What do Taxes represent?
Taxes represent all income taxes levied on the income of a company by federal, state and/or foreign governments.
Taxes consist of:
- Federal income taxes;
- State income taxes;
- Foreign income taxes;
- Charges in lieu of income taxes;
- Charges equivalent to investment tax credit;
- Income taxes on dividends or earnings of unconsolidated subsidiaries or minority interest, if reported before taxes; and
- Deferred taxation charges.