Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of 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):


	2022				2021				2020
	Amount		Rate		Amount		Rate		Amount		Rate
Federal income tax benefit (expenses)	$	85	21	%	$	346	21	%	$	125	21	%
State income tax benefit (expense), net of federal income tax effect	16		4		66		4		24		4
Deferred tax adjustment	—		—		—		—		21		4
Capital loss (gain)	(29)		—		(10)		—		404		68
Valuation allowance	(60)		(15)		(346)		(26)		(586)		(98)
Other	(12)		(10)		(56)		1		12		1
Benefit applicable to net income (loss)	$	—	—	%	$	—	—	%	$	—	—	%

Schedule of 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, 2022 and 2021 are as follows ($ in thousands):


	2022		2021
Income from unconsolidated joint ventures	$	5	$	27
Federal and state tax net operating loss carryforwards	1,636		1,163
Federal and state tax capital loss carryforwards	179		570

Gross deferred tax asset	1,820		1,760


Valuation allowance	(1,820)		(1,760)
Net deferred tax asset after valuation allowance	$	—	$	—