Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

TRS Holdings and Observatory TRS are taxable entities and their consolidated provision for income taxes consisted of the following for the years ended December 31, 2020, 2019 and 2018 (amounts in thousands):

	For the Year Ended December 31,
	2020		2019		2018
Current:
Federal	$	4,932	$	(1,077)	$	(2,389)
State and local	2,699		(872)		(2,253)
Total current	7,631		(1,949)		(4,642)
Deferred:
Federal	(340)		(248)		—
State and local	(320)		(232)		—
Total deferred	(660)		(480)		—
Income tax benefit (expense)	$	6,971	$	(2,429)	$	(4,642)

Schedule of Actual Tax Provision Differed From Federal Statutory Corporate Rate

The actual tax provision differed from that computed at the federal statutory corporate rate as follows (amounts in thousands):

	For the Year Ended December 31,
	2020		2019		2018
Federal tax benefit (expense) at statutory rate	$	2,544	$	(1,575)	$	(2,844)
State income tax benefit (expense), net of federal benefit	2,379		(854)		(1,798)
Corporate income tax rate adjustment	2,048		—		—
Income tax benefit (expense)	$	6,971	$	(2,429)	$	(4,642)

Schedule of Deferred Tax Assets

The income tax effects of temporary differences that give rise to deferred tax assets are presented below as of December 31, 2020, 2019 and 2018 (amounts in thousands):

	2020		2019		2018
Deferred tax assets:
Deferred revenue on unredeemed observatory admission ticket sales	$	256	$	916	$	1,396
New York City net operating loss carryforward credit	334		—		—
Deferred tax assets	$	590	$	916	$	1,396