Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Consolidated benefit (provision) for income taxes from operations

CREC is a taxable entity and its consolidated benefit (provision) for income taxes from operations for the years ended December 31, 2012, 2011 and 2010 is as follows (in thousands):



	2012			2011		2010
Current tax benefit (provision):
Federal	$	—		$	—	$	720
State	(91		)	186		359
	(91		)	186		1,079
Deferred tax benefit (provision):
Federal	—			—		—
State	—			—		—
	—			—		—
Benefit (provision) for income taxes from operations	$	(91	)	$	186	$	1,079

Difference between income tax benefit (provision) and the amount computed by applying the statutory federal income tax rate to income before taxes

The net income tax benefit (provision) differs from the amount computed by applying the statutory federal income tax rate to CREC’s income before taxes for the years ended December 31, 2012, 2011 and 2010 as follows ($ in thousands):



	2012					2011					2010
	Amount			Rate		Amount			Rate		Amount			Rate
Federal income tax benefit (expense)	$	(4,368	)	(35	)%	$	35,112		35	%	$	1,832		35	%
State income tax benefit (expense), net of federal income tax effect	(91		)	—	%	121			—	%	141			3	%
Valuation allowance	7,055			57	%	(34,191		)	(34	)%	(894		)	(17	)%
State deferred tax adjustment	(2,687		)	(22	)%	—			—		—			—
Other	—			—	%	(856		)	(1	)%	—			—
Benefit (provision) applicable to income (loss) from continuing operations	$	(91	)	—	%	$	186		—	%	$	1,079		21	%

Tax effect of significant temporary differences representing deferred tax assets and liabilities

The tax effect of significant temporary differences representing CREC’s deferred tax assets and liabilities as of December 31, 2012 and 2011 are as follows (in thousands):



	2012			2011
Income from unconsolidated joint ventures	$	7,846		$	26,009
Land	11,219			20,248
Long-term incentive equity awards	2,126			1,608
For-sale multi-family units basis differential	233			269
Interest carryforward	13,158			13,158
Federal and state tax carryforwards	44,075			23,883
Other	323			860
Total deferred tax assets	78,980			86,035
Valuation allowance	(78,980		)	(86,035		)
Net deferred tax asset	$	—		$	—