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Subsequent Events
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Jun. 30, 2012
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| Subsequent Events [Text Block] |
U.K. Corporate Income Tax Rate Change
On July 17, 2012, the U.K. 2012 Finance Bill was enacted, which reduced the U.K. corporate income tax rate by 2 percent to 23%. This reduction favorably affects income tax expense on future U.K. earnings, but will also require Merrill Lynch to remeasure its U.K. net deferred tax assets using the lower tax rates. In the third quarter of 2012, Merrill Lynch will record a charge to income tax expense of approximately $800 million for the remeasurement.
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- Details
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- Definition
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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