Income Taxes	3 Months Ended
Mar. 31, 2018
Income Taxes	6. Income Taxes The effective tax rate on earnings before income taxes for the first three months of 2018 was 17.9 percent, compared with 28.2 percent for the first three months of 2017. The decrease in the effective tax rate in the first three months of 2018 from the first three months of 2017 primarily reflects the decrease in the corporate federal income tax rate from 35.0 percent to 21.0 percent as a result of the Tax Act. There continues to be a degree of uncertainty as to how certain provisions in the Tax Act will be interpreted and implemented in practice in the future. Alleghany believes that, as of March 31, 2018, it had no material uncertain tax positions. Interest and penalties relating to unrecognized tax expenses (benefits) are recognized in income tax expense, when applicable. There were no material liabilities for interest or penalties accrued as of March 31, 2018.

Income Taxes

3 Months Ended

Mar. 31, 2018

6. Income Taxes

The effective tax rate on earnings before income taxes for the first three months of 2018 was 17.9 percent, compared with 28.2 percent for the first three months of 2017. The decrease in the effective tax rate in the first three months of 2018 from the first three months of 2017 primarily reflects the decrease in the corporate federal income tax rate from 35.0 percent to 21.0 percent as a result of the Tax Act. There continues to be a degree of uncertainty as to how certain provisions in the Tax Act will be interpreted and implemented in practice in the future.

Alleghany believes that, as of March 31, 2018, it had no material uncertain tax positions. Interest and penalties relating to unrecognized tax expenses (benefits) are recognized in income tax expense, when applicable. There were no material liabilities for interest or penalties accrued as of March 31, 2018.