For income tax purposes, distributions paid to common stockholders consist of ordinary income, capital gains, unrecaptured Section 1250 gain and return of capital or a combination thereof. The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2020, 2019 and 2018:


	2020(1)				2019(1)				2018(1)
Ordinary income	$	0.08	5.2	%	$	1.32	44.2	%	$	1.91	64.3	%
Capital gains	0.02		1.3	%	0.64		21.2	%	0.05		1.7	%

Return of capital	1.45		93.5	%	1.04		34.6	%	1.01		34.0	%
Dividends paid	$	1.55	100.0	%	$	3.00	100.0	%	$	2.97	100.0	%

(1)The 2020, 2019 and 2018 taxable ordinary dividends are treated as "qualified REIT dividends" for purposes of Internal Revenue Code Section 199A.

The Company has made Taxable REIT Subsidiary elections for all of its corporate subsidiaries other than its Qualified REIT Subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code.


	2020		2019		2018
Current	$	439	$	(150)	$	413
Deferred	8		(1,439)		3,191
Income tax benefit (expense)	$	447	$	(1,589)	$	3,604

The income tax provision of the TRSs for the years ended December 31, 2020, 2019 and 2018 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:


	2020		2019		2018
Book loss (income) for TRSs	$	6,058	$	(2,062)	$	19,525
Tax at statutory rate on earnings from continuing operations before income taxes	$	1,272	$	(433)	$	4,100

State taxes	(31)		(280)		513
Other	(794)		(876)		(1,009)
Income tax benefit (expense)	$	447	$	(1,589)	$	3,604

The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2020 and 2019 are summarized as follows:


	2020		2019
Net operating loss carryforwards	$	27,196	$	22,338
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	2,927		6,784
Other	644		1,635
Net deferred tax assets	$	30,767	$	30,757

The net operating loss ("NOL") carryforwards for NOLs generated through the 2017 tax year are scheduled to expire through 2037, beginning in 2025. Pursuant to the Tax Cuts and Jobs Act of 2017, NOLs generated in 2018 and subsequent tax years are carried forward indefinitely. The Coronavirus Aid, Relief and Economic Security Act removed the 80% of taxable income limitation, imposed by the Tax Cuts and Jobs Act, for NOLs generated in 2018, 2019 and 2020.

The Company is required to establish a valuation allowance for any portion of the deferred tax asset that the Company concludes is more likely than not to be unrealizable. The Company’s assessment considers all evidence, both positive and negative, including the nature, frequency and severity of any current and cumulative losses, taxable income in carry back years, the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. As of December 31, 2020, the Company had no valuation allowance recorded.

The tax years 2017 through 2019 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next 12 months.