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Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2018
Income Taxes  
Schedule of Effective Income Tax Rate Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30, 

 

September 30, 

 

    

2018

     

2017

 

2018

     

2017

Tax at the federal statutory rate

 

$

420

 

$

3,005

 

$

7,402

 

$

11,167

State income taxes (net of federal benefit)

 

 

88

 

 

301

 

 

1,532

 

 

1,117

2017 qualified timber gains at the federal statutory rate of 23.8% (1)

 

 

 —

 

 

 —

 

 

(524)

 

 

 —

Decrease in valuation allowance

 

 

(3,480)

 

 

(250)

 

 

(4,931)

 

 

(846)

Change in federal AMT credit carryforward (1)

 

 

(511)

 

 

 —

 

 

(511)

 

 

 —

Other

 

 

 —

 

 

(413)

 

 

(153)

 

 

(607)

Total income tax (benefit) expense

 

$

(3,483)

 

$

2,643

 

$

2,815

 

$

10,831

(1)

The Bipartisan Budget Act of 2018 was signed into law on February 9, 2018 (the “2018 Act”). The 2018 Act retroactively re-established the preferential 23.8% tax rate on C Corporation Qualified Timber Gains, extending its applicability from 2016 to include the 2017 tax year. The benefit of this retroactive tax rate reduction is being included in 2018 income from continuing operations.