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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
Income tax expense for the year ended December 31, 2021 consists of the following:
(in thousands)
Current
Federal$1,249 
State351 
Total current income tax expense1,600 
Deferred
Federal— 
State— 
Total deferred income tax expense— 
Total income tax expense$1,600 
Schedule of Effective Income Tax Rate Reconciliation
The difference between the Company’s reported provision for income taxes and the U.S. federal statutory rate of 21% is as follows for the year ended December 31, 2021:
Federal statutory rate21.00 %
State statutory rate, net of federal tax effect4.49 %
Non-taxable REIT income(19.45)%
Total provision6.04 %