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

Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES (Tables)

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2015

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



	Three Months Ended March 31,
	2015			2014
Current:
Federal	$	46		$	72
State and Local	12			61
Total Current Provision	$	58		$	133
Deferred:
Federal	$	(10	)	$	(240	)
State and Local	(2		)	(513		)
Total Deferred Provision	$	(12	)	$	(753	)
Provision for income taxes from continuing operations	$	46		$	140
Provision (benefit) for income taxes from discontinued operations	$	—		$	(760	)
Total Provision (benefit) for Income Taxes	$	46		$	(620	)

Schedule of deferred tax assets

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, 2015 are presented below:



	March 31, 2015			December 31, 2014
Deferred tax assets:
Allowance for loan losses	$	374		$	366
Depreciation and amortization	15,392			13,938
Accrued expenses	1,271			2,006
Net operating losses	29,058			26,543
Other	2,367			2,365
Total deferred tax assets	48,462			45,218
Less valuation allowance	(31,138		)	(27,434		)
Net deferred tax assets	$	17,324		$	17,784
Deferred tax liabilities:
Leaseholds	17,270			17,741
Total deferred tax liabilities	$	17,270		$	17,741
Net deferred income tax assets (A)	$	54		$	43


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