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

The major components of income tax (expense) benefit include the following:(US$ Millions) 2011 2010 2009Total current income tax $ (164) $ (117) $ (60)Total deferred income tax (275) 39 195Total income tax (expense) benefit $ (439) $ (78) $ 135The company’s effective tax rate is different from the company’s domestic statutory income tax rate due to thedifferences set out below:(US$ Millions) 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%The aggregate amount of temporary differences associated with investments in subsidiaries for which deferredtax liabilities have not been recognized as at December 31, 2011 is $3.5 billion (2010 – $2.2 billion).NOTE 16: ACCOUNTS PAYABLE AND OTHER LIABILITIESThe components of the company’s accounts payable and other liabilities are as follows:(US$ Millions) Dec. 31, 2011 Dec. 31, 2010Accounts payable and accrued liabilities $ 1,094 $ 700Other secured debt 61 -Other liabilities 66 59$ 1,221 $ 759NOTE 17: EQUITY IN NET ASSETSEquity in net assets consists of the following:(US$ Millions) Note Dec. 31, 2011 Dec. 31, 2010Equity in net assets attributable to parent company (a) $ 11,881 $ 7,464Non-controlling interests (b) 9,613 7,680$ 21,494 $ 15,144(a) Equity in net assets attributable to parent companyEquity in net assets attributable to parent company consists of the following:(US$ Millions) Dec. 31, 2011 Dec. 31, 2010Equity in net assets $ 11,375 $ 6,593Accumulated other comprehensive income 506 871$ 11,881 $ 7,464F-28