Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

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, 2013, 2012, and 2011 is as follows (in thousands):



	2013		2012			2011
Current tax benefit (provision):
Federal	$	—	$	—		$	—
State	23		(91		)	186
	23		(91		)	186
Deferred tax benefit (provision):
Federal	—		—			—
State	—		—			—
	—		—			—
Benefit (provision) for income taxes from operations	$	23	$	(91	)	$	186

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, 2013, 2012 and 2011 as follows ($ in thousands):



	2013					2012					2011
	Amount			Rate		Amount			Rate		Amount			Rate
Federal income tax benefit (expense)	$	(1,287	)	(35	)%	$	(4,368	)	(35	)%	$	35,112		35	%
State income tax benefit (expense), net of federal income tax effect	(147		)	(4	)%	(91		)	—	%	121			—	%
Valuation allowance	(361		)	(10	)%	7,055			57	%	(34,191		)	(34	)%
State deferred tax adjustment	1,818			49	%	(2,687		)	(22	)%	—			—
Other	—			—	%	—			—	%	(856		)	(1	)%
Benefit (provision) applicable to income (loss) from continuing operations	$	23		—	%	$	(91	)	—	%	$	186		—	%

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, 2013 and 2012 are as follows (in thousands):



	2013			2012
Income from unconsolidated joint ventures	$	7,361		$	7,846
Land	6,116			11,219
Long-term incentive equity awards	2,089			2,126
For-sale multi-family units basis differential	—			233
Interest carryforward	13,158			13,158
Federal and state tax carryforwards	50,253			44,075
Other	364			323
Total deferred tax assets	79,341			78,980
Valuation allowance	(79,341		)	(78,980		)
Net deferred tax asset	$	—		$	—