Income taxes, continuing operations

3 Months Ended

Mar. 31, 2021

7.	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:

	March 31, 2021			December 31, 2020
Gross deferred tax liabilities:
Property having a financial statement basis in excess of tax basis	$	361,000		$	361,000
Accounts receivable		116,000			98,000
Deferred income - conversion to cash basis of accounting for tax purposes		52,000			56,000
Insurance premiums and accrued leasing revenues		24,000			19,000
		553,000			534,000
Gross deferred tax assets:
Allowance for doubtful accounts		(104,000	)		(91,000	)
Prepaid rent		(54,000	)		(24,000	)
Accounts payable and accrued expenses		(77,000	)		(75,000	)
Accrued property taxes		(67,000	)		(56,000	)
Deferred income, Parcel 20		(61,000	)		(54,000	)
		(363,000	)		(300,000	)
	$	190,000		$	234,000

- 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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