INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Consolidated Partnership Income (Loss) Before Income Taxes

Consolidated income (loss) is reconciled to income (loss) before income taxes in corporate subsidiaries for the years ended December 31 as follows:

(in thousands)	2018		2017		2016
Income before income taxes	$	7,741	$	25,581	$	2,215
Income in entities that pass-through pre-tax earnings to the partners	7,273		23,089		1,500
Income subject to income taxes	$	468	$	2,492	$	715

Provision for Income Taxes Relating to Corporate Subsidiaries of Partnership

The provision for income taxes relating to corporate subsidiaries of the Partnership and Funds consist of the following income tax benefit (expense) for each of the years ended December 31:

(in thousands)	2018			2017			2016
Current	$	(180	)	$	(888	)	$	(185	)
Deferred	76			(288		)	(67		)
Total	$	(104	)	$	(1,176	)	$	(252	)

Reconciliation Between Federal Statutory Tax Rate and Partnership's Effective Tax Rate

A reconciliation between the federal statutory tax rate and the Partnership’s effective tax rate is as follows for each of the years ended December 31:

	2018		2017		2016
Statutory tax on income	21	%	34	%	34	%
Income from entities that pass-through pre-tax earnings to the partners	(20	)%	(30	)%	(23	)%
Effect on deferred tax assets of change in income tax rate	—	%	1	%	—	%
Effective income tax rate	1	%	5	%	11	%

Schedule of Net Deferred income Tax Assets and Deferred Tax Assets

The net deferred tax assets are included in other assets on the consolidated balance sheets and are comprised of the following:

(in thousands)	2018			2017			2016
Compensation-related accruals	$	454		$	359		$	456
Net operating loss carryforwards	87			123			284
Depreciation	(16		)	15			16
Other	14			(32		)	(3		)
Total	$	539		$	465		$	753