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Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The net income tax benefit differs from the amount computed by applying the statutory federal income tax rate to CTRS' income before taxes as follows ($ in thousands):
202120202019
AmountRateAmountRateAmountRate
Federal income tax benefit (expenses)$346 21 %$125 21 %$(65)(21)%
State income tax benefit (expense), net of federal income tax effect66 4 24 4 (12)(4)
Deferred tax adjustment— — 21 4 127 41 
Capital loss (gain)(10)— 404 68 — — 
Valuation allowance(346)(26)(586)(98)(45)(15)
Other(56)1 12 1 (5)(1)
Benefit applicable to net income (loss)$— — %$— — %$— — %
The tax effect of significant temporary differences representing deferred tax assets and liabilities of CTRS as of December 31, 2021 and 2020 are as follows (in thousands):
20212020
Income from unconsolidated joint ventures$27 $32 
Federal and state tax net operating loss carryforwards1,163 696 
Federal and state tax capital loss carryforwards570 582 
Other asset— 104 
Gross deferred tax asset1,760 1,414 
Valuation allowance(1,760)(1,414)
Net deferred tax asset after valuation allowance$— $— 

A valuation allowance is required to be recorded against deferred tax assets if, based on the available evidence, it is more likely than not that such assets will not be realized. When assessing the need for a valuation allowance, appropriate consideration should be given to all positive and negative evidence related to this realization. This evidence includes, among other things, the existence of current and recent cumulative losses, forecasts of future profitability, the length of statutory carryforward periods, the Company’s history with loss carryforwards, and available tax planning strategies.
As of December 31, 2021 and 2020, the net deferred tax asset of CTRS equaled $1.8 million and $1.4 million, respectively, with a valuation allowance placed against the full amount of each. The conclusion that a valuation allowance should be recorded as of December 31, 2021 and 2020 was based on the lack of evidence that CTRS could generate future taxable income to realize the benefit of the deferred tax assets.