INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES

Schedule of taxable distributions paid per common share

Taxable distributions paid per common share were taxable as follows for the years ended December 31, 2019, 2018 and 2017 (unaudited):

	Year Ended December 31,
	2019		2018		2017
Ordinary income	$	0.981	$	0.774	$	1.018
Qualified ordinary income		0.004		0.006		0.011
Long-term capital gain		0.021		0.058		0.133
Unrecaptured section 1250 gain		0.063		0.233		0.063
Nondividend distributions		0.281		0.207		—
Total	$	1.350	$	1.278	$	1.225

Schedule of components of the provision for income taxes

The components of the provision for income taxes are as follows for the years ended December 31, 2019, 2018, and 2017 (dollars in thousands):

	Year Ended December 31,
	2019		2018		2017
Income tax (benefit)/provision
Current
Federal	$	1,466	$	220	$	(1,205)
State		735		396		407
Total current		2,201		616		(798)
Deferred
Federal		1,266		66		568
State		371		6		(10)
Total deferred		1,637		72		558
Total income tax (benefit)/provision	$	3,838	$	688	$	(240)
Classification of income tax (benefit)/provision:
Continuing operations	$	3,838	$	688	$	(240)

Schedule of components of TRS deferred tax assets and liabilities

The components of our TRS deferred tax assets and liabilities are as follows for the years ended December 31, 2019, 2018, and 2017 (dollars in thousands):

	Year Ended December 31,
	2019		2018		2017
Deferred tax assets:
Federal and state tax attributes	$	22	$	28	$	8
Other		87		70		139
Total deferred tax assets		109		98		147
Valuation allowance		(19)		(16)		(9)
Net deferred tax assets		90		82		138
Deferred tax liabilities:
Book/tax depreciation and basis		(367)		—		—
Other investment ventures		(1,291)		(17)		—
Other		(67)		(67)		(67)
Total deferred tax liabilities		(1,725)		(84)		(67)
Net deferred tax assets/(liabilities)	$	(1,635)	$	(2)	$	71

Schedule of effective income tax rate reconciliation

Income tax provision/(benefit), net from our TRS differed from the amounts computed by applying the U.S. statutory rate of 21% to pretax income/(loss) for the years ended December 31, 2019, and 2018 and 35% for the year ended 2017 as follows (dollars in thousands):

	Year Ended December 31,
	2019		2018		2017
Income tax provision/(benefit)
U.S. federal income tax provision/(benefit)	$	2,905	$	321	$	581
State income tax provision		1,013		527		493
Other items		(139)		(167)		(188)
New tax law benefit		—		—		(1,129)
ITC basis adjustment		56		—		—
Valuation allowance		3		7		3
Total income tax provision/(benefit)	$	3,838	$	688	$	(240)