Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018, 2017 and 2016 (amounts in thousands):



	For the Year Ended December 31,
	2018			2017			2016
Current:
Federal	$	(2,389	)	$	(3,923	)	$	(3,632	)
State and local	(2,253		)	(2,304		)	(2,055		)
Total current	(4,642		)	(6,227		)	(5,687		)
Deferred:
Federal	—			(446		)	(291		)
State and local	—			—			(168		)
Total deferred	—			(446		)	(459		)
Income tax expense	$	(4,642	)	$	(6,673	)	$	(6,146	)

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,
	2018			2017			2016
Federal tax expense at statutory rate	$	(2,844	)	$	(4,684	)	$	(4,629	)
State income taxes, net of federal benefit	(1,798		)	(1,543		)	(1,517		)
Corporate income tax rate adjustment	—			(446		)	—
Income tax expense	$	(4,642	)	$	(6,673	)	$	(6,146	)

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, 2018, 2017 and 2016 (amounts in thousands):



	2018		2017		2016
Deferred tax assets:
Deferred revenue on unredeemed observatory admission ticket sales	$	1,396	$	1,395	$	198