XML 99 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Income Taxes
3 Months Ended
Mar. 31, 2014
Income Tax Disclosure [Abstract]  
Income Tax
Income Taxes
We recognized a provision for federal income taxes of $2.6 billion for the three months ended March 31, 2014, which resulted in an effective tax rate of 32.7%. We recognized a benefit for federal income taxes of $50.6 billion for the three months ended March 31, 2013, which resulted in an effective tax rate of (623.3)%
For the three months ended March 31, 2014, the effective tax rate was different from the federal statutory rate of 35% primarily due to the benefits of our investments in housing projects eligible for the low-income housing tax credit and our holdings of tax-exempt investments. Our effective tax rate for the three months ended March 31, 2013 was different from the statutory rate of 35% primarily due to the release of our valuation allowance for our net deferred tax assets.