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Income Taxes
9 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income tax expense for the three months ended March 31, 2020 of $18,616 differs from the income tax expense derived from applying the statutory federal rate of 21% to pre-tax income due principally to the impact of state and local income taxes (net of federal benefit) of $5,405, partially offset by a tax benefit of $643 relating to a tax return to book provision adjustment in connection with the filing of the Company’s prior year income tax return.
Income tax expense for the three months ended March 31, 2019 of $17,732 differs from the income tax expense derived from applying the statutory federal rate of 21% to pre-tax income due principally to the impact of state and local income taxes (net of federal benefit) of $6,131, partially offset by a tax benefit of $3,939 relating to a tax return to book provision adjustment in connection with the filing of the Company’s prior year income tax return.
Income tax expense for the nine months ended March 31, 2020 of $52,627 differs from the income tax expense derived from applying the statutory federal rate of 21% to pre-tax income due principally to the impact of state and local income taxes (net of federal benefit) of $15,233, partially offset by excess tax benefit of $1,583 related to share-based payment awards.
Income tax expense for the nine months ended March 31, 2019 of $62,756 differs from the income tax expense derived from applying the statutory federal rate of 21% to pre-tax income due principally to the impact of state and local income taxes (net of federal benefit) of $17,683, and changes in the applicable state rate used to measure deferred taxes of $2,062, partially offset by a net tax benefit of $2,489 relating to tax return to book provision adjustments in connection with the filing of the Company’s prior year income tax returns.
The Company made cash income tax payments (net) of $48,128 and $64,025 for the nine months ended March 31, 2020 and 2019, respectively.
The Company was notified during the fourth quarter of fiscal year 2017 that the State of New York was commencing an examination of the Company’s New York State income tax returns as filed for the tax years ended December 31, 2013 and 2014. In January 2020, the Company closed the examination with no material changes to the tax returns as filed.
The Company was notified during the first quarter of fiscal year 2019 that the City of New York was commencing an examination of the Company’s New York City general corporate income tax returns as filed for the tax years ended December 31, 2015 and 2016. The Company does not expect the examination, when finalized, to result in material changes to the tax returns as filed.
The Company was notified during the fourth quarter of fiscal year 2019 that the City of New York was commencing an examination of the Company’s Unincorporated Business Tax Returns as filed for the tax years ended December 31, 2016 and 2017, and June 30, 2018. In October 2019, the Company closed the examination with no material changes to the tax returns as filed.
The Company was notified during the fourth quarter of fiscal year 2019 that the State of New Jersey initiated an examination of the Company’s income tax returns for the tax years ended December 31, 2015 through December 31, 2017. The Company does not expect the examination, when finalized, to result in material changes to the tax returns as filed.
The federal and state statute of limitations are currently open on the Company’s tax returns for 2016 and 2015, respectively, and forward.