INCOME TAXES (Tables)

The components of income tax expense (benefit) for the years ended December 31, 2016, 2015, and 2014 are as follows (in thousands):



	2016			2015			2014
Current:
Federal	$	37		$	81		$	133
State and local	904			408			712
Deferred
Federal	(1,918		)	(159		)	—
State and local	(473		)	223			(127		)
Income tax expense (benefit)	$	(1,450	)	$	553		$	718

Income tax expense (benefit)
From continuing operations	$	(1,450	)	$	553		$	744
From discontinued operations	—			—			(26		)
Income tax expense (benefit)	$	(1,450	)	$	553		$	718

Significant components of deferred tax assets (liabilities) are as follows (in thousands):



	2016			2015
Tax carryforwards	$	767		$	1,481
Investments	—			(1,349		)
Accrued expenses	1,744			—
Other	(8		)	(20		)
Net deferred tax assets	$	2,503		$	112

Gross deferred tax assets	$	2,580		$	1,515
Gross deferred tax liabilities	(77		)	(1,403		)
Net deferred tax assets	$	2,503		$	112

A reconciliation of the federal statutory rate to the effective income tax rate for the TRS is as follows (in thousands):



	2016			2015			2014
Tax provision (benefit) at U.S. statutory rates on TRS income (loss) subject to tax	$	(1,157	)	$	2,345		$	2,024
State income tax, net of federal income tax benefit	65			486			77
Provision to return and deferred adjustment	(872		)	—			—
Effect of permanent differences and other	31			(161		)	727
Decrease in valuation allowance	—			(2,448		)	(2,580		)
TRS income tax expense (benefit)	$	(1,933	)	$	222		$	248



	2016			2015		2014
Total provision (benefit) for TRS and Operating Partnership:
TRS income tax expense (benefit)	$	(1,933	)	$	222	$	248
Operating Partnership state and local income tax expense	483			331		470
Income tax expense (benefit)	$	(1,450	)	$	553	$	718