Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)

 

 

  

Year Ended December 31,

 

 

  

2018

 

 

2017

 

 

2016

 

Current Provision:

  

 

 

 

 

 

 

 

 

 

 

 

Federal

  

$

1,835

  

 

$

2,492

  

 

$

1,180

 

State and local

  

 

3,053

  

 

 

2,596

  

 

 

1,919

  

Total Current Provision

  

 

4,888

  

 

 

5,088

  

 

 

3,099

  

Deferred Provision:

  

 

 

 

 

 

 

 

 

 

 

 

Federal

  

 

465

 

 

 

8,062

 

 

 

1,676

 

State and local

  

 

105

 

 

 

584

 

 

 

(89

)

Total Deferred Provision

  

 

570

  

 

 

8,646

  

 

 

1,587

 

Total Provision for Income Taxes

  

$

5,458

  

 

$

13,734

  

 

$

4,686

  

Summary of Deferred Tax Assets and Liabilities

A summary of deferred tax assets and liabilities as follows:

 

 

  

As of December 31,

 

 

  

2018

 

 

2017

 

Deferred tax assets

  

 

 

 

 

 

 

 

Intangible assets

 

$

12,886

 

 

$

12,817

 

Other

  

 

133

  

 

 

21

  

Total deferred tax assets

  

$

13,019

  

 

$

12,838

  

Deferred tax liabilities

  

 

 

 

 

 

 

 

Intangible assets

  

$

246

  

 

$

247

  

Investment on underlying SLP partnership

 

 

680

 

 

 

979

 

Other

 

 

 

 

 

 

Total deferred tax liabilities

  

$

926

  

 

$

1,226

  

Net deferred tax assets (liabilities)

  

$

12,093

 

 

$

11,612

 

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,

 

 

  

2018

 

 

2017

 

 

2016

 

Statutory U.S. federal income tax rate

  

 

21.00

 

 

35.00

 

 

35.00

Income passed through to Partners

  

 

(8.29

)% 

 

 

(11.38

)% 

 

 

(14.17

)% 

State and local income taxes

  

 

11.73

 

 

8.14

 

 

9.78

Permanent items

 

 

(0.16

)%

 

 

(6.70

)%

 

 

0.33

Discrete expenses due to Corporate Tax Reform

 

 

(0.40

)%

 

 

27.69

%

 

 

0.00

%

Other

  

 

0.03

 

 

(0.46

)% 

 

 

1.01

Effective income tax rate

  

 

23.91

 

 

52.29

 

 

31.95