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Taxes (Tables)

6 Months Ended

Jun. 30, 2012

Components of income tax expense (benefit)


	Three Months Ended						Year to Date
	June 30						June 30
Great Plains Energy	2012			2011			2012			2011
Current income taxes	(millions)
Federal	$	(3.3	)	$	2.7		$	(3.3	)	$	3.8
State		0.4			(4.7	)		0.3			(4.0	)
Foreign		-			(0.1	)		-			(0.4	)
Total		(2.9	)		(2.1	)		(3.0	)		(0.6	)
Deferred income taxes
Federal		30.8			32.3			22.5			28.9
State		5.1			11.4			4.3			7.4
Total		35.9			43.7			26.8			36.3
Noncurrent income taxes
Federal		(0.2	)		(19.0	)		(0.2	)		(18.0	)
State		-			(2.0	)		-			(1.9	)
Foreign		(0.4	)		(0.1	)		(0.1	)		0.2
Total		(0.6	)		(21.1	)		(0.3	)		(19.7	)
Investment tax credit amortization		(0.6	)		(0.7	)		(1.2	)		(0.8	)
Income tax expense	$	31.8		$	19.8		$	22.3		$	15.2


	Three Months Ended						Year to Date
	June 30						June 30
KCP&L	2012			2011			2012			2011
Current income taxes	(millions)
Federal	$	0.1		$	1.3		$	0.2		$	2.4
State		0.1			0.2			0.1			0.5
Total		0.2			1.5			0.3			2.9
Deferred income taxes
Federal		19.4			23.2			16.1			19.9
State		4.2			4.7			4.1			4.5
Total		23.6			27.9			20.2			24.4
Noncurrent income taxes
Federal		(0.3	)		(11.5	)		0.1			(10.6	)
State		(0.1	)		(1.2	)		-			(1.1	)
Total		(0.4	)		(12.7	)		0.1			(11.7	)
Investment tax credit amortization		(0.4	)		(0.5	)		(0.9	)		(0.5	)
Income tax expense	$	23.0		$	16.2		$	19.7		$	15.1

Income tax expense (benefit) and effective income tax rates


Great Plains Energy	Income Tax Expense						Income Tax Rate
Three Months Ended June 30	2012			2011			2012			2011
	(millions)
Federal statutory income tax	$	31.5		$	22.1			35.0	%		35.0	%
Differences between book and tax
depreciation not normalized		1.0			1.1			1.2			1.6
Amortization of investment tax credits		(0.6	)		(0.7	)		(0.7	)		(1.1	)
Federal income tax credits		(3.3	)		(3.8	)		(3.6	)		(6.0	)
State income taxes		3.5			2.6			3.9			4.1
Changes in uncertain tax positions, net		(0.3	)		(1.6	)		(0.4	)		(2.5	)
Valuation allowance		0.1			0.2			0.1			0.3
Other		(0.1	)		(0.1	)		-			-
Total	$	31.8		$	19.8			35.5	%		31.4	%


Great Plains Energy	Income Tax Expense						Income Tax Rate
Year to Date June 30	2012			2011			2012			2011
	(millions)
Federal statutory income tax	$	25.0		$	21.4			35.0	%		35.0	%
Differences between book and tax
depreciation not normalized		2.1			1.9			3.0			3.0
Amortization of investment tax credits		(1.2	)		(0.8	)		(1.8	)		(1.4	)
Federal income tax credits		(6.1	)		(6.8	)		(8.6	)		(11.1	)
State income taxes		2.9			3.0			4.1			4.9
Changes in uncertain tax positions, net		(0.1	)		(1.3	)		(0.1	)		(2.2	)
Valuation allowance		0.1			(2.2	)		0.1			(3.6	)
Other		(0.4	)		-			(0.4	)		0.4
Total	$	22.3		$	15.2			31.3	%		25.0	%


KCP&L	Income Tax Expense						Income Tax Rate
Three Months Ended June 30	2012			2011			2012			2011
	(millions)
Federal statutory income tax	$	23.4		$	17.4			35.0	%		35.0	%
Differences between book and tax
depreciation not normalized		0.9			0.8			1.3			1.6
Amortization of investment tax credits		(0.4	)		(0.5	)		(0.7	)		(1.0	)
Federal income tax credits		(3.3	)		(3.7	)		(4.9	)		(7.6	)
State income taxes		2.6			1.8			4.0			3.8
Changes in uncertain tax positions, net		-			0.4			-			0.9
Other		(0.2	)		-			(0.2	)		(0.2	)
Total	$	23.0		$	16.2			34.5	%		32.5	%


KCP&L	Income Tax Expense						Income Tax Rate
Year to Date June 30	2012			2011			2012			2011
	(millions)
Federal statutory income tax	$	23.0		$	18.4			35.0	%		35.0	%
Differences between book and tax
depreciation not normalized		1.8			1.6			2.7			3.0
Amortization of investment tax credits		(0.9	)		(0.5	)		(1.4	)		(0.9	)
Federal income tax credits		(6.1	)		(6.7	)		(9.3	)		(12.9	)
State income taxes		2.6			2.0			4.1			3.9
Changes in uncertain tax positions, net		-			0.4			-			0.8
Other		(0.7	)		(0.1	)		(1.1	)		(0.3	)
Total	$	19.7		$	15.1			30.0	%		28.6	%

Liability for unrecognized tax benefits


	Great Plains Energy						KCP&L
	June 30			December 31			June 30			December 31
	2012			2011			2012			2011
	(millions)
Beginning balance January 1	$	24.0		$	42.0		$	8.7		$	19.1
Additions for current year tax positions		1.5			1.4			1.4			-
Additions for prior year tax positions		-			2.4			-			2.3
Reductions for prior year tax positions		(1.4	)		(20.9	)		(1.3	)		(12.6	)
Statute expirations		-			(0.7	)		-			(0.1	)
Foreign currency translation adjustments		(0.1	)		(0.2	)		-			-
Ending balance	$	24.0		$	24.0		$	8.8		$	8.7

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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