Document e7OXrLgdz1v7z94D40xD3X464

MAFCO CONSOLIDATED GROUP INC (Form: 10-K, Received: 03/28/1997 00 00:0. .Page 72 of 116 MAFCO CONSOLIDATED GROUP INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands) YEAR ENDED DECEMBER 31. Income from continuing operations before income taxes Domestic Foreign (includes Puerto Rico) Provision (benefit) Current Federal State and local Foreign for income taxes: Deferred: Federal State and local Foreign 1996 1995 $320,035 28,385 $348,420 $13,437 19,357 $32,794 $ 41,215 9,995 2,712 53,922 50,699 (675) 878 $104,824 $ 2,827 1,442 1,941 6,210 2,794 108 591 $ 9,703 1994 $ 8,567 15,246 $23,813 $ 3,477 809 2,036 6,322 963 174 19 $ 7,478 The effective tax rate on consolidated income from continuing operations before income taxes vanes from the current statutory federal income tax rate as follows: 1996 Statutory rate Foreign income taxed at other than the statutory tax rate Non-deductible amortization Permanent benefit on sale of Flavors resulting from basis difference m goodwill State and local taxes, net Increase (Decrease) m valuation allowance Other, net 35.0% (1 0) 02 (11 9) 17 6.1 30 1% 1995 35 0% (8.5) 1.9 31 (1.8) (0.1) 29 6% 1994 35.0% (7.4) 2.7 30 (2.5) 0.6 31.4% http7/www edgarpro com/EFX dll/EDGARpro.dll?FetchFilingHTMLl7ID=969943&Ses . 10/19/2003