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Income Taxes
6 Months Ended
Jun. 30, 2016
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.
Cole Capital Income Taxes
Based on the above, Cole Capital’s business, substantially all of which is conducted through a TRS, recognized a benefit of $2.1 million and $3.4 million for the three and six months ended June 30, 2016, respectively, which are included in benefit from (provision for) income taxes in the accompanying consolidated statements of operations. A benefit of $1.9 million and $1.6 million was recognized for the three and six months ended June 30, 2015, respectively.
REI Income Taxes
The REI segment recognized a provision of $1.8 million and $3.2 million for the three and six months ended June 30, 2016, respectively, and a provision of $3.1 million and $5.0 million for the three and six months ended June 30, 2015, respectively, which are included in benefit from (provision for) income taxes in the accompanying consolidated statements of operations.
The Company had no unrecognized tax benefits as of or during the six months ended June 30, 2016 and 2015. Any interest and penalties related to unrecognized tax benefits would be recognized in provision for income taxes in the accompanying consolidated statements of operations. The Company files income tax returns in the U.S. federal jurisdiction, Canadian federal jurisdiction and various state and local 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.