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Income Taxes
6 Months Ended
Dec. 31, 2021
Income Taxes [Abstract]  
Income Taxes 7.  INCOME TAXES The provision for income taxes for the interim periods is based on an estimate of the Company’s annual effective tax rate adjusted to reflect the impact of discrete items. Management judgment is required in projecting ordinary income to estimate the Company’s annual effective tax rate. The Company’s effective tax rate for the quarters ended December 31, 2021, and December 31, 2020, were 13.8% and 15.5%, respectively, and for the six months ended December 31, 2021, and December 31, 2020, were (3.4%) and 31.3%, respectively. The quarter ended December 31, 2020, effective rate of 15.5% was due to a discrete tax benefit arising from the reversal of valuation allowances resulting from the gain on the sale of capital assets. The quarter ended December 31, 2021, and six months ended December 31, 2021, effective rates of 13.8% and (3.4%) were due to the tax benefit on the year-to-date loss not being recorded due to the Company’s valuation allowance position.