Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.3.a.u2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)

 

 

  

Year Ended December 31,

 

 

  

2019

 

 

2018

 

 

2017

 

Current Provision:

  

 

 

 

 

 

 

 

 

 

 

 

Federal

  

$

1,225

  

 

$

1,835

  

 

$

2,492

 

State and local

  

 

2,378

  

 

 

3,053

  

 

 

2,596

  

Total Current Provision

  

 

3,603

  

 

 

4,888

  

 

 

5,088

  

Deferred Provision:

  

 

 

 

 

 

 

 

 

 

 

 

Federal

  

 

1,014

 

 

 

465

 

 

 

8,062

 

State and local

  

 

561

 

 

 

105

 

 

 

584

 

Total Deferred Provision

  

 

1,575

  

 

 

570

  

 

 

8,646

 

Total Provision for Income Taxes

  

$

5,178

  

 

$

5,458

  

 

$

13,734

  

Summary of Deferred Tax Assets and Liabilities

A summary of deferred tax assets and liabilities as follows:

 

 

  

As of December 31,

 

 

  

2019

 

 

2018

 

Deferred tax assets

  

 

 

 

 

 

 

 

Intangible assets

 

$

14,064

 

 

$

12,886

 

Deferred leases

 

 

1,206

 

 

 

 

Other

  

 

  

 

 

133

  

Total deferred tax assets

  

$

15,270

  

 

$

13,019

  

Deferred tax liabilities

  

 

 

 

 

 

 

 

Intangible assets

  

$

245

  

 

$

246

  

Right of use assets

 

 

1,014

 

 

 

 

Investment on underlying SLP partnership

 

 

874

 

 

 

680

 

Other

 

 

34

 

 

 

 

Total deferred tax liabilities

  

$

2,167

  

 

$

926

  

Net deferred tax assets (liabilities)

  

$

13,103

 

 

$

12,093

 

Summary of Reconciles Provision for Income Taxes

The following table reconciles the provision for income taxes to the U.S. Federal statutory tax rate:

 

 

  

Year Ended December 31,

 

 

  

2019

 

 

2018

 

 

2017

 

Statutory U.S. federal income tax rate

  

 

21.00

 

 

21.00

 

 

35.00

Income passed through to Partners

  

 

(7.78

)% 

 

 

(8.29

)% 

 

 

(11.38

)% 

State and local income taxes

  

 

12.01

 

 

11.73

 

 

8.14

Permanent items

 

 

(0.44

)%

 

 

(0.16

)%

 

 

(6.70

)% 

Discrete expenses due to Corporate Tax Reform

 

 

%

 

 

(0.40

)%

 

 

27.69

%

Other

  

 

0.36

 

 

0.03

 

 

(0.46

)% 

Effective income tax rate

  

 

25.15

 

 

23.91

 

 

52.29