Using the 2017 annual report for Berkshire Hathaway fill out the chart below.

www.berkshirehathaway.com/2017ar/2017ar.pdf

Terms you have to know	Questions - relate to Berkshire Hathaway	Amount (in millions $)	Page number	Comment
Pre-tax accounting income -------------- Income before taxes Book Income	1. Amount (all in millions, and indicate page number)
Income tax expense -------------- Calculated in a roundabout way: Taxes paid plus increase in Deferred Tax Liability plus decrease in Deferred Tax Asset	2. Amount - if applicable
Income tax benefit ------------------------ Usually when pre-tax accounting income is negative.	3. Amount - if applicable
Net Income ---------------------- Pre-tax accounting income minus Income Tax Expense (plus Income Tax Benefit)	4. Amount
Effective tax rate ---------------------- Income tax expense / Pre-tax accounting income only meaningful if income tax expense and pre-tax accounting income (not loss)	5. Explain why this is not applicable.
	6. Calculate effective tax rate for 2016. Show numerator and denominator.
Statutory Tax Rate --------------------- New U.S. corporate tax rate of 21%, effective 2018.	7. Divide the second line on page 91 by the first line. What percentage do you get?
Taxes Paid (or Owed) for the period	8. Look at note 12
Income Tax Payable ----------------------- Short-term liability reflecting taxes to be paid very soon	9. Look at the beginning of note 16
Deferred Tax Asset --------------------- This account usually increases when Taxes Paid are higher than Income tax expense	10. You will not find DTA on the balance sheet itself. Look at note 16.
Deferred Tax Liability ------------------- This account usually increases when Taxes Paid are lower than income tax expense	11. What is the gross DTL in the notes?
	12. What is the net DTL on the balance sheet?