Company: SBAC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001034054-25-000002
Chunk: 67

Company: SBA COMMUNICATIONS CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 9B
Chunk 67
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. Most states where the Company operates conform to the federal rules recognizing REITs. Certain subsidiaries have made an election with the Company to be treated as TRSs in conjunction with the Company's REIT election; the TRS elections permit the Company to engage in certain business activities in which the REIT may not engage directly. A TRS is subject to federal and state income taxes on the income from these activities. A provision for taxes of the TRSs and of foreign branches of the REIT is included in its consolidated financial statements.Income (loss) before provision for income taxes by geographic area is as follows:                        For the year ended December 31,   2024 2023 2022            (in thousands)Domestic $ 797,774 $ 377,150 $ 438,116Foreign   (25,108)   171,353   87,727Total $ 772,666 $ 548,503 $ 525,843 The provision for income taxes consists of the following components:                        For the year ended December 31,   2024 2023 2022            (in thousands)Current provision:         State $ 2,758 $ 8,099 $ 6,115Foreign   34,318   38,360   27,028Total current   37,076   46,459   33,143          Deferred (benefit) provision for taxes:         Federal   8,021   8,280   (6,856)State   1,458   1,431   (956)Foreign   (26,540)   52,003   32,780Change in valuation allowance   3,974   (57,085)   7,933Total deferred   (13,087)   4,629   32,901Total provision for income taxes $ 23,989 $ 51,088 $ 66,044 A reconciliation of the provision for income taxes at the statutory U.S. Federal tax rate (21%) and the effective income tax rate is as follows:                       For the year ended December 31,  2024 2023 2022            (in thousands)Statutory federal expense $ 162,260 $ 115,186 $ 110,427Rate and permanent differences on non-U.S. earnings (1)   (1,842)   31,722   20,996State and local tax