Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016, and to CREC’s income before taxes for the years ended 2015 and 2014 as follows ($ in thousands):



	2016					2015					2014
	Amount			Rate		Amount			Rate		Amount			Rate
Federal income tax benefit (expense)	$	(1,159	)	(35	)%	$	778		35	%	$	(1,124	)	(35	)%
State income tax benefit (expense), net of federal income tax effect	(132		)	(4	)%	90			4	%	(125		)	(4	)%
Valuation allowance	1,282			39	%	(833		)	(37	)%	1,644			50	%
State deferred tax adjustment	9			—	%	(35		)	(2	)%	(375		)	(11	)%
Benefit applicable to income (loss) from continuing operations	$	—		—	%	$	—		—	%	$	20		—	%

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, 2016 and 2015 are as follows (in thousands):



	2016			2015
Income from unconsolidated joint ventures	$	(188	)	$	928
Federal and state tax carryforwards	514			680
Total deferred tax assets	326			1,608
Valuation allowance	(326		)	(1,608		)
Net deferred tax asset	$	—		$	—