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Income Taxes
 12 Months Ended
Dec. 31, 2023
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):
202320222021
AmountRateAmountRateAmountRate
Federal income tax benefit (expense)$(149)21 %$85 21 %$346 21 %
State income tax benefit (expense)(28)4 %16 4 %66 4 %
Tax impact of capital loss carryforward(28)— %(29)— %(10)— %
Valuation allowance1 — %(60)(15)%(346)(26)%
Other30 — %(12)(10)%(56)1 %
Tax expense before utilization of net operating loss carryforward$(174)25 %$— — %$— — %
Utilization of net operating loss carryforward174 (25)%— — %— — %
Benefit applicable to income (loss) from continuing operations$— — %$— — %$— — %
The tax effect of significant temporary differences representing deferred tax assets and liabilities of CTRS as of December 31, 2023 and 2022 are as follows ($ in thousands):
20232022
Income from unconsolidated joint ventures$31 $5 
Federal and state tax net operating loss carryforwards1,462 1,636 
Federal and state tax capital loss carryforwards152 179 
Gross deferred tax asset1,645 1,820 
Valuation allowance(1,645)(1,820)
Net deferred tax asset after valuation allowance$— $— 

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, 2023 and 2022, the net deferred tax asset of CTRS equaled $1.6 million and $1.8 million, respectively, with a valuation allowance placed against the full amount. The conclusion that a valuation allowance should be recorded as of December 31, 2023 and 2022 was based on the lack of evidence that CTRS could generate future taxable income to realize the benefit of the deferred tax assets.