XML 99 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Income Taxes
6 Months Ended
Jun. 30, 2014
Income Tax Disclosure [Abstract]  
Income Tax
Income Taxes
We recognized a provision for federal income taxes of $1.8 billion for the three months ended June 30, 2014, which resulted in an effective tax rate of 32.3%. For the six months ended June 30, 2014, we recognized a provision for federal income taxes of $4.3 billion, which resulted in an effective tax rate of 32.5%.
We recognized a provision for federal income taxes of $2.0 billion for the three months ended June 30, 2013, which resulted in an effective tax rate of 16.4%. For the six months ended June 30, 2013, we recognized a benefit for federal income taxes of $48.6 billion, which resulted in an effective tax rate of (240.6)%.
For the three months and six months ended June 30, 2014, the effective tax rates were 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. Our effective tax rates for the three months and six months ended June 30, 2013 were different from the statutory rate of 35% primarily due to the release of our valuation allowance for our net deferred tax assets.