INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of components of income tax expense and total provision (benefit) for TRS and Operating Partnership

The components of income tax expense (benefit) for the years ended December 31, 2017, 2016, and 2015 are as follows (in thousands):



	2017		2016			2015
Current:
Federal	$	10	$	37		$	81
State and local	777		904			408
Deferred:
Federal	232		(1,918		)	(159		)
State and local	49		(473		)	223
Effect of federal tax law change	606		—			—
Income tax expense (benefit)	$	1,674	$	(1,450	)	$	553

Schedule of reconciliation of federal statutory rate to effective income tax rate for TRS

Below is a reconciliation between the provision for income taxes and the amounts computed by applying the federal statutory income tax rate to the income or loss before taxes:



	2017			2016			2015
Statutory federal income tax provision	$	35,418		$	37,384		$	44,033
Nontaxable income of the REIT	(35,073		)	(38,575		)	(41,619		)
Impact of graduated corporate tax rates	(10		)	34			(69		)
State income taxes, net of federal tax benefit	716			548			817
Provision to return and deferred adjustment	—			(872		)	—
Effect of permanent differences and other	17			31			(161		)
Effect of federal tax law change	606			—			—
Decrease in valuation allowance	—			—			(2,448		)
Income tax provision (benefit)	$	1,674		$	(1,450	)	$	553

Schedule of significant components of deferred tax assets (liabilities)

liabilities are included within Other Assets in the accompanying Consolidated Balance Sheets.

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



	2017			2016
Tax carryforwards	$	449		$	767
Accrued expenses	1,144			1,744
Other	23			(8		)
Net deferred tax assets	$	1,616		$	2,503

Gross deferred tax assets	$	1,649		$	2,580
Gross deferred tax liabilities	(33		)	(77		)
Net deferred tax assets	$	1,616		$	2,503