GVA » Topics » Provision for Income Taxes:

These excerpts taken from the GVA 10-K filed Feb 27, 2009.
Provision for Income Taxes: Our effective tax rate decreased to 29.0% in 2008 from 33.0% in 2007. The decrease was primarily due to increases in the estimated income attributed to minority partners’ share in our consolidated construction joint ventures and other entities which are not subject to income taxes on a stand alone basis.    
 
Minority Interest in Consolidated Subsidiaries
 
Minority Interest in Consolidated Subsidiaries              
Years ended December 31, 
 
2008
 
2007
 
2006
 
(in thousands) 
     
Minority interest in consolidated subsidiaries
 
$
  (43,334
)
$
(20,859
$
6,170
 
 
Provision for Income Taxes: Our effective tax rate decreased to 29.0% in 2008 from 33.0% in 2007. The decrease was primarily due to increases in the estimated income attributed to minority partners’ share in our consolidated construction joint ventures and other entities which are not subject to income taxes on a stand alone basis.    
 
Minority Interest in Consolidated Subsidiaries
 
Minority Interest in Consolidated Subsidiaries              
Years ended December 31, 
 
2008
 
2007
 
2006
 
(in thousands) 
     
Minority interest in consolidated subsidiaries
 
$
  (43,334
)
$
(20,859
$
6,170
 
 
Provision for Income Taxes: Our effective tax rate decreased to 33.0% in 2007 from 34.2% in 2006. The decrease was primarily driven by higher minority interest in income of consolidated joint ventures and other entities which are not subject to income taxes on a stand-alone basis.  The impact of higher minority interest was partially offset by the effect of the $7.8 million charge taken related to the purchase of the remaining Wilder shares which was not deductible for tax purposes.
 
Provision for Income Taxes: Our effective tax rate decreased to 33.0% in 2007 from 34.2% in 2006. The decrease was primarily driven by higher minority interest in income of consolidated joint ventures and other entities which are not subject to income taxes on a stand-alone basis.  The impact of higher minority interest was partially offset by the effect of the $7.8 million charge taken related to the purchase of the remaining Wilder shares which was not deductible for tax purposes.
 
Provision
for Income Taxes:
Our effective tax rate decreased to 29.0% in 2008
from 33.0% in 2007. The decrease was primarily due to
increases in the estimated income attributed to minority partners’ share in our
consolidated construction joint ventures and other entities which are not
subject to income taxes on a stand alone
basis
.    

 

Minority
Interest in Consolidated Subsidiaries

 
















































Minority
Interest in Consolidated Subsidiaries
             

Years
ended December 31,
 

 

2008

 

2007

 

2006

 

(in
thousands)
 

 
 
 


Minority
interest in consolidated subsidiaries


 


$



 
(43,334

)

$




(20,859








$




6,170


 








 

Provision
for Income Taxes:
Our effective tax rate decreased to 29.0% in 2008
from 33.0% in 2007. The decrease was primarily due to
increases in the estimated income attributed to minority partners’ share in our
consolidated construction joint ventures and other entities which are not
subject to income taxes on a stand alone
basis
.    

 

Minority
Interest in Consolidated Subsidiaries

 
















































Minority
Interest in Consolidated Subsidiaries
             

Years
ended December 31,
 

 

2008

 

2007

 

2006

 

(in
thousands)
 

 
 
 


Minority
interest in consolidated subsidiaries


 


$



 
(43,334

)

$




(20,859








$




6,170


 








 

Provision
for Income Taxes:
Our effective tax rate decreased to 33.0% in 2007
from 34.2% in 2006. The decrease was primarily driven by higher minority
interest in income of consolidated joint ventures and other entities which
are not subject to income taxes on a stand-alone basis.  The impact of
higher minority interest was partially offset by the effect of the $7.8 million
charge taken related to the purchase of the remaining Wilder shares
which was not deductible for tax purposes.

 

Provision
for Income Taxes:
Our effective tax rate decreased to 33.0% in 2007
from 34.2% in 2006. The decrease was primarily driven by higher minority
interest in income of consolidated joint ventures and other entities which
are not subject to income taxes on a stand-alone basis.  The impact of
higher minority interest was partially offset by the effect of the $7.8 million
charge taken related to the purchase of the remaining Wilder shares
which was not deductible for tax purposes.

 

This excerpt taken from the GVA 10-Q filed Jul 31, 2008.
Provision for Income Taxes: Our effective tax rate decreased to 26.7% for the six months ended June 30, 2008 from 31.3% for the corresponding period in 2007. The decreased effective tax rate was due primarily to the estimated income attributed to minority partners’ share in our consolidated construction joint ventures and other entities which are not subject to income taxes on a separate entity basis.
             
Minority Interest in Consolidated Subsidiaries
 
Three Months Ended June 30,
   
Six Months Ended June 30,
 
(in thousands)
 
2008
   
2007
   
2008
   
2007
 
Minority interest in consolidated subsidiaries
 
$
(7,969
)
 
$
(4,799
)
 
$
(30,464
)
 
$
(7,246
)

This excerpt taken from the GVA 10-Q filed May 1, 2008.
Provision for Income Taxes: Our effective tax rate decreased to 25.4% for the three months ended March 31, 2008 from 31.0% for the corresponding period in 2007. The decreased effective tax rate was due primarily to higher estimated amounts from our minority partners’ share of income in our consolidated construction joint ventures and other entities which are not subject to income taxes on a stand-alone basis.
             
Minority Interest in Consolidated Subsidiaries  
 Three Months Ended March 31,
   
(in thousands)
 
2008
 
2007
   
Minority interest in consolidated subsidiaries
 
$
(22,495
)
$
(2,447
)
 

These excerpts taken from the GVA 10-K filed Feb 26, 2008.
Provision for Income Taxes: Our effective tax rate increased to 34.2% in 2006 from 29.1% in 2005 due primarily to the impact on the tax rate of minority interest losses in several of our construction joint ventures, which are not subject to income taxes on a standalone basis.
 
Provision for Income Taxes:
Our
effective tax rate increased to 34.2% in 2006 from 29.1% in
2005 due primarily to the impact on the tax rate of minority
interest losses in several of our construction joint ventures, which are not
subject to income taxes on a standalone basis.

 


This excerpt taken from the GVA 10-K filed Mar 4, 2005.
Provision for Income Taxes: Our effective tax rate decreased to 30.0% in 2004 from 36.2% in 2003 due primarily to the inclusion in our pre-tax income of the minority interest in the income of our consolidated construction joint ventures as required by FIN 46 (see Note 5 of the “Notes to the Consolidated Financial Statements”), which are generally not subject to income taxes on a stand-alone basis, and a lower overall state tax rate, net of federal tax benefit, due to changes in the mix of earnings in differing tax jurisdictions. The American Jobs Creation Act of 2004 provides for a new deduction for domestic production which will be phased in over six years beginning in 2005. As a result, we expect that our 2005 tax expense will be positively impacted by this deduction, adjusting our effective tax rate between 0.8% and 1.0%.

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