Income taxes, continuing operations

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income taxes, continuing operations

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, 2022			December 31, 2021
Gross deferred tax liabilities:
Property having a financial statement basis in excess of tax basis	$	361,000		$	361,000
Accounts receivable		238,000			213,000
Deferred income - conversion to cash basis of accounting for tax purposes		33,000			38,000
Insurance premiums and accrued leasing revenues		30,000			23,000
		662,000			635,000
Gross deferred tax assets:
Allowance for doubtful accounts		(231,000	)		(206,000	)
Prepaid rent		(51,000	)		(23,000	)
Accounts payable and accrued expenses		(65,000	)		(69,000	)
Accrued property taxes		(85,000	)		(75,000	)
		(432,000	)		(373,000	)
	$	230,000		$	262,000