Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES (Tables)

v3.7.0.1
INCOME TAXES (Tables)
3 Months Ended
Mar. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule of provisions for income taxes
The provision for income taxes consists of the following:
 
 
Three Months Ended March 31,
 
 
2017
 
2016
Current:
 
 
 
 
Federal
 
$
539

 
$
43

State and Local
 

 
11

Total Current Provision
 
$
539

 
$
54

Deferred:
 
 
 
 
Federal
 
$

 
$
(9
)
State and Local
 

 
(1
)
Total Deferred Benefit
 
$

 
$
(10
)
 
 
 
 
 
Total Provision for Income Taxes
 
$
539

 
$
44

Schedule of deferred tax assets and liabilities
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of March 31, 2017 are presented below:
 
March 31, 2017
 
December 31, 2016
Deferred tax assets:
 
 
 
Allowance for loan losses
$
391

 
$
358

Depreciation and amortization
39,039

 
38,598

Accrued expenses
1,764

 
2,885

Interest
13,234

 
16,503

Net operating losses
176,821

 
162,629

Other
2,094

 
2,036

Total deferred tax assets
233,343

 
223,009

Less valuation allowance
(153,541
)
 
(133,192
)
Net deferred tax assets
$
79,802

 
$
89,817

Deferred tax liabilities:
 
 
 
Leaseholds
13,529

 
13,681

Cancellation of debt
66,178

 
75,632

Other
95

 
504

Total deferred tax liabilities
$
79,802

 
$
89,817

Net deferred tax assets (A)
$

 
$

(A)
Recorded in receivables and other assets on the Consolidated Balance Sheets.