Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Components of Income Tax Expense

TRS Holdings and Observatory TRS are taxable entities and their consolidated provision for income taxes consisted of the following for the years ended December 31, 2017, 2016 and 2015 (amounts in thousands):



	For the Year Ended December 31,
	2017			2016			2015
Current:
Federal	$	(3,923	)	$	(3,632	)	$	(2,714	)
State and local	(2,304		)	(2,055		)	(1,502		)
Total current	(6,227		)	(5,687		)	(4,216		)
Deferred:
Federal	(446		)	(291		)	169
State and local	—			(168		)	98
Total deferred	(446		)	(459		)	267
Income tax expense	$	(6,673	)	$	(6,146	)	$	(3,949	)

Schedule of Actual Tax Provision Differed From Federal Statutory Corporate Rate

The actual tax provision differed from that computed at the federal statutory corporate rate as follows (amounts in thousands):



	For the Year Ended December 31,
	2017			2016			2015
Federal tax expense at 34% statutory rate	$	(4,684	)	$	(4,629	)	$	(3,003	)
State income taxes, net of federal benefit	(1,543		)	(1,517		)	(946		)
Corporate income tax rate adjustment	(446		)	—			—
Income tax expense	$	(6,673	)	$	(6,146	)	$	(3,949	)

Schedule of Deferred Tax Assets

The income tax effects of temporary differences that give rise to deferred tax assets are presented below as of December 31, 2017, 2016 and 2015 (amounts in thousands):



	2017		2016		2015
Deferred tax assets:
Deferred revenue on unredeemed observatory admission ticket sales	$	1,395	$	198	$	267