v2.4.0.8

INCOME TAXES (Tables)

12 Months Ended

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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