Goldman Sachs 2009 Annual Report Download - page 148
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NOTE 16
Income Taxes
The components of the net tax expense re ected in the consolidated statements of earnings are set forth below:
Year Ended One Month Ended
December November November December
(inmillions) 2009 2008 2007 2008
Current taxes
U.S. federal $4,039 $ (278) $2,934 $ 157
State and local 594 91 388 10
Non-U.S. 2,242 1,964 2,554 287
Total current tax expense 6,875 1,777 5,876 454
Deferred taxes
U.S. federal (763) (880) 118 (857)
State and local (130) (92) 100 (26)
Non-U.S. 462 (791) (89) (49)
Total deferred tax (bene t)/expense (431) (1,763) 129 (932)
Net tax expense $6,444 $ 14 $6,005 $(478)
Deferred income taxes re ect the net tax effects of temporary differences between the nancial reporting and tax bases of assets
and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax
rates and laws that will be in effect when such differences are expected to reverse.
Signi cant components of the rm’s deferred tax assets and liabilities are set forth below:
As of
(inmillions) December2009 November2008
Deferred tax assets
Compensation and bene ts . $3,338 $3,732
Unrealized losses 1,754 375
ASC 740 asset 1,004 625
Non-U.S. operations 807 657
Foreign tax credits 277 334
Net operating losses 184 212
Occupancy related 159 137
Other, net 427 194
7,950 6,266
Valuation allowance (1) (74) (93)
Total deferred tax assets (2) $7,876 $6,173
Total deferred tax liabilities (2) (3) $1,611 $1,558
(1) Relates primarily to the ability to utilize losses in various tax jurisdictions.
(2) Before netting within tax jurisdictions.
(3) Relates to depreciation and amortization.
Goldman Sachs 2009 Annual Report
146
Notes to Consolidated Financial Statements