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This excerpt taken from the FDX 10-K filed Jul 13, 2007. Income
Taxes
Our effective tax rate was 37.3% in 2007, 37.7% in 2006 and
37.4% in 2005. Our 2007 tax rate was favorably impacted by the
conclusion of various state and federal tax audits and appeals.
This favorable impact was
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partially offset by tax charges incurred as a result of a
reorganization in Asia associated with our acquisition in China
(described below). The 37.4% effective tax rate in 2005 was
favorably impacted by the reduction of a valuation allowance on
foreign tax credits arising from certain of our international
operations as a result of the passage of the American Jobs
Creation Act of 2004 and by a lower effective state tax rate.
For 2008, we expect our effective tax rate to be between 37.5%
and 38%. The actual rate, however, will depend on a number of
factors, including the amount and source of operating income.
This excerpt taken from the FDX 10-K filed Aug 2, 2006. INCOME
TAXES. Deferred income taxes are provided for
the tax effect of temporary differences between the tax basis of assets and
liabilities and their reported amounts in the financial statements. The
liability method is used to account for income taxes, which requires deferred
taxes to be recorded at the statutory rate in effect when the taxes are paid.
13 FEDEX CORPORATION We have not recognized deferred taxes for U.S. federal income taxes on foreign subsidiaries’ earnings that are deemed to be permanently reinvested and any related taxes associated with such earnings are not material. Pretax earnings of foreign operations were approximately $606 million in 2006, $636 million in 2005 and $430 million in 2004, which represent only a portion of total results associated with international shipments. This excerpt taken from the FDX 8-K filed Aug 2, 2006. INCOME
TAXES. Deferred income taxes are provided for the tax
effect of temporary differences between the tax basis of assets and liabilities
and their reported amounts in the financial statements. The liability method is
used to account for income taxes, which requires deferred taxes to be recorded
at the statutory rate in effect when the taxes are paid.
9 We have not recognized deferred taxes for U.S. federal income taxes on foreign subsidiaries’ earnings that are deemed to be permanently reinvested and any related taxes associated with such earnings are not material. Pretax earnings of foreign operations were approximately $606 million in 2006, $636 million in 2005 and $430 million in 2004, which represent only a portion of total results associated with international shipments. This excerpt taken from the FDX 10-K filed Jul 14, 2006. INCOME
TAXES. Deferred income taxes are provided for
the tax effect of temporary differences between the tax basis of assets and
liabilities and their reported amounts in the financial statements. The
liability method is used to account for income taxes, which requires deferred
taxes to be recorded at the statutory rate in effect when the taxes are paid.
79 FEDEX CORPORATION We have not recognized deferred taxes for U.S. federal income taxes on foreign subsidiaries’ earnings that are deemed to be permanently reinvested and any related taxes associated with such earnings are not material. Pretax earnings of foreign operations were approximately $606 million in 2006, $636 million in 2005 and $430 million in 2004, which represent only a portion of total results associated with international shipments. This excerpt taken from the FDX 10-K filed Jul 14, 2005. INCOME TAXES. Deferred income taxes are
provided for the tax effect of temporary differences between the tax basis of
assets and liabilities and their reported amounts in the financial statements. The
liability method is used to account for income taxes, which requires deferred
taxes to be recorded at the statutory rate in effect when the taxes are paid.
We have not recognized deferred taxes for U.S. federal income taxes on foreign subsidiaries’ earnings that are deemed to be permanently reinvested and any related taxes associated with such earnings are not material. Pretax earnings of foreign operations for 2005, 2004, and 2003 were approximately $636 million, $430 million and $140 million, respectively, which represent only a portion of total results associated with international shipments. | EXCERPTS ON THIS PAGE:
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