Question:

Assume you are the Young Accountant in thiis case and answer the following questions in respect of Pfizer Inc's FY2017 Financial Staternents. We encourage you to find Pfizer's 10-K filing for FY2017 from Investor Relations section of their website to base your answers.

a. How can tax on Pfizer's income be negative? Does it mean Pfizer saved that much money or they received that much amount from government in Cash? (Min 150 words|Max300words)

b. What is the effective rate of tax for Pfizelr? Can it be negative? Why? (Min 100 words|Max 250 words)

c. Give us brief details of what sort of tax beenefits and tax expenses impacted FY 2017's Provision/(benefit) for taxes on income? (Min 100 words | Max 300 words)

MM LHOS, EXCEPT PER COMUON SHURE DATA) Revenues Year Ended December 31. Costs and expenses: Cost of sales (i) Selling, informational and administrative expenses (a) Research and development expenses (a) Amortization of intangible assets Restructuring charges and certain acquisition-related costs Other (income)/deductions - net Income from continuing operations before provision(benefit) for taxes on income Provisioni(benefy) for taxes on income Income from continuing operations ANALYSIS OF THE CONSOLIDATED STATEMENTS OF INCOME Certain amounts and percentages may reflect rounding adjustments. - Indicates calculation not meaningful or result is equal to or greater than 100%. Revenues - Overview Compared to 2016, total revenues for 2017 were unfavorably impacted by approximately $200 million as a result of 2017 having one less selling day in both U.S. and international markets. Total revenues in 2017 compared to 2016 reflect a slight operational decrease of $20 milion, or less than 1%, and an unfavorable impact of foreign exchange of $259 million, or less than 1%, in 2017 , compared to 2016. Compared to 2015 , international revenues for 2016 were favorably impacted by approximately $100 million as a result of 2016 having one more selling day in international markets. In the U.S., there was no difference in selling days in 2016 , compared to 2015. Total revenues in 2016 compared to 2015 reffect an operational increase of $5.5 billion, or 11%, partially offset by an unfavorable impact of foreign exchange of $1.5 billion, or 3%, in 2016 compared to 2015. See the "Revenues by Segment and Geography" and "Revenues-Major Products" sections of this Financial Report for additional analyses. See the "Intellectual Property Rights and Collaboration/Licensing Rights" section of this Financial Report for information about (i) recent losses and expected losses of product exclusivity impacting product revenues and (ii) recent losses of collaboration rights impacting alliance revenues. In addition, we expect to lose exclusivity for various other products in various markets over the next few years. For additional information, see the "Patents and Other Intellectual Property Rights" section in Part I, Item 1. "Business", of our 2017 Form 10K