January 5, 2018 / 12:11 PM / in 11 days

Morgan Stanley to take $1.25 bln hit in Q4 from tax bill

Jan 5 (Reuters) - Morgan Stanley said on Friday it would take a $1.25 billion hit in its fourth-quarter earnings due to a cut in corporate tax rate as part of the U.S. tax code overhaul. The net blow of the bill to the bank will include about a $1.4 billion net discrete tax provision, mainly due to the remeasurement of certain net deferred tax assets using the lowered corporate tax rate, the company said in a filing.

It would be offset by $160 million in other positive effects, Morgan Stanley added.(bit.ly/2m0QVsB)

Reporting by Diptendu Lahiri in Bengaluru; Editing by Arun Koyyur

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