INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of total income tax benefit (expense)

Total income tax benefit (expense) are summarized as follows (in thousands):

	Year Ended December 31,
	2021		2020		2019
Income Tax (Expense) Benefit from Continuing Operations	$	3,079	$	83,499	$	(5,472)
Income Tax Expense from Discontinued Operations		—		—		(32,641)
Total Consolidated Income Tax Benefit (Expense)	$	3,079	$	83,499	$	(38,113)

Summary of provisions for income tax benefit (expense)

	Year Ended December 31,
	2021		2020		2019
Income Tax (Expense) Benefit from Continuing Operations	$	3,079	$	83,499	$	(5,472)
Income Tax Expense from Discontinued Operations		—		—		(32,641)
Total Consolidated Income Tax Benefit (Expense)	$	3,079	$	83,499	$	(38,113)

Summary of deferred income tax assets (liabilities)

The sources of these differences and the related deferred income tax assets (liabilities) are summarized as follows (in thousands):

	Deferred Tax
	2021		2020
Deferred Income Tax Assets
Capital Loss Carryforward	$	2,249	$	—
Net Operating Loss Carryforward		291		1,103
Gross Deferred Income Tax Assets		2,540		1,103
Less - Valuation Allowance		(2,249)		—
Net Deferred Income Tax Assets		291		1,103
Deferred Income Tax Liabilities
Basis Differences in Joint Ventures		—		(4,624)
Basis Differences in Mitigation Credit Assets		(774)		—
Total Deferred Income Tax Liabilities		(774)		(4,624)
Net Deferred Income Tax Liabilities	$	(483)	$	(3,521)

Schedule of reconciliation of income tax computed at the federal statutory rate

Following is a reconciliation of the income tax computed at the federal statutory rate of 21% for 2021, 2020, and 2019, individually, for continuing operations (in thousands):

	Year Ended December 31,
	2021				2020				2019
Income Tax (Expense) Benefit Computed at Federal Statutory Rate	$	4,408	16.4	%	$	971	(19.5)	%	$	(4,410)	(20.0)	%
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		936	3.5	%		180	(3.6)	%		(1,076)	(5.0)	%
Income Tax on Permanently Non-Deductible Items		—	0.0	%		(112)	2.2	%		(86)	(0.4)	%
Tax Benefit due to De-Recognition of REIT Deferred Tax Liabilities		—	0.0	%		82,460	(1652.6)	%		—	0.0	%
Valuation Allowance		(2,216)	(8.2)	%		—	0.0	%		—	0.0	%
Other Reconciling Items		(49)	(0.2)	%		—	0.0	%		100	0.5	%
Benefit (Expense) for Income Taxes	$	3,079	11.5	%	$	83,499	(1673.4)	%	$	(5,472)	(24.9)	%