Company: BPYPN
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001545772-25-000008
Chunk: 269

Company: Brookfield Property Partners L.P.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 19
Chunk 269
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 no deferred tax asset is recognized are as follows:

  (US$ Millions)                                                                                Dec. 31, 2024      Dec. 31, 2023           
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Unused tax losses - gross                                                                                                                
  Net operating losses (United States)                                                          $                  $                   24  
  Capital losses (foreign)                                                                      4                  25                      
  Net operating losses (foreign)                                                                355                548                     
  Other unrecognized tax attributes                                                             37                 37                      
  Unrecognized deductible temporary differences, unused tax losses, and unused tax credits      $                  $                  634  

The Holding Entities, their U. S. subsidiaries, and foreign subsidiaries have gross deductible temporary differences, unused tax losses, and unused tax credits which have not been recognized of $ 396 634 43

The aggregate amount of gross temporary differences associated with investments and interests in joint arrangements in subsidiaries for which deferred tax liabilities have not been recognized as of December 31, 2024 is approximately $ 346 599

- F-39 -

The major components of income tax expense include the following:

  (US$ Millions) Years ended Dec. 31,        2024               2023                    2022           
 ───────────────────────────────────────────────────────────────────────────────────────────────────────
  Current income tax expense                 $         193      $              135      $         163  
  Deferred income tax expense (benefit)      96                 ( 554)                  118            
  Income tax expense                         $         289      $           ( 419)      $         281  

The increase in income tax expense for the year ended December 31, 2024 compared to the prior year is primarily due to an increase in pre-tax income, restructuring of certain subsidiaries, and tax expense uncorrelated with accounting income. The partnership has applied the temporary mandatory relief from recognizing and disclosing information about deferred taxes related to the global minimum top-up tax. The global minimum top-up tax did not have a significant impact on the current tax expense of the partnership.

  Years ended Dec. 31,                                                                 2024       2023      2022  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Statutory income tax rate                                                              26         26        26  
  Increase (decrease) in rate resulting from: