GOLDMAN SACHS GROUP INC | 2013 | FY | 3


                         
    As of December  
in millions     2013       2012       2011  

Balance, beginning of year

    $2,237       $1,887       $2,081  
   

Increases based on tax positions
related to the current year

    144       190       171  
   

Increases based on tax positions
related to prior years

    149       336       278  
   

Decreases related to tax positions
of prior years

    (471     (109     (41
   

Decreases related to settlements

    (299     (35     (638
   

Acquisitions/(dispositions)

          (47     47  
   

Exchange rate fluctuations

    5       15       (11

 

Balance, end of year

    $1,765       $2,237       $1,887  

Related deferred income tax asset 1

    475       685       569  
   

Net unrecognized tax benefit  2

    $1,290       $1,552       $1,318  

 

1.

Included in “Other assets.” See Note 12.

 

2.

If recognized, the net tax benefit would reduce the firm’s effective income tax rate.


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