Fannie Mae 2013 Annual Report Download - page 91

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Federal Income Taxes
We recognized a benefit for federal income taxes of $45.4 billion in 2013 due to the release of the substantial majority of the
valuation allowance against our deferred tax assets, partially offset by our 2013 provision for federal income taxes. We did
not recognize a provision or a benefit for federal income taxes in 2012. We recognized a benefit for federal income taxes of
$90 million for 2011 because we effectively settled our 2007 and 2008 tax years with the Internal Revenue Service (“IRS”) in
2011. We discuss federal income taxes and the factors that led us to release our valuation allowance against our deferred tax
assets in “Critical Accounting Policies and Estimates—Deferred Tax Assets” and “Note 10, Income Taxes.”
BUSINESS SEGMENT RESULTS
We provide a more complete description of our business segments in “Business—Business Segments.” Results of our three
business segments are intended to reflect each segment as if it were a stand-alone business. Under our segment reporting
structure, the sum of the results for our three business segments does not equal our consolidated results of operations as we
separate the activity related to our consolidated trusts from the results generated by our three segments. In addition, because
we apply accounting methods that differ from our consolidated results for segment reporting purposes, we include an
eliminations/adjustments category to reconcile our business segment results and the activity related to our consolidated trusts
to our consolidated results of operations. We describe the management reporting and allocation process used to generate our
segment results in “Note 13, Segment Reporting.”
In this section, we summarize our segment results for the years ended December 31, 2013, 2012 and 2011 in the tables below
and provide a comparative discussion of these results. This section should be read together with our comparative discussion
of our consolidated results of operations in “Consolidated Results of Operations.” See “Note 13, Segment Reporting” for a
reconciliation of our segment results to our consolidated results.