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Income Taxes	6 Months Ended
Jun. 30, 2020
Income Taxes
Income Taxes	12. INCOME TAXES: The Company has elected to be taxed as a REIT effective January 1, 2013, pursuant to the U.S. Internal Revenue Code of 1986, as amended. As a REIT, generally the Company will not be subject to federal corporate income taxes on ordinary taxable income and capital gains income from real estate investments that it distributes to its stockholders. The Company will continue to be required to pay federal and state corporate income taxes on earnings of its taxable REIT subsidiaries (“TRSs”). For the three months and six months ended June 30, 2020, the Company recorded an income tax provision of $0.2 million and $27.0 million, respectively. The income tax provision for the six months ended June 30, 2020 includes the recording of a valuation allowance of $26.7 million, as further described below. In each of the three months and six months ended June 30, 2020, the Company also recorded income tax expense of $0.2 million, inclusive of valuation allowance, related to the current period operations of the Company. Due to the financial statement impact of the COVID-19 pandemic, the Company reassessed the realizability of net deferred tax assets during 2020, and as a result, the Company recorded a full valuation allowance of $26.7 million in the six months ended June 30, 2020 on the net deferred tax assets of its TRSs. For the three months and six months ended June 30, 2019, the Company recorded an income tax provision of $8.2 million and $10.2 million, respectively, related to regular operations, which differs from the statutory rate primarily due to the REIT dividends paid deduction. At June 30, 2020 and December 31, 2019, the Company had no unrecognized tax benefits.

Income Taxes

6 Months Ended

Jun. 30, 2020

12. INCOME TAXES:

The Company has elected to be taxed as a REIT effective January 1, 2013, pursuant to the U.S. Internal Revenue Code of 1986, as amended. As a REIT, generally the Company will not be subject to federal corporate income taxes on ordinary taxable income and capital gains income from real estate investments that it distributes to its stockholders. The Company will continue to be required to pay federal and state corporate income taxes on earnings of its taxable REIT subsidiaries (“TRSs”).

For the three months and six months ended June 30, 2020, the Company recorded an income tax provision of $0.2 million and $27.0 million, respectively. The income tax provision for the six months ended June 30, 2020 includes the recording of a valuation allowance of $26.7 million, as further described below. In each of the three months and six months ended June 30, 2020, the Company also recorded income tax expense of $0.2 million, inclusive of valuation allowance, related to the current period operations of the Company.

Due to the financial statement impact of the COVID-19 pandemic, the Company reassessed the realizability of net deferred tax assets during 2020, and as a result, the Company recorded a full valuation allowance of $26.7 million in the six months ended June 30, 2020 on the net deferred tax assets of its TRSs.

For the three months and six months ended June 30, 2019, the Company recorded an income tax provision of $8.2 million and $10.2 million, respectively, related to regular operations, which differs from the statutory rate primarily due to the REIT dividends paid deduction.

At June 30, 2020 and December 31, 2019, the Company had no unrecognized tax benefits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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