INCOME TAXES (Tables)

12 Months Ended

Apr. 30, 2021

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,
	2021		2020
Current:
Federal	$	69	$	(36)
State and local		80		112
		149		76
Deferred:
Federal		2,219		(1,597)
State and local		275		(201)
		2,494		(1,798)
Total provision (benefit) for income taxes	$	2,643	$	(1,722)

Schedule of components of the net deferred income taxes

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

	April 30,
	2021		2020
Deferred income tax assets:
State tax loss carryforwards	$	4,296	$	4,622
U.S. federal NOL carryforward		1,384		3,746
Accrued pension costs		—		1,258
Vacation accrual		14		52
Real estate basis differences		3,976		4,096
Other		303		194
Total deferred income tax assets		9,973		13,968

Deferred income tax liabilities:
Depreciable assets		(749)		(1,341)
Deferred gains on investment assets		(2,300)		(2,277)
Prepaid pension costs		(178)		—
Other		(31)		—
Total deferred income tax liabilities		(3,258)		(3,618)
Valuation allowance for realization of certain deferred income tax assets		(3,966)		(4,270)
Net deferred income tax asset	$	2,749	$	6,080

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,
	2021		2020
Computed tax provision (benefit) at statutory rate	$	2,108	$	(1,603)
Increase (reduction) in tax resulting from:
Deferred tax rate changes		139		163
Change in valuation allowances		(304)		262
State income taxes, net of federal income tax effect		366		(481)
Permanent items		(63)		1
Other		397		(64)
Actual tax provision (benefit)	$	2,643	$	(1,722)