Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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 follows ($ in thousands):



	2019					2018					2017
	Amount			Rate		Amount			Rate		Amount			Rate
Federal income tax benefit (expense)	$	(65	)	(21	)%	$	143		21	%	$	47		35	%
State income tax benefit (expense), net of federal income tax effect	(12		)	(4	)%	27			4	%	5			4	%
Deferred tax adjustment	127			41	%
Change in deferred tax assets as a result of change in tax law	—			—	%	—			—	%	(340		)	(254	)%
Valuation allowance	(45		)	(15	)%	(174		)	(26	)%	283			211	%
Other	(5		)	(1	)%	4			1	%	5			4	%
Benefit applicable to income (loss) from continuing operations	$	—		—	%	$	—		—	%	$	—		—	%

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, 2019 and 2018 are as follows (in thousands):



	2019			2018
Income from unconsolidated joint ventures	$	27		$	18
Federal and state tax carryforwards	702			763
Other	99			2
Total deferred tax assets	828			783
Valuation allowance	(828		)	(783		)
Net deferred tax asset	$	—		$	—