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A comment on Alphabet Announces Fourth Quarter and Fiscal Year 2016 Results. Parent comment

Re:Alphabet Announces Fourth Quarter and Fiscal Year 2016 Re... by JumpCrisscross on Thursday January 26, 2017 @09:39PM (#13497290)
For FYE 2012 through the end of 2015 Alphabet's Income After Tax has been, on average, 81% of its Income Before Tax. That implies a 19% average tax rate. Excluding Q4 2015, the same ratio for Q3 2015 through the end of Q3 2016 was 82%. That implies an 18% average tax rate.

The anomaly was Q4 2015, not this most-recent quarter.

Source: Google Finance

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Re:Alphabet Announces Fourth Quarter and Fiscal Year 2016 Re... by grn on Friday January 27, 2017 @03:47AM (#13498524)
I was puzzled by the difference in ETR in Q42015 and Q42016 (5% vs 22%). What happened in Q42015 that made the ETR so low?
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