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Income Taxes - (Tables)
12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Components of deferred tax liabilities and assets
Significant components of our deferred tax liabilities and assets are as follows (in thousands):
 
December 31,
 
2015
 
2014
Deferred tax liabilities:
 
 
 
Real estate and real estate partnership basis differences
$
31,726

 
$
38,231

 
 
 
 
Deferred tax assets:
 
 
 
Net operating, capital and other loss carryforwards
$
8,024

 
$
6,699

Accruals and expenses
4,917

 
5,430

Tax credit carryforwards
49,036

 
29,714

Management contracts and other
333

 
267

Total deferred tax assets
62,310

 
42,110

Valuation allowance
(4,467
)
 
(3,627
)
Net deferred income tax assets
$
26,117

 
$
252

Reconciliation of unrecognized tax benefits
A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below (in thousands):
 
2015
 
2014
 
2013
Balance at January 1
$
2,286

 
$
2,871

 
$
3,536

Reductions as a result of a lapse of the applicable statutes

 

 
(764
)
Additions (reductions) based on tax positions related to prior years and current year excess benefits related to stock-based compensation
611

 
(585
)
 
99

Balance at December 31
$
2,897

 
$
2,286

 
$
2,871

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, income from discontinued operations, net of tax, and gain on dispositions or real estate, net of tax, in our statements of operations for the years ended December 31, 2015, 2014 and 2013 (in thousands):
 
2015
 
2014
 
2013
Current:
 
 
 
 
 
Federal
$
1,310

 
$

 
$

State
1,357

 
970

 
63

Total current
2,667

 
970

 
63

 
 
 
 
 
 
Deferred:
 
 
 
 
 
Federal
(27,382
)
 
11,556

 
7,621

State
(1,052
)
 
3,485

 
1,685

Total deferred
(28,434
)
 
15,041

 
9,306

Total (benefit) expense
$
(25,767
)
 
$
16,011

 
$
9,369

Classification:
 
 
 
 
 
Continuing operations
$
(27,524
)
 
$
(20,047
)
 
$
(1,959
)
Discontinued operations
$

 
$

 
$
11,328

Gain on dispositions of real estate
$
1,757

 
$
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 (benefit) expense is shown below (dollars in thousands):
 
2015
 
2014
 
2013
 
Amount
 
Percent
 
Amount
 
Percent
 
Amount
 
Percent
Tax at United States statutory rates on consolidated income or loss subject to tax
$
(10,947
)
 
35.0
 %
 
$
47,950

 
35.0
 %
 
$
16,326

 
35.0
 %
State income tax expense, net of Federal tax (benefit) expense
(361
)
 
1.2
 %
 
4,364

 
3.2
 %
 
1,748

 
3.7
 %
Effect of permanent differences
(27
)
 
0.1
 %
 
(154
)
 
(0.1
)%
 
(296
)
 
(0.6
)%
Tax effect of intercompany transfers of assets between the REIT and TRS entities (1)
(1,515
)
 
4.8
 %
 
(23,969
)
 
(17.5
)%
 
(4,272
)
 
(9.2
)%
Tax credits
(13,583
)
 
43.4
 %
 
(12,271
)
 
(9.0
)%
 
(4,137
)
 
(8.9
)%
Increase in valuation allowance
666

 
(2.1
)%
 
91

 
0.1
 %
 

 
 %
Total income tax (benefit) expense
$
(25,767
)
 
82.4
 %
 
$
16,011

 
11.7
 %
 
$
9,369

 
20.0
 %
(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, 2015, 2014 and 2013, dividends per share held for the entire year were estimated to be taxable as follows:
 
2015
 
2014
 
2013
 
Amount
 
Percentage
 
Amount
 
Percentage
 
Amount
 
Percentage
Ordinary income
$
0.36

 
30.2
%
 
$
0.01

 
0.6
%
 
$
0.17

 
17.9
%
Capital gains
0.37

 
31.3
%
 
0.53

 
51.6
%
 
0.13

 
13.9
%
Qualified dividends
0.17

 
14.5
%
 

 
%
 

 
%
Unrecaptured Section 1250 gain
0.28

 
24.0
%
 
0.50

 
47.8
%
 
0.66

 
68.2
%
 
$
1.18

 
100.0
%
 
$
1.04

 
100.0
%
 
$
0.96

 
100.0
%