INCOME TAXES: (Tables)

12 Months Ended

Apr. 30, 2020

INCOME TAXES:

Schedule of components of income tax expense (benefit)

The provision (benefit) for income taxes consists of the following (in thousands):

	Year Ended April 30,
	2020		2019
Current:
Federal	$	(36)	$	(414)
State and local		112		5
		76		(409)
Deferred:
Federal		(1,597)		(193)
State and local		(201)		(106)
		(1,798)		(299)
Total benefit for income taxes	$	(1,722)	$	(708)

Schedule of components of the net deferred income taxes

The components of the net deferred income taxes are as follows (in thousands):

	April 30,
	2020		2019
Deferred income tax assets:
State tax loss carryforwards	$	4,622	$	4,287
U.S. federal NOL carryforward		3,746		2,079
Accrued pension costs		1,258		1,608
Vacation accrual		52		12
Real estate basis differences		4,096		3,725
Other		194		117
Total deferred income tax assets		13,968		11,828

Deferred income tax liabilities:
Depreciable assets		(1,341)		(1,138)
Deferred gains on investment assets		(2,277)		(2,110)
Other		—		(36)
Total deferred income tax liabilities		(3,618)		(3,284)
Valuation allowance for realization of certain deferred income tax assets		(4,270)		(4,008)
Net deferred income tax asset	$	6,080	$	4,536

Schedule of effective income tax rate reconciliation

The following table reconciles taxes computed at the U.S. federal statutory income tax rate from continuing operations to the Company’s actual tax provision (in thousands):

	Year Ended April 30,
	2020		2019
Computed tax benefit at statutory rate	$	(1,603)	$	(666)
Increase (reduction) in tax resulting from:
Deferred tax rate changes		163		(137)
Change in valuation allowances		262		773
State income taxes, net of federal income tax effect		(481)		(869)
Meals and entertainment		—		13
Permanent items		1		—
Other		(64)		178
Actual tax provision	$	(1,722)	$	(708)

Schedule of unrecognized tax benefits

The following table summarizes the beginning and ending gross amount of unrecognized tax benefits:

	2020		2019
	(in thousands)
Gross unrecognized tax benefits at beginning of year	$	—	$	58
Gross increases:
Additions based on tax positions related to current year		—		—
Additions based on tax positions of prior years		—		—
Gross decreases:
Reductions based on tax positions of prior years		—		—
Reductions based on the lapse of the applicable statute of limitations		—		(58)
Gross unrecognized tax benefits at end of year	$	—	$	—