Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Consolidated benefit (provision) for income taxes from operations

CREC was a taxable entity and its consolidated benefit (provision) for income taxes from operations for the years ended December 31, 2014, 2013, and 2012 was as follows (in thousands):



	2014		2013		2012
Current tax benefit (provision):
Federal	$	—	$	—	$	—
State	20		23		(91		)
	20		23		(91		)
Deferred tax benefit (provision):
Federal	—		—		—
State	—		—		—
	—		—		—
Benefit (provision) for income taxes from operations	$	20	$	23	$	(91	)

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, 2014, 2013 and 2012 as follows ($ in thousands):



	2014					2013					2012
	Amount			Rate		Amount			Rate		Amount			Rate
Federal income tax benefit (expense)	$	(1,124	)	(35	)%	$	(1,287	)	(35	)%	$	(4,368	)	(35	)%
State income tax benefit (expense), net of federal income tax effect	(125		)	(4	)%	(147		)	(4	)%	(91		)	—	%
Valuation allowance	1,644			50	%	(361		)	(10	)%	7,055			57	%
State deferred tax adjustment	(375		)	(11	)%	1,818			49	%	(2,687		)	(22	)%
Other	—			—	%	—			—	%	—			—	%
Benefit (provision) applicable to income (loss) from continuing operations	$	20		—	%	$	23		—	%	$	(91	)	—	%

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

The tax effect of significant temporary differences representing deferred tax assets and liabilities of CTRS and CREC, as applicable, as of December 31, 2014 and 2013 are as follows (in thousands):



	2014			2013
Income from unconsolidated joint ventures	$	2,441		$	7,361
Land	—			6,116
Long-term incentive equity awards	—			2,089
Interest carryforward	—			13,158
Federal and state tax carryforwards	—			50,253
Other	—			364
Total deferred tax assets	2,441			79,341
Valuation allowance	(2,441		)	(79,341		)
Net deferred tax asset	$	—		$	—