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This excerpt taken from the MRO 10-K filed Mar 10, 2005. F-22 Net deferred tax liabilities were classified in the consolidated balance sheet as follows:
The consolidated tax returns of Marathon for the years 1998 through 2003 are under various stages of audit and administrative review by the IRS. Marathon believes it has made adequate provision for income taxes and interest which may become payable for years not yet settled. Pretax income from continuing operations included amounts attributable to foreign sources of $534 million in 2004, $453 million in 2003 and $372 million in 2002. Undistributed income of certain consolidated foreign subsidiaries at December 31, 2004, amounted to $687 million. No provision for deferred U.S. income taxes has been made for these subsidiaries because Marathon intends to permanently reinvest such income in those foreign operations. If such income were not permanently reinvested, a deferred tax liability of $241 million would have been required. See Note 3 for a discussion of the Tax Sharing Agreement between Marathon and United States Steel. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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