Sunoco LP
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
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12. Income Tax Expense
- Income Tax Expense
As a partnership, we are generally not subject to federal income tax and most state income taxes. However, the Partnership conducts certain activities through corporate subsidiaries which are subject to federal and state income taxes.
Our effective tax rate differs from the statutory rate primarily due to Partnership earnings that are not subject to U.S. federal and most state income taxes at the Partnership level. A reconciliation of income tax expense from continuing operations at the U.S. federal statutory rate of 21% to net income tax expense is as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Income tax expense (benefit) at United States statutory rate | $4 | $60 | $190 | $111 |
| Increase (reduction) in income taxes resulting from: | ||||
| Change in nondeductible goodwill | 12 | — | 12 | — |
| Partnership losses (earnings) not subject to tax | 3 | (51) | (57) | (90) |
| State and local tax, net of federal expense | (1) | 2 | 29 | 6 |
| Other | (3) | — | (3) | — |
| Income tax expense | $15 | $11 | $171 | $27 |
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