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10-K
AGNC INVESTMENT CORP. filed this Form 10-K on 02/23/2016
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There is no incentive compensation payable to our Manager pursuant to the management agreement. For fiscal years 2015, 2014 and 2013, we recorded an expense for management fees of $116 million, $119 million and $136 million, respectively.  
We are obligated to reimburse our Manager for its expenses incurred directly related to our operations, excluding employment-related expenses of our Manager's officers and employees and any American Capital employees who provide services to us pursuant to the management agreement. Our Manager has entered into an administrative services agreement with American Capital, pursuant to which American Capital will provide personnel, services and resources necessary for our Manager to perform its obligations under the management agreement. For fiscal years 2015, 2014 and 2013, we recorded expense reimbursements to our Manager of $8 million, $8 million and $10 million, respectively, primarily consisting of costs related to information technology systems. As of December 31, 2015 and 2014, $9 million and $10 million was payable to our Manager, respectively.

Note 9. Income Taxes  
The following table summarizes dividends for federal income tax purposes declared for fiscal tax years 2015, 2014 and 2013 and their related tax characterization (in millions, except per share amounts):
 
 
 
 
 
 
Tax Characterization
Fiscal Tax Year
 
Dividends Declared Per Share
 
Dividends Declared
 
Ordinary Income Per Share
 
Qualified Dividends
 
Long-Term Capital Gains Per Share
8.000 % Series A Cumulative Redeemable Preferred Stock
 
 
 
 
 
 
 
 
 
 
Fiscal year 2015
 
$
2.000000

 
$
14

 
$
2.000000

 
$

 
$

Fiscal year 2014
 
$
2.000000

 
$
14

 
$
2.000000

 
$

 
$

Fiscal year 2013
 
$
2.000000

 
$
14

 
$
2.000000

 
$
0.015980

 
$

7.750% Series B Cumulative Redeemable Preferred Stock (Per Depositary Share)
 
 
 
 
 
 
 
 
 
 
Fiscal year 2015
 
$
1.937500

 
$
14

 
$
1.937500

 
$

 
$

Fiscal year 2014
 
$
0.844965

 
$
6

 
$
0.844965

 
$

 
$

Common Stock
 
 
 
 
 
 
 
 
 
 
Fiscal year 2015
 
$
2.480000

 
$
863

 
$
2.480000

 
$

 
$

Fiscal year 2014
 
$
2.610000

 
$
921

 
$
2.610000

 
$

 
$

Fiscal year 2013
 
$
3.750000

 
$
1,453

 
$
3.750000

 
$
0.029963

 
$


As of December 31, 2015, we had distributed all of our estimated taxable income for fiscal year 2015. Accordingly, we do not expect to incur an income tax liability on our 2015 taxable income. For fiscal years 2014 and 2013, we distributed all of our taxable income within the limits prescribed by the Internal Revenue Code. Accordingly, we did not incur an income tax liability on our taxable income for such periods.
For fiscal year 2013, we did not distribute the required minimum amount of taxable income pursuant to federal excise tax requirements, as described in Note 2, and consequently we accrued an excise tax of $3 million, which is included in our net income tax provision on our accompanying consolidated statements of operations and comprehensive income. Additionally, for fiscal year 2013, we recorded an income tax provision of $10 million, attributable to our TRS, which is included in our net income tax provision on our accompanying consolidated statements of comprehensive income. The statutory combined federal and state corporate tax rate for our TRS was 39.5% for fiscal year 2013. For fiscal years 2015 and 2014, we did not record an income tax provision attributable to our TRS.
Based on our analysis of any potential uncertain income tax positions, we concluded that we do not have any uncertain tax positions that meet the recognition or measurement criteria of ASC 740 as of December 31, 2015, 2014 and 2013. Our tax returns for tax years 2012 and forward are open to examination by the IRS. In the event that we incur income tax related interest and penalties, our policy is to classify them as a component of provision for income taxes.


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