrease) attributable to flow—through of certain tax
adjustments:
State income taxes (net federal income tax) ............. 4.4%
Other ............................................ .1%
Effective tax rate .................................. 39.5%
A summary of the components of deferred tax assets and deferred tax liabilities at December 31, 2012 follows:
Deferred tax assets
Purchase interest step-up ........................ $181,257
Net operating loss carry forwards ................. 6,087
Other ........................................ 9,503
Total deferred tax assets ..................... 196,847
Valuation allowances ............................... —
Total deferred tax assets, net ................. 196,847
Deferred tax liabilities
Property, plant and equipment .................... 69,088
Inventory .................................... 6,534
Other ........................................ 646
Total deferred tax liabilities .......................... 76,268
Net deferred tax assets (liabilities) ............. $120,579
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