Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)

 

 

  

Year Ended December 31,

 

 

  

2020

 

 

2019

 

 

2018

 

Current Provision:

  

 

 

 

 

 

 

 

 

 

 

 

Federal

  

$

1,309

  

 

$

1,225

  

 

$

1,835

 

State and local

  

 

1,856

  

 

 

2,378

  

 

 

3,053

  

Total Current Provision

  

 

3,165

  

 

 

3,603

  

 

 

4,888

  

Deferred Provision:

  

 

 

 

 

 

 

 

 

 

 

 

Federal

  

 

1,513

 

 

 

1,014

 

 

 

465

 

State and local

  

 

716

 

 

 

561

 

 

 

105

 

Total Deferred Provision

  

 

2,229

  

 

 

1,575

  

 

 

570

 

Total Provision for Income Taxes

  

$

5,394

  

 

$

5,178

  

 

$

5,458

  

Summary of Deferred Tax Assets and Liabilities

A summary of deferred tax assets and liabilities as follows:

 

 

  

As of December 31,

 

 

  

2020

 

 

2019

 

Deferred tax assets

  

 

 

 

 

 

 

 

Intangible assets

 

$

13,032

 

 

$

14,064

 

Deferred leases

 

 

809

 

 

 

1,206

 

Total deferred tax assets

  

$

13,841

  

 

$

15,270

  

Deferred tax liabilities

  

 

 

 

 

 

 

 

Intangible assets

  

$

201

  

 

$

245

  

Right of use assets

 

 

674

 

 

 

1,014

 

Investment on underlying SLP partnership

 

 

1,634

 

 

 

874

 

Other

 

 

27

 

 

 

34

 

Total deferred tax liabilities

  

$

2,536

  

 

$

2,167

  

Net deferred tax assets (liabilities)

  

$

11,305

 

 

$

13,103

 

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,

 

 

  

2020

 

 

2019

 

 

2018

 

Statutory U.S. federal income tax rate

  

 

21.00

%

 

 

21.00

 

 

21.00

Income passed through to Partners

  

 

(7.10

)%

 

 

(7.78

)% 

 

 

(8.29

)% 

State and local income taxes

  

 

9.32

%

 

 

12.01

 

 

11.73

Permanent items

 

 

(0.13

)%

 

 

(0.44

)%

 

 

(0.16

)%

Discrete expenses due to Corporate Tax Reform

 

 

%

 

 

%

 

 

(0.40

)%

Other

  

 

0.49

%

 

 

0.36

 

 

0.03

Effective income tax rate

  

 

23.58

%

 

 

25.15

 

 

23.91