FORM 20-F/A Brookfield Property Partners L.P. - Brookfield Asset ...

The key valuation metrics of these properties are presented in the following table. The valuations aremost sensitive to changes in the discount rate and timing or variability of cash flows.United States(US$ Millions) Dec. 31, 2011 Dec. 31, 2010 Dec. 31, 2009Discount rate 8.2% 8.7% 8.6%Terminal cap rate 8.1% 8.1% 7.7%Investment horizon (years) 10 10 10Income TaxesThe major components of income tax (expense) benefit include the following:(US$ Millions) Three months ended Mar. 31, 2012 2011Current income tax $ (56) $ (26)Deferred income tax (183) (45)Income tax expense $ (239) $ (71)(US$ Millions) Year ended Dec. 31, 2011 2010 2009Current income tax $ (164) $ (117) $ (60)Deferred income tax (275) 39 195Income tax (expense) benefit $ (439) $ (78) $ 135Our effective tax rate is different from Brookfield’s domestic statutory income tax rate due to thedifferences set out below:(US$ Millions) Three months ended Mar. 31, 2012 2011Statutory income tax rate 26% 28%Increase (reduction) in rate resulting from:Portion of income not subject to tax (14) (2)International operations subject to different tax rates 13 (13)Other - (1)Effective income tax rate 25% 12%(US$ Millions) Year ended Dec. 31, 2011 2010 2009Statutory income tax rate 28% 31% 33%Increase (reduction) in rate resulting from:Portion of income not subject to tax (12) (3) -International operations subject to different tax rates (4) (12) (20)Change in tax rates on temporary differences - - 3Increase in tax basis within flow through joint venture - (7) -Foreign exchange gains and losses - - 1Tax asset previously not recognized - (3) -Other (2) (2) (2)Effective income tax rate 10% 4% 15%97