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Income Taxes
9 Months Ended
Sep. 30, 2020
Income Taxes [Abstract]  
Income Taxes

NOTE 13.  INCOME TAXES



During the three months ended September 30, 2020 and 2019, income tax benefit (expense) totaling  ($27) and ($8), respectively, was recognized primarily related to income (loss) earned by the TRS.  During the nine months ended September 30, 2020 and 2019, income tax benefit (expense) totaled $340 and ($655), respectively.  Management believes the combined federal and state income tax rate for the TRS will be approximately 24%.



After consideration of limitations related to a change in control as defined under Code Section 382, the TRS’s net operating loss carryforward at September 30, 2020 as determined for federal income tax purposes was $6,850.  The availability of the loss carryforwards will expire from 2027 through 2034, with an indefinite carryforward for losses arising after December 31, 2017.    In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company considers projected reversals of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. As a result of this analysis, the Company believes that a full valuation allowance against the net deferred tax asset position was necessary at September 30, 2020, which requires a valuation allowance of $1,170 as of that date.