Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Consolidated benefit (provision) for income taxes from operations

CREC merged into Cousins and Cousins formed CTRS. Amounts included in the following table for 2015 reflect the benefit (provision) of CTRS and the amounts for 2014 and 2013 reflect the benefit (provision) for CREC.



	2015		2014		2013
Current tax benefit:
Federal	$	—	$	—	$	—
State			20		23
	—		20		23
Deferred tax benefit:
Federal	—		—		—
State	—		—		—
	—		—		—
Benefit for income taxes from operations	$	—	$	20	$	23

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 differs from the amount computed by applying the statutory federal income tax rate to CTRS' income before taxes for the year ended December 31, 2015, and to CREC’s income before taxes for the years ended 2014 and 2013 as follows ($ in thousands):



	2015					2014					2013
	Amount			Rate		Amount			Rate		Amount			Rate
Federal income tax benefit (expense)	$	778		35	%	$	(1,124	)	(35	)%	$	(1,287	)	(35	)%
State income tax benefit (expense), net of federal income tax effect	90			4	%	(125		)	(4	)%	(147		)	(4	)%
Valuation allowance	(833		)	(37	)%	1,644			50	%	(361		)	(10	)%
State deferred tax adjustment	(35		)	(2	)%	(375		)	(11	)%	1,818			49	%
Benefit applicable to income (loss) from continuing operations	$	—		—	%	$	20		—	%	$	23		—	%

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 as of December 31, 2015 and 2014 are as follows (in thousands):



	2015			2014
Income from unconsolidated joint ventures	$	928		$	2,441
Federal and state tax carryforwards	680			—
Total deferred tax assets	1,608			2,441
Valuation allowance	(1,608		)	(2,441		)
Net deferred tax asset	$	—		$	—