Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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):


	2020				2019				2018
	Amount		Rate		Amount		Rate		Amount		Rate
Federal income tax benefit (expenses)	$	125	21	%	$	(65)	(21)	%	$	143	21	%
State income tax benefit (expense), net of federal income tax effect	24		4		(12)		(4)		27		4
Deferred tax adjustment	21		4		127		41		—		—
Excess tax benefits of capital losses	404		68		—		—		—		—
Valuation allowance	(586)		(98)		(45)		(15)		(174)		(26)
Increase in book revenue allowance	(89)		(15)		—		—		—		—
Other	101		16		(5)		(1)		4		1
Benefit applicable to net income (loss)	$	—	—	%	$	—	—	%	$	—	—	%

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, 2020 and 2019 are as follows (in thousands):


	2020		2019
Income from unconsolidated joint ventures	$	32	$	27
Federal and state tax net operating loss carryforwards	696		702
Federal and state tax capital loss carryforwards	582		118
Other asset	104		—
Gross deferred tax asset	1,414		847
Other liability	—		(19)
Net deferred tax asset	1,414		828
Valuation allowance	(1,414)		(828)
Net deferred tax asset after valuation allowance	$	—	$	—