Drive Shack Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

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- Document and Entity Information
Financial Statements
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INCOME TAXES (Tables)

v2.4.0.8

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2014

Income Taxes Tables

Schedule of components of income tax expense

The provision for income taxes (including discontinued operations) consists of the following:



	Three months ended March 31,
	2014			2013
Current:
Federal	$	72		$	—
State and Local	61			—
Total Current Provision	$	133		$	—

Deferred:
Federal	$	(126	)	$	—
State and Local	(56		)	—
Total Deferred Provision	$	(182	)	$	—

Total Provision for Income Taxes	$	(49	)	$	—

Schedule of deferred tax assets

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets as of March 31, 2014 and December 31, 2013 are presented below:



	March 31, 2014			December 31, 2013
Deferred tax assets:
Allowance for loan losses	$	953		$	2,076
Depreciation and amortization	36,541			94,880
Leaseholds	6,729			6,489
Accrued expenses	15,292			23,816
Deposits	7,787			7,787
Net operating losses	57,111			211,560
Other	—			17,036
Total deferred tax assets	124,413			363,644
Less valuation allowance	(123,827		)	(363,192		)
Net deferred tax assets	$	586		$	452
Deferred tax liabilities:
Other	237			—
Total deferred tax liabilities	$	237		$	—

Schedule of change in valuation allowance

The following table summarizes the change in the deferred tax asset valuation allowance:



Valuation allowance at December 31, 2013	$	363,192
Decrease due to spin-off of New Media	(244,401		)
Other increase	5,036
Valuation allowance at March 31, 2014	$	123,827

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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