Page 127 - International Taxation IRS Training Guides

Example C-7.3:

Income Tax Footnotes
(Cont’d)

TCJA Examples:

 Adjusted effective income tax rate. Our financial results for

fiscal 2018 and 2017 reflect the impact of TCJA on certain

significant items. As such, we have presented adjusted effective

income tax rates for years 2018 and 2017.

 Remeasurement of deferred tax balances. During fiscal 2018,

in connection with the TCJA’s reduction of the corporate

income tax rate, we remeasured our net deferred tax

liabilities as of the enactment date, resulting in the recognition

of a non-recurring, non-cash income tax benefit of $1.8 billion.

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