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SEC Filings

S-1/A
CHIPOTLE MEXICAN GRILL INC filed this Form S-1/A on 12/23/2005
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4.     Income Taxes (Continued)

        The following table shows the principal reasons for the difference between the effective tax rate and the United States federal statutory income tax rate:

 
  Years ended December 31
   
 
 
  Nine months ended
September 30, 2005

 
 
  2002
  2003
  2004
 
 
   
   
   
  (unaudited)

 
Statutory U.S. federal income tax rate   35.0 % 35.0 % 35.0 % 35.0 %
State income tax, net of related federal income tax benefit   4.8   4.7   4.8   4.8  
Meals and entertainment   (0.4 ) (1.3 ) 2.1   0.6  
Other   0.3   (0.3 ) 0.7   1.7  
Valuation allowance   (39.7 ) (38.1 ) (42.6 ) (89.9 )
   
 
 
 
 
Effective income tax rates   0.0 % 0.0 % 0.0 % (47.8 )%
   
 
 
 
 

F-14


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