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Income Taxes
9 Months Ended
Sep. 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 September 30, 2014, which resulted in an effective tax rate of 31.4%. For the nine months ended September 30, 2014, we recognized a provision for federal income taxes of $6.1 billion, which resulted in an effective tax rate of 32.2%.
We recognized a provision for federal income taxes of $1.4 billion for the three months ended September 30, 2013, which resulted in an effective tax rate of 13.4%. For the nine months ended September 30, 2013, we recognized a benefit for federal income taxes of $47.2 billion, which resulted in an effective tax rate of (155.9)%.
For the three months and nine months ended September 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 nine months ended September 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.