XML 32 R18.htm IDEA: XBRL DOCUMENT

Income taxes	12 Months Ended
Oct. 31, 2020
Income Tax Disclosure [Abstract]
Income taxes	Note 9 - Income taxes: FREIT has elected to be treated as a REIT for federal income tax purposes and as such intends to distribute 100% of its ordinary taxable income to its shareholders as dividends for the fiscal year ending October 31, 2020. There is no ordinary taxable income for the fiscal year ending October 31, 2020 and no dividends have been made/declared for 90 Table of Contents Fiscal 2020. Accordingly, no provision for federal or state income taxes related to such ordinary taxable income was recorded in FREIT’s consolidated financial statements. FREIT distributed 100% of its ordinary taxable income and 100% of its capital gain from the sale of the Patchogue, New York property to its shareholders as dividends for the fiscal year ended October 31, 2019. FREIT distributed 100% of its ordinary taxable income to its shareholders as dividends for the fiscal year ended October 31, 2018. Accordingly, no provision for federal or state income taxes related to such ordinary taxable income and such gain was recorded in FREIT’s consolidated financial statements for the fiscal years ended October 31, 2019 and 2018. As of October 31, 2020, FREIT had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended October 31, 2018 remain open to examination by the major taxing jurisdictions.

Income taxes

12 Months Ended

Oct. 31, 2020

Note 9 - Income taxes:

FREIT has elected to be treated as a REIT for federal income tax purposes and as such intends to distribute 100% of its ordinary taxable income to its shareholders as dividends for the fiscal year ending October 31, 2020. There is no ordinary taxable income for the fiscal year ending October 31, 2020 and no dividends have been made/declared for

Table of Contents

Fiscal 2020. Accordingly, no provision for federal or state income taxes related to such ordinary taxable income was recorded in FREIT’s consolidated financial statements.

FREIT distributed 100% of its ordinary taxable income and 100% of its capital gain from the sale of the Patchogue, New York property to its shareholders as dividends for the fiscal year ended October 31, 2019. FREIT distributed 100% of its ordinary taxable income to its shareholders as dividends for the fiscal year ended October 31, 2018. Accordingly, no provision for federal or state income taxes related to such ordinary taxable income and such gain was recorded in FREIT’s consolidated financial statements for the fiscal years ended October 31, 2019 and 2018.

As of October 31, 2020, FREIT had no material uncertain income tax positions. The tax years subsequent to and including the fiscal year ended October 31, 2018 remain open to examination by the major taxing jurisdictions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details