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Goldman Sachs expects $5B hit in Q4 earnings due to US tax law

Goldman Sachs Group Inc. expects the new U.S. Tax Cuts and Jobs Act, enacted Dec. 22, will reduce fourth-quarter earnings by approximately $5 billion, approximately two-thirds of which is due to the repatriation tax.

The remainder includes the effects of the implementation of the territorial tax system and the re-measurement of U.S. deferred tax assets at lower enacted corporate tax rates. However, the impact of the law may differ from this estimate due to changes in interpretations and assumptions the company has made and actions it may take, Goldman said in a Form-8K filing.

The company is scheduled to announce its results for the fourth quarter and year ended Dec. 31 on Jan. 17, 2018.