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Income taxes, continuing operations

9 Months Ended

Sep. 30, 2020

6.	Income taxes, continuing operations:

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 for continuing operations which give rise to deferred tax assets and liabilities are as follows:

	September 30, 2020			December 31, 2019
Deferred tax liabilities:
Property having a financial statement basis in excess of tax basis	$	361,000		$	364,000
Insurance premiums and accrued leasing revenues		16,000			29,000
		377,000			393,000
Deferred tax assets		(142,000	)		(83,000	)
	$	235,000		$	310,000

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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