INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes [Abstract]

Disclosure of deferred taxes

The components of net deferred tax liability are presented as follows:

(US$ Millions)	Dec. 31, 2019			Dec. 31, 2018
Deferred income tax assets:
Non-capital losses (Canada)	$	60		$	41
Capital losses (Canada)	33			34
Net operating losses (United States)	351			291
Non-capital losses (foreign)	107			94
Tax credit carryforwards	27			36
Foreign currency	10			4
Other	43			16
	631			516
Deferred income tax (liabilities):
Properties	(3,146		)	(2,894		)
	(3,146		)	(2,894		)
Net deferred tax (liability)	$	(2,515	)	$	(2,378	)

The changes in deferred tax balances are presented as follows:

				Recognized in
(US$ Millions)	Dec. 31, 2018			Income			Equity			Acquisitions and Dispositions			OCI			Other Balance Sheet			Dec. 31, 2019
Deferred tax assets	$	516		$	117		$	—		$	(7	)	$	5		$	—		$	631
Deferred tax (liabilities)	(2,894		)	(149		)	(7		)	—			(35		)	(61		)	(3,146		)
Net deferred tax (liability)	$	(2,378	)	$	(32	)	$	(7	)	$	(7	)	$	(30	)	$	(61	)	$	(2,515	)

				Recognized in
(US$ Millions)	Dec. 31, 2017			Income			Equity		Acquisitions and Dispositions			OCI			Other Balance Sheet		Dec. 31, 2018
Deferred tax assets	$	342		$	(23	)	$	—	$	208		$	(11	)	$	—	$	516
Deferred tax (liabilities)	(3,230		)	240			—		(32		)	128			—		(2,894		)
Net deferred tax (liability)	$	(2,888	)	$	217		$	—	$	176		$	117		$	—	$	(2,378	)

Disclosure of deferred income taxes and deductible temporary differences

The gross deductible temporary differences, unused tax losses, and unused tax credits for which no deferred tax asset is recognized are as follows:

(US$ Millions)	Dec. 31, 2019		Dec. 31, 2018
Unused tax losses - gross
Net operating losses (United States)	$	287	$	74
Net operating losses (foreign)	428		351
Unrecognized deductible temporary differences, unused tax losses, and unused tax credits	$	715	$	425

Schedule of components of income tax expense benefit

The major components of income tax expense include the following:

(US$ Millions) Years ended Dec. 31,	2019		2018			2017
Current income tax expense	$	164	$	299		$	172
Deferred income tax expense (benefit)	32		(218		)	20
Income tax expense	$	196	$	81		$	192

Schedule of income tax rates

Years ended Dec. 31,	2019		2018		2017
Statutory income tax rate	26	%	26	%	26	%
Increase (decrease) in rate resulting from:
International operations subject to different tax rates	(14	)%	(10	)%	(5	)%
Non-controlling interests in income of flow-through entities	(4	)%	(11	)%	(12	)%
Change in tax rates applicable to temporary differences in other jurisdictions	(3	)%	(5	)%	(5	)%
Other	—	%	2	%	3	%
Effective income tax rate	5	%	2	%	7	%