XML 37 R26.htm IDEA: XBRL DOCUMENT

INCOME TAXES

3 Months Ended

Mar. 31, 2021

Income tax expense (benefit) consists of the following:


	Three Months Ended March 31,
	2021		2020
Current:
Federal	$	10,813	$	—
State and local	2,216		49
Total current income tax expense (benefit)	13,029		49
Deferred:
Federal	71,309		(127,526)
State and local	13,921		(39,391)
Total deferred income tax expense (benefit)	85,230		(166,917)
Total income tax expense (benefit)	$	98,259	$	(166,868)

New Residential intends to qualify as a REIT for each of its tax years through December 31, 2021. A REIT is generally not subject to U.S. federal corporate income tax on that portion of its income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by prescribed dates and complies with various other requirements.

New Residential operates various business segments, including servicing, origination, and MSR related investments, through taxable REIT subsidiaries (“TRSs”) that are subject to regular corporate income taxes, which have been provided for in the provision for income taxes, as applicable. Refer to Note 3 for further details.

As of March 31, 2021, New Residential recorded a net deferred tax liability of $93.1 million primarily related to MSRs.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details