Income Taxes (Tables)
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Dec. 31, 2013
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Primary Components of Net Deferred Tax Asset | We have recorded a 100% valuation allowance of approximately $44 million against the deferred tax asset related to the net operating loss and asset tax credit carryovers as of December 31, 2013 with respect to our hotel in Mexico. There is a $4 million valuation allowance against the deferred tax asset related to the net operating loss and capital loss carryovers as of December 31, 2013 with respect to our hotels in Canada. There is a $3 million valuation allowance related to the net operating loss incurred by our office in Rio de Janeiro. Finally, there is a $10 million valuation allowance against the deferred tax asset related to the net operating loss carryovers as of December 31, 2013 with respect to certain of our U.S. taxable REIT subsidiaries that acted as lessee pursuant to the terminated HPT leases. We expect that the remaining net operating loss and alternative minimum tax credit carryovers for U.S. federal income tax purposes will be realized. The net decrease and the net increase in the valuation allowance for the year ending December 31, 2013 and December 31, 2012 is approximately $2 million and $16 million, respectively. The primary components of our net deferred tax asset are as follows (in millions):
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Income (Loss) From Continuing Operations Before Income Taxes | Our U.S. and foreign income (loss) from continuing operations before income taxes was as follows (in millions):
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Provision (Benefit) for Income Taxes for Continuing Operations | The provision (benefit) for income taxes for continuing operations consists of (in millions):
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Income Tax (Benefit) Provision Calculated at Statutory U.S. Federal Income Tax Rate and Actual Income Tax (Benefit) Provision Recorded |
The differences between the income tax provision (benefit) calculated at the statutory U.S. federal income tax rate of 35% and the actual income tax provision (benefit) recorded for continuing operations are as follows (in millions):
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Unrecognized Tax Benefits Reconciliation | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):
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