Income taxes, continuing operations

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income taxes, continuing operations

8.Income taxes, continuing operations:

For the years ended December 31, 2023 and 2022, income tax expense from continuing operations is comprised of the following components:

	2023		2022
Current:
Federal	$	637,000	$	557,000
State		248,000		208,000
		885,000		765,000
Deferred:
Federal		8,000		7,000
State		5,000		2,000
		13,000		9,000
	$	898,000	$	774,000

For the years ended December 31, 2023 and 2022, a reconciliation of the income tax provision from continuing operations as computed by applying the United States income tax rate of 21% to income before income taxes is as follows:

	2023		2022
Computed "expected" tax	$	676,000	$	591,000
Increase in "expected" tax resulting from state income tax,    net of federal income tax benefit		198,000		165,000
Nondeductible expenses and other		24,000		18,000
	$	898,000	$	774,000

Deferred income taxes are recorded based upon differences between financial statement and tax basis amounts of assets and liabilities. The tax effects of temporary differences from continuing operations which give rise to deferred tax assets and liabilities were as follows:

	2023			2022
Gross deferred tax liabilities:
Property having a financial statement basis in excess of    tax basis	$	364,000		$	361,000
Accounts receivable		52,000			289,000
Deferred income - Conversion to cash basis of    accounting for tax purposes		-			19,000
Insurance premiums and accrued leasing revenues		49,000			50,000
		465,000			719,000
Gross deferred tax assets:
Allowance for doubtful accounts		-			(279,000	)
Prepaid rent		(40,000	)		(25,000	)
Accounts payable and accrued expenses		(49,000	)		(74,000	)
Accrued property taxes		(92,000	)		(70,000	)
		(181,000	)		(448,000	)
	$	284,000		$	271,000