Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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 as follows ($ in thousands):


	2021				2020				2019
	Amount		Rate		Amount		Rate		Amount		Rate
Federal income tax benefit (expenses)	$	346	21	%	$	125	21	%	$	(65)	(21)	%
State income tax benefit (expense), net of federal income tax effect	66		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)	$	—	—	%	$	—	—	%	$	—	—	%

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, 2021 and 2020 are as follows (in thousands):


	2021		2020
Income from unconsolidated joint ventures	$	27	$	32
Federal and state tax net operating loss carryforwards	1,163		696
Federal and state tax capital loss carryforwards	570		582
Other asset	—		104
Gross deferred tax asset	1,760		1,414


Valuation allowance	(1,760)		(1,414)
Net deferred tax asset after valuation allowance	$	—	$	—