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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Taxes [Abstract] |
Disclosure of deferred taxes | The components of net deferred tax liability are presented as follows:
(US$ Millions) | Dec. 31, 2022 | Dec. 31, 2021
Deferred income tax assets: |  |
Non-capital losses (Canada) | $ | 102 |  | $ | 95 |
Capital losses (Canada) | 32 |  | 34 |
Net operating losses (United States) | 570 |  | 352 |
Non-capital losses (foreign) | 142 |  | 118 |
Tax credit carryforwards | 61 |  | 77 |
Capital losses (United States) | 758 |  | 203 |
Other | 26 |  | 31 |
| 1,691 |  | 910 |
Deferred income tax (liabilities): |  |
Properties | (4,755) |  | (4,160) |
| (4,755) |  | (4,160) |
Net deferred tax (liability) | $ | (3,064) |  | $ | (3,250) |
The changes in deferred tax balances are presented as follows:
|  |  | Recognized in |
(US$ Millions) | Dec. 31, 2021 |  | Income | Equity | Acquisitions and Dispositions | OCI | Other Balance Sheet | Dec. 31, 2022
Deferred tax assets | $ | 910 |  |  | $ | 810 |  | $ | — |  | $ | — |  | $ | (29) |  | $ | — |  | $ | 1,691 |
Deferred tax (liabilities) | (4,160) |  |  | (928) |  | — |  | 143 |  | 190 |  | — |  | (4,755) |
Net deferred tax (liability) | $ | (3,250) |  |  | $ | (118) |  | $ | — |  | $ | 143 |  | $ | 161 |  | $ | — |  | $ | (3,064) |
|  |  | Recognized in |
(US$ Millions) | Dec. 31, 2020 |  | Income | Equity | Acquisitions and Dispositions | OCI | Other Balance Sheet | Dec. 31, 2021
Deferred tax assets | $ | 772 |  |  | $ | 164 |  | $ | 7 |  | $ | — |  | $ | (5) |  | $ | (28) |  | $ | 910 |
Deferred tax (liabilities) | (3,630) |  |  | (519) |  | — |  | 85 |  | (96) |  | — |  | (4,160) |
Net deferred tax (liability) | $ | (2,858) |  |  | $ | (355) |  | $ | 7 |  | $ | 85 |  | $ | (101) |  | $ | (28) |  | $ | (3,250) |
Disclosure of deferred income taxes and deductible temporary differences | The gross deductible temporary differences, unused tax losses, and unused tax credits for which no deferred tax asset is recognized are as follows:
(US$ Millions) | Dec. 31, 2022 | Dec. 31, 2021
Unused tax losses - gross |  |
Net operating losses (United States) | $ | 24 |  | $ | 34 |
Capital losses (United States) | — |  | 275 |
Net operating losses (foreign) | 341 |  | 513 |
Other unrecognized tax attributes | 37 |  | — |
Unrecognized deductible temporary differences, unused tax losses, and unused tax credits | $ | 402 |  | $ | 822 |
Schedule of components of income tax expense benefit | The major components of income tax expense include the following:
(US$ Millions) Years ended Dec. 31, | 2022 | 2021 | 2020
Current income tax expense | $ | 163 |  | $ | 134 |  | $ | 58 |
Deferred income tax expense (benefit) | 118 |  | 356 |  | 162 |
Income tax expense | $ | 281 |  | $ | 490 |  | $ | 220 |
Schedule of income tax rates |
Years ended Dec. 31, | 2022 | 2021 | 2020
Statutory income tax rate | 26 | % | 26 | % | 26 | %
Increase (decrease) in rate resulting from: |  |  |
International operations subject to different tax rates | (7) | % | (7) | % | (35) | %
Non-controlling interests in income of flow-through entities | (2) | % | (10) | % | 8 | %
Change in tax rates applicable to temporary differences in other jurisdictions | 4 | % | 2 | % | (8) | %
Other | 1 | % | 1 | % | (3) | %
Effective income tax rate | 22 | % | 12 | % | (12) | %

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