Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.19.3.a.u2
Income Tax (Tables)
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Reconciliation Between Statutory Rates and Effective Tax Rates elow is a reconciliation between the statutory rates of our TRS entities as of December 31, 2019 and our effective tax rates for the years ended December 31:
 
2019
 
2018
 
2017
Federal statutory income tax rate
21
 %
 
21
 %
 
35
 %
Changes in rate resulting from:
 
 
 
 
 
Share-based compensation
2
 %
 
(1
)%
 
(8
)%
Equity method investments
(2
)%
 
(11
)%
 
(83
)%
Other
(1
)%
 
2
 %
 
6
 %
Valuation allowance
(15
)%
 
2
 %
 
49
 %
TCJA rate revaluation adjustment
—
 %
 
—
 %
 
1
 %
Effective tax rate
5
 %
 
13
 %
 
—
 %
Summary of Deferred Tax Assets (Liabilities) Deferred tax assets (liabilities) include the following as of December 31:
 
2019
 
2018
 
(in millions)
Net operating loss (NOL) carryforwards
31

 
34

Tax credit carryforwards
13

 
12

Share-based compensation
3

 
3

Other
3

 
—

Valuation allowance
—

 
(11
)
Gross deferred tax assets
50

 
38

Receivables basis difference
$
(12
)
 
$
(9
)
Equity method investments
(52
)
 
(31
)
Gross deferred tax liabilities
(64
)
 
(40
)
Net deferred tax liabilities
$
(14
)
 
$
(2
)

Cash Dividends Paid for Federal Income Tax Purposes
For federal income tax purposes, the cash dividends paid for the years ended December 31, 2019 and 2018 are characterized as follows:
 
2019
 
2018
Common distributions
 
 
 
Ordinary income
18
%
 
—
%
Return of capital
82
%
 
100
%
 
100
%
 
100
%