Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Current Provision:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

3,417

 

 

$

1,309

 

 

$

1,225

 

State and local

 

 

2,605

 

 

 

1,856

 

 

 

2,378

 

Total Current Provision

 

 

6,022

 

 

 

3,165

 

 

 

3,603

 

Deferred Provision:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

611

 

 

 

1,513

 

 

 

1,014

 

State and local

 

 

290

 

 

 

716

 

 

 

561

 

Total Deferred Provision

 

 

901

 

 

 

2,229

 

 

 

1,575

 

Total Provision for Income Taxes

 

$

6,923

 

 

$

5,394

 

 

$

5,178

 

Summary of Deferred Tax Assets and Liabilities

A summary of deferred tax assets and liabilities as follows:

 

 

 

As of December 31,

 

 

 

2021

 

 

2020

 

Deferred tax assets

 

 

 

 

 

 

 

 

Intangible assets

 

$

12,660

 

 

$

13,032

 

Deferred leases

 

 

443

 

 

 

809

 

Total deferred tax assets

 

$

13,103

 

 

$

13,841

 

Deferred tax liabilities

 

 

 

 

 

 

 

 

Intangible assets

 

$

142

 

 

$

201

 

Right of use assets

 

 

357

 

 

 

674

 

Investment on underlying SLP partnership

 

 

1,863

 

 

 

1,634

 

Other

 

 

39

 

 

 

27

 

Total deferred tax liabilities

 

$

2,401

 

 

$

2,536

 

Net deferred tax assets (liabilities)

 

$

10,702

 

 

$

11,305

 

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,

 

 

 

2021

 

 

2020

 

 

2019

 

Statutory U.S. federal income tax rate

 

 

21.00

 %

 

 

21.00

 %

 

 

21.00

 %

Income passed through to Partners

 

 

(7.05

)%

 

 

(7.10

)%

 

 

(7.78

)%

State and local income taxes

 

 

7.56

 %

 

 

9.32

 %

 

 

12.01

 %

Permanent items

 

 

(0.03

)%

 

 

(0.13

)%

 

 

(0.44

)%

Other

 

 

0.24

 %

 

 

0.49

 %

 

 

0.36

 %

Effective income tax rate

 

 

21.72

 %

 

 

23.58

 %

 

 

25.15

 %