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Federal Income Taxes | 9 Months Ended
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Sep. 30, 2020
Federal Income Taxes [Abstract] |
Federal Income Taxes | 6. Federal Income Taxes The effective tax rate is the ratio of tax expense (benefit) over pre-tax income (loss). The effective tax rate was 13% and (7)% for the three and nine months ended September 30, 2020, respectively, compared to 36% and (4)%, respectively, for the corresponding periods in 2019. The effective tax rate on pre-tax income is typically lower than the prevailing corporate federal income tax rate of 21% due to benefits from preferential tax items including the separate accounts dividends-received deduction (“DRD”) and tax credits. For the three months ended September 30, 2020, the effective tax rate differed from the prevailing corporate federal income tax rate due primarily to the effects of the preferential tax items. For the three months ended September 30, 2019, the effective tax rate differed from the prevailing corporate federal income tax rate due primarily to the effects of preferential tax items being additive to the tax benefit at 21% on pre-tax losses. For the nine months ended September 30, 2020 and September 30, 2019, the effective tax rate differed from the prevailing corporate federal income tax rate due primarily to the effects of preferential tax items exceeding the tax expense at 21% on pre-tax income.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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