Sallie Mae 2010 Annual Report Download - page 188
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18. Income Taxes
Reconciliations of the statutory U.S. federal income tax rates to our effective tax rate for continuing
operations follow:
2010 2009 2008
Years Ended
December 31,
Statutory rate ................................................ 35.0% 35.0% 35.0%
State tax, net of federal benefit................................... 1.7 (.1) 3.5
Non-deductible goodwill ....................................... 9.2 — (.6)
Capitalized transaction costs..................................... — — 35.9
Unrecognized tax benefits, U.S. federal and state, net of federal benefit ..... (.5) (1.1) 28.4
Corporate owned life insurance .................................. (.3) (.4) 9.9
Other, net .................................................. .1 (.7) (4.8)
Effective tax rate ............................................. 45.2% 32.7% 107.3%
The effective tax rates for discontinued operations for the years ended December 31, 2010, 2009 and
2008 are 26.7 percent, 27.9 percent, and 38.3 percent, respectively. The effective tax rate varies from the
statutory U.S. federal rate of 35 percent primarily due to the establishment of valuation allowances against
capital loss carryforwards for the years ended December 31, 2010 and 2009, and due to the impact of state
taxes, net of federal benefit, for the years ended December 31, 2010, 2009 and 2008.
F-85
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)