Income Taxes - (Tables)

12 Months Ended

Dec. 31, 2014

Components of deferred tax liabilities and assets

Significant components of our deferred tax liabilities and assets are as follows (in thousands):



	December 31,
	2014			2013
Deferred tax liabilities:
Real estate and real estate partnership basis differences	$	38,231		$	26,110
Deferred revenue	—			25,596
Total deferred tax liabilities	$	38,231		$	51,706

Deferred tax assets:
Net operating, capital and other loss carryforwards	$	6,699		$	62,651
Receivables	45			440
Accruals and expenses	5,430			9,272
Tax credit carryforwards	29,714			12,905
Management contracts and other	222			344
Total deferred tax assets	42,110			85,612
Valuation allowance	(3,627		)	(3,553		)
Net deferred income tax assets	$	252		$	30,353

Reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below (in thousands):



	2014			2013			2012
Balance at January 1	$	2,871		$	3,536		$	3,917
Reductions as a result of a lapse of the applicable statutes	—			(764		)	(684		)
(Reductions) additions based on tax positions related to prior years and current year excess benefits related to stock-based compensation	(585		)	99			303
Balance at December 31	$	2,286		$	2,871		$	3,536

Components of the provision (benefit) for income taxes

Significant components of the income tax benefit or expense are as follows and are classified within income tax benefit in continuing operations and income from discontinued operations, net in our statements of operations for the years ended December 31, 2014, 2013 and 2012 (in thousands):



	2014			2013			2012
Current:
Federal	$	—		$	—		$	—
State	970			63			1,047
Total current	970			63			1,047

Deferred:
Federal	11,556			7,621			7,116
State	3,485			1,685			812
Total deferred	15,041			9,306			7,928
Total expense (benefit)	$	16,011		$	9,369		$	8,975
Classification:
Continuing operations	$	(20,047	)	$	(1,959	)	$	(858	)
Discontinued operations	$	—		$	11,328		$	9,833
Gain on dispositions of real estate	$	36,058		$	—		$	—

Reconciliation of income tax attributable to continuing and discontinued operations

The reconciliation of income tax attributable to continuing and discontinued operations computed at the United States statutory rate to income tax expense (benefit) is shown below (dollars in thousands):



	2014					2013					2012
	Amount			Percent		Amount			Percent		Amount			Percent
Tax at United States statutory rates on consolidated income or loss subject to tax	$	47,950		35.0	%	$	16,326		35.0	%	$	6,642		35.0	%
State income tax expense (benefit), net of Federal tax (benefit) expense	4,364			3.2	%	1,748			3.7	%	1,859			9.8	%
Effect of permanent differences	(154		)	(0.1	)%	(296		)	(0.6	)%	(256		)	(1.3	)%
Tax effect of intercompany transfers of assets between the REIT and taxable REIT subsidiaries (1)	(23,969		)	(17.5	)%	(4,272		)	(9.2	)%	730			3.8	%
Tax credits	(12,271		)	(9.0	)%	(4,137		)	(8.9	)%	—			—	%
Increase in valuation allowance	91			0.1	%	—			—	%	—			—	%
	$	16,011		11.7	%	$	9,369		20.0	%	$	8,975		47.3	%


(1)	Includes the effect of intercompany asset transfers between the Aimco Operating Partnership and TRS entities, for which tax is deferred and recognized as the assets affect GAAP income or loss, for example, through depreciation, impairment, or upon the sale of the asset to a third party.

Dividends paid to holders of Common Stock

For the years ended December 31, 2014, 2013 and 2012, dividends per share held for the entire year were estimated to be taxable as follows:



	2014				2013				2012
	Amount		Percentage		Amount		Percentage		Amount		Percentage
Ordinary income	$	0.01	0.6	%	$	0.17	17.9	%	$	—	—	%
Capital gains	0.53		51.6	%	0.13		13.9	%	0.35		46.6	%
Unrecaptured Section 1250 gain	0.50		47.8	%	0.66		68.2	%	0.41		53.4	%
	$	1.04	100.0	%	$	0.96	100.0	%	$	0.76	100.0	%