v2.4.0.8

INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2013
Provision (Benefit) for Income Taxes | The Provision for Income Taxes consists of the following:
|  | Year Ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Current |  |  |  |  |  |  |  |  |  |  |  |
Federal Income Tax |  | $ | 19,237 |  |  | $ | 5,928 |  |  | $ | 4,509 |
Foreign Income Tax |  |  | 13,302 |  |  |  | 16,921 |  |  |  | 22,741 |
State and Local Income Tax |  |  | 33,273 |  |  |  | 36,022 |  |  |  | 8,997 |
|  |  | 65,812 |  |  |  | 58,871 |  |  |  | 36,247 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal Income Tax |  |  | 157,962 |  |  |  | 100,875 |  |  |  | 226,153 |
Foreign Income Tax |  |  | (638 | ) |  |  | (691 | ) |  |  | 403 |
State and Local Income Tax |  |  | 32,506 |  |  |  | 25,968 |  |  |  | 82,908 |
|  |  | 189,830 |  |  |  | 126,152 |  |  |  | 309,464 |
Provision for Taxes |  | $ | 255,642 |  |  | $ | 185,023 |  |  | $ | 345,711 |
Summary of Blackstone's Tax Position | The following table summarizes Blackstone’s tax position:
|  | Year Ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Income Before Provision for Taxes |  | $ | 3,148,561 |  |  | $ | 1,014,905 |  |  | $ | 77,258 |
Total Provision for Taxes |  | $ | 255,642 |  |  | $ | 185,023 |  |  | $ | 345,711 |
Effective Income Tax Rate |  |  | 8.1 | % |  |  | 18.2 | % |  |  | 447.5 | %
Reconciles The Provision (Benefit) for Taxes to U.S. Federal Statutory Tax Rate | The following table reconciles the Provision for Taxes to the U.S. federal statutory tax rate:
|  | Year Ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Statutory U.S. Federal Income Tax Rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
Income Passed Through to Common Unitholders and Non-Controlling Interest Holders (a) |  |  | -28.7 | % |  |  | -23.6 | % |  |  | 76.9 | %
Interest Expense |  |  | -0.9 | % |  |  | -3.4 | % |  |  | -47.0 | %
Foreign Income Taxes |  |  | -0.2 | % |  |  | -3.2 | % |  |  | 10.5 | %
State and Local Income Taxes |  |  | 1.7 | % |  |  | 3.0 | % |  |  | 38.7 | %
Equity-Based Compensation |  |  | 1.6 | % |  |  | 9.3 | % |  |  | 132.4 | %
Change in Tax Rate |  |  | 0.6 | % |  |  | -0.1 | % |  |  | 202.9 | %
Net Unrecognized Tax Positions |  |  | -0.2 | % |  |  | 0.7 | % |  |  | 7.8 | %
Non Deductible Expenses |  |  | 0.0 | % |  |  | 0.6 | % |  |  | 2.5 | %
Tax Deductible Compensation |  |  | -0.3 | % |  |  | -0.4 | % |  |  | -10.2 | %
Other |  |  | -0.5 | % |  |  | 0.3 | % |  |  | -2.0 | %
Effective Income Tax Rate (b) |  |  | 8.1 | % |  |  | 18.2 | % |  |  | 447.5 | %
(a) | Includes income that is not taxable to the Partnership and its subsidiaries. Such income is directly taxable to the Partnership’s unitholders and the non-controlling interest holders.
(b) | The effective tax rate is calculated on Income (Loss) Before Provision for Taxes.
Summary of Tax Effects of Temporary Differences | A summary of the tax effects of the temporary differences is as follows:
|  | December 31, |
|  | 2013 |  |  | 2012 |
Deferred Tax Assets |  |  |  |  |  |  |  |
Fund Management Fees |  | $ | 8,728 |  |  | $ | 16,719 |
Equity-Based Compensation |  |  | 54,810 |  |  |  | 45,329 |
Unrealized Gains from Investments |  |  | (117,685 | ) |  |  | (58,499 | )
Depreciation and Amortization |  |  | 1,285,042 |  |  |  | 1,257,145 |
Net Operating Loss Carry Forward |  |  | 12 |  |  |  | 18,780 |
Other |  |  | (21,700 | ) |  |  | 6,137 |
Total Deferred Tax Assets |  | $ | 1,209,207 |  |  | $ | 1,285,611 |
Deferred Tax Liabilities |  |  |  |  |  |  |  |
Depreciation and Amortization |  | $ | 10 |  |  | $ | 143 |
Total Deferred Tax Liabilities |  | $ | 10 |  |  | $ | 143 |
Blackstone's Unrecognized Tax Benefits Excluding Related Interest and Penalties | Blackstone’s unrecognized tax benefits, excluding related interest and penalties, were:
|  | December 31, |
|  | 2013 |  |  | 2012 |
Unrecognized Tax Benefits—January 1 |  | $ | 30,742 |  |  | $ | 12,234 |
Additions based on Tax Positions Related to Current Year |  |  | 6,517 |  |  |  | 6,117 |
Additions for Tax Positions of Prior Years |  |  | 3,435 |  |  |  | 16,733 |
Reductions for Tax Positions of Prior Years |  |  | (17,686 | ) |  |  | (3,215 | )
Settlements |  |  | (3,538 | ) |  |  | (1,596 | )
Exchange Rate Fluctuations |  |  | (608 | ) |  |  | 469 |
Unrecognized Tax Benefits—December 31 |  | $ | 18,862 |  |  | $ | 30,742 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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