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

Quarterly report pursuant to Section 13 or 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- GENERAL (Policies)
Notes Tables
Notes Details

INCOME TAXES (Tables)

v2.4.0.8

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2014

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014(A)			2013
Current:
Federal	$	129	$	—	$	718		$	—
State and Local	29		—		194			—
Total Current Provision	$	158	$	—	$	912		$	—

Deferred:
Federal	$	155	$	—	$	(159	)	$	—
State and Local	21		—		(499		)	—
Total Deferred Provision	$	176	$	—	$	(658	)	$	—

Total Provision for Income Taxes	$	334	$	—	$	254		$	—


(A)	The provision for income taxes for the nine months ended September 30, 2014 includes $0.9 million income tax benefit from New Media that is included in income (loss) from discontinued operations on the consolidated statement of income.

Schedule of deferred tax assets

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets as of September 30, 2014 and December 31, 2013 are presented below:



	September 30, 2014			December 31, 2013
Deferred tax assets:
Allowance for loan losses	$	1,599		$	2,076
Depreciation and amortization	37,425			94,880
Leaseholds	7,512			6,489
Accrued expenses	15,292			23,816
Deposits	7,787			7,787
Net operating losses	53,135			211,560
Other	837			17,036
Total deferred tax assets	123,587			363,644
Less valuation allowance	(123,392		)	(363,192		)
Net deferred tax assets(A)	$	195		$	452
Deferred tax liabilities:
Other	—			—
Total deferred tax liabilities	$	—		$	—


(A)	Recorded in Receivables and Other Assets on the consolidated balance sheets.

Schedule of change in deferred tax asset 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	4,601
Valuation allowance at September 30, 2014	$	123,392

- Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Valuation Allowance

-URI http://asc.fasb.org/extlink&oid=6528051

+ Details

Name:	us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration