INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

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)	2019			2018		2017
Income (loss) before income taxes	$	(9,795	)	$	7,741	$	25,581
Income (loss) in entities that pass-through pre-tax earnings to the partners	(10,740		)	7,273		23,089
Income subject to income taxes	$	945		$	468	$	2,492

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)	2019			2018			2017
Current	$	(87	)	$	(180	)	$	(888	)
Deferred	(72		)	76			(288		)
Total	$	(159	)	$	(104	)	$	(1,176	)

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:

	2019		2018		2017
Statutory tax on income (loss)	(21	)%	21	%	34	%
(Income) loss from entities that pass-through pre-tax earnings to the partners	23	%	(20	)%	(30	)%
Effect on deferred tax assets of change in income tax rate	—	%	—	%	1	%
Effective income tax rate	2	%	1	%	5	%

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)	2019			2018			2017
Compensation-related accruals	$	490		$	454		$	359
Net operating loss carryforwards	8			87			123
Depreciation	(23		)	(16		)	15
Other	(6		)	14			(32		)
Total	$	469		$	539		$	465