U-Haul 2007 Annual Report Download - page 95

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
Note 13: Provision for Taxes
Income before taxes and the provision for taxes consisted of the following:
2007 2006 2005
Pretax earnings:
U.S. $ 149,169 $ 199,847 $ 143,840
Non-U.S. (3,346) 426 1,292
Total pretax earnings $ 145,823 $ 200,273 $ 145,132
Provision for taxes:
Federal:
Current $ 47,758 $ 49,652 $ 30,539
Deferred 900 16,239 17,801
State:
Current 2,251 6,115 5,752
Deferred 5,128 6,329 1,616
Non-U.S.:
Current 338 439 -
Deferred (1,105) 345 -
Total income tax expense $ 55,270 $ 79,119 $ 55,708
Year Ended March 31,
(In thousands)
Income taxes paid in cash amounted to $74.8 million, $43.3 million, and $30.0 million for fiscal 2007, 2006, and 2005,
respectively.
The difference between the tax provision at the statutory federal income tax rate and the tax provision attributable to
income before taxes was as follows:
2007 2006 2005
Statutory federal income tax rate 35.00 % 35.00 % 35.00 %
Increase (reduction) in rate resulting from:
State and foreign taxes, net of federal benefit 2.78% 4.41 % 3.16 %
Canadian subsidiary loss 0.80% (0.07)% (0.31)%
Interest on deferred taxes 0.69% 0.44 % 0.43 %
Dividend received deduction (0.03)% 0.00% 0.00%
Other (1.34)% (0.27)% 0.10 %
Effective tax rate 37.90 % 39.51 % 38.38 %
Year ended March 31,
(In percentages)
F-30