Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)

 

Year Ended December 31,

 

 

2023

 

 

2022

 

 

2021

 

Current Provision:

 

 

 

 

 

 

 

 

 

Federal

 

$

823

 

 

$

1,997

 

 

$

3,417

 

State and local

 

 

1,301

 

 

 

1,642

 

 

 

2,605

 

Foreign

 

 

 

 

 

 

 

 

 

Total Current Provision

 

 

2,124

 

 

 

3,639

 

 

 

6,022

 

Deferred Provision:

 

 

 

 

 

 

 

 

 

Federal

 

 

1,671

 

 

 

2,653

 

 

 

611

 

State and local

 

 

515

 

 

 

1,314

 

 

 

290

 

Foreign

 

 

 

 

 

 

 

 

 

Total Deferred Provision

 

 

2,186

 

 

 

3,967

 

 

 

901

 

Total Provision for Income Taxes

 

$

4,310

 

 

$

7,606

 

 

$

6,923

 

 

Summary of Deferred Tax Assets and Liabilities

A summary of deferred tax assets and liabilities as follows:

 

 

As of December 31,

 

 

2023

 

 

2022

 

Deferred tax assets

 

 

 

 

 

 

Intangible assets

 

$

9,945

 

 

$

10,933

 

Deferred leases

 

 

331

 

 

 

440

 

Net operating losses, foreign subsidiary

 

 

141

 

 

 

68

 

Total deferred tax assets

 

$

10,417

 

 

$

11,441

 

Deferred tax liabilities

 

 

 

 

 

 

Intangible assets

 

$

289

 

 

$

317

 

Right of use assets

 

 

247

 

 

 

352

 

Investment on underlying SLP partnership

 

 

4,910

 

 

 

4,018

 

Other

 

 

53

 

 

 

52

 

Total deferred tax liabilities

 

 

5,499

 

 

 

4,739

 

Net deferred tax assets (liabilities)

 

 

4,918

 

 

 

6,702

 

Less: Valuation allowance

 

 

(141

)

 

 

(68

)

Net deferred tax assets (liabilities)

 

$

4,777

 

 

$

6,634

 

 

 

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,

 

 

2023

 

 

2022

 

 

2021

 

Statutory U.S. federal income tax rate

 

 

21.00

%

 

 

21.00

%

 

 

21.00

%

Income passed through to Partners

 

 

(7.07

)%

 

 

(6.84

)%

 

 

(7.05

)%

State and local income taxes

 

 

7.74

%

 

 

6.30

%

 

 

7.56

%

Permanent items

 

 

0.21

%

 

 

(0.77

)%

 

 

(0.03

)%

Foreign rate differential

 

 

0.09

%

 

 

(0.18

)%

 

 

 

Other

 

 

(0.22

)%

 

 

0.12

%

 

 

0.24

%

Change in valuation allowance

 

 

0.37

%

 

 

0.18

%

 

 

 

Effective income tax rate

 

 

22.12

%

 

 

19.81

%

 

 

21.72

%