2012

2011

(dollars are in millions)

Three Months Ended June 30:

Tax expense (benefit) at the U.S. Federal statutory income tax rate

$

(858

)

(35.0

)%

$

(118

)

(35.0

)%

Increase (decrease) in rate resulting from:

State and local taxes, net of Federal benefit

(39

)

(1.6

)

(14

)

(4.2

)

Adjustment to valuation allowance on deferred tax assets

-

(30

)

(8.9

)

Change in uncertain tax positions

-

(4

)

(1.2

)

Other

(42

)

(1.7

)

-

Total income tax expense (benefit)

$

(939

)

(38.3

)%

$

(166

)

(49.3

)%

Six Months Ended June 30:

Tax expense (benefit) at the U.S. Federal statutory income tax rate

$

(1,136

)

(35.0

)%

$

(303

)

(35.0

)%

Increase (decrease) in rate resulting from:

State and local taxes, net of Federal benefit

(40

)

(1.2

)

(27

)

(3.1

)

Adjustment of tax rate used to value deferred taxes

(7

)

(.2

)

-

Adjustment to valuation allowance on deferred tax assets

-

(141

)

(16.3

)

Change in uncertain tax positions

-

(4

)

(.5

)

Other

(44

)

(1.4

)

3

.3

Total income tax expense (benefit)

$

(1,227

)

(37.8

)%

$

(472

)

(54.6

)%