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INCOME TAXES (Tables)
 12 Months Ended
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, 2022Dec. 31, 2021
Deferred income tax assets:  
Non-capital losses (Canada)$102 $95 
Capital losses (Canada)32 34 
Net operating losses (United States)570 352 
Non-capital losses (foreign)142 118 
Tax credit carryforwards61 77 
Capital losses (United States)758 203 
Other26 31 
 1,691 910 
Deferred income tax (liabilities):  
Properties(4,755)(4,160)
 (4,755)(4,160)
Net deferred tax (liability)$(3,064)$(3,250)
 
The changes in deferred tax balances are presented as follows:

  Recognized in 
(US$ Millions)Dec. 31, 2021IncomeEquityAcquisitions and DispositionsOCIOther Balance SheetDec. 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, 2020Income EquityAcquisitions and DispositionsOCIOther Balance SheetDec. 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, 2022Dec. 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 attributes37 — 
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. 31,202220212020
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. 31,202220212020
Statutory income tax rate26 %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 jurisdictions4 %2 %(8)%
Other1 %1 %(3)%
Effective income tax rate22 %12 %(12)%