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Income Taxes
9 Months Ended
Sep. 30, 2015
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
As a REIT, the General Partner generally is not subject to federal income tax, with the exception of its TRS entities. However, the General Partner, including its TRS entities, and the Operating Partnership are still subject to certain state and local income and franchise taxes in the various jurisdictions in which they operate.
Based on the above, Cole Capital’s business, substantially all of which is conducted through a TRS structure, recognized a benefit of $0.7 million and $2.4 million for the three and nine months ended September 30, 2015, respectively, which is included in (provision for) benefit from income and franchise taxes in the accompanying consolidated statements of operations. A provision of $1.1 million and a benefit of $12.6 million were recognized for the three and nine months ended September 30, 2014. The difference in the provision or benefit reflected in the accompanying consolidated statements of operations as compared to the provision or benefit calculated at the statutory federal income tax rate is primarily attributable to various permanent differences and state and local income taxes.
The REI segment recognized a provision for the three and nine months ended September 30, 2015 of $2.2 million and $7.2 million, respectively, and a provision for the three and nine months ended September 30, 2014 of $2.0 million and $5.9 million, respectively, which are included in (provision for) benefit from income and franchise taxes in the accompanying consolidated statements of operations.
The Company had no unrecognized tax benefits as of or during the nine months ended September 30, 2015 and 2014. Any interest and penalties related to unrecognized tax benefits would be recognized within (provision for) benefit from income and franchise taxes in the accompanying consolidated statements of operations. The Company files income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and various Canadian jurisdictions, and is subject to routine examinations by the respective tax authorities. With few exceptions, the Company is no longer subject to federal or state examinations by tax authorities for years before 2011.