INCOME TAXES	3 Months Ended
Mar. 31, 2015
INCOME TAXES
INCOME TAXES	15. INCOME TAXES Prior to the Company's reorganization and IPO of Moelis & Company, the Company had been primarily subject to the New York City unincorporated business tax ("UBT") and certain other foreign, state and local taxes. The Company's operations were historically comprised of entities that are organized as limited liability companies and limited partnerships. For U.S. federal income tax purposes, taxes related to income earned by these entities represent obligations of the individual partners and members and have historically not been reflected in the condensed consolidated and combined statements of financial condition. In connection with the Company's reorganization and IPO, the Company became subject to U.S. corporate federal, state and local income tax on its allocable share of results of operations from Group LP. The Company's provision for income taxes and effective tax rate were $4.3 million and 18% and $0.6 million and 3% for the three months ended March 31, 2015 and 2014, respectively. The effective tax rates for the aforementioned periods primarily reflect the effect of the Company's allocable share of earnings from Group LP becoming subject to U.S. federal, state and local corporate income taxes in connection with the Company's reorganization and IPO. The Company recorded a decrease in the net deferred tax asset of $931 for the three months ended March 31, 2015, which primarily relates to the amortization of the step-up in tax basis in Group LP assets resulting from the IPO and secondary offering.

INCOME TAXES

3 Months Ended

Mar. 31, 2015

15. INCOME TAXES

Prior to the Company's reorganization and IPO of Moelis & Company, the Company had been primarily subject to the New York City unincorporated business tax ("UBT") and certain other foreign, state and local taxes. The Company's operations were historically comprised of entities that are organized as limited liability companies and limited partnerships. For U.S. federal income tax purposes, taxes related to income earned by these entities represent obligations of the individual partners and members and have historically not been reflected in the condensed consolidated and combined statements of financial condition. In connection with the Company's reorganization and IPO, the Company became subject to U.S. corporate federal, state and local income tax on its allocable share of results of operations from Group LP. The Company's provision for income taxes and effective tax rate were $4.3 million and 18% and $0.6 million and 3% for the three months ended March 31, 2015 and 2014, respectively. The effective tax rates for the aforementioned periods primarily reflect the effect of the Company's allocable share of earnings from Group LP becoming subject to U.S. federal, state and local corporate income taxes in connection with the Company's reorganization and IPO.

The Company recorded a decrease in the net deferred tax asset of $931 for the three months ended March 31, 2015, which primarily relates to the amortization of the step-up in tax basis in Group LP assets resulting from the IPO and secondary offering.