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Income Taxes
3 Months Ended
Mar. 31, 2015
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes.
For the three months ended March 31, 2015, each of Icahn Enterprises and Icahn Enterprises Holdings recorded an income tax expense of $49 million on pre-tax income of $471 million compared to an income tax expense of $103 million on pre-tax income of $180 million for the three months ended March 31, 2014. Our effective income tax rate was 10.4% and 57.2% for the three months ended March 31, 2015 and 2014, respectively.
For the three months ended March 31, 2015, the effective tax rate was lower than the statutory federal rate of 35%, primarily due to partnership income not subject to taxation, as such taxes are the responsibility of the partners.
For the three months ended March 31, 2014, the effective tax rate was higher than the statutory federal rate of 35%, primarily due to partnership losses for which there was no tax benefit, as such losses are allocated to the partners.