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Income Taxes | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Income Taxes | 10. Income Taxes The components of income tax (provision) benefit for the years ended December 31, 2014, 2013 and 2012 are comprised of the following:
| 2014 |  | 2013 |  | 2012
Current: |  |  |  |  |
Federal | $ | (51 | ) |  | $ | 231 |  |  | $ | (5,210 | )
State | (196 | ) |  | (264 | ) |  | (253 | )
Foreign | — |  |  | — |  |  | (10 | )
Deferred: |  |  |  |  |
State | 9 |  |  | 36 |  |  | (49 | )
| $ | (238 | ) |  | $ | 3 |  |  | $ | (5,522 | )
Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred tax assets (liabilities) include the following as of December 31, 2014 and 2013:
| 2014 |  | 2013
Impairment of Real Estate | $ | 2,466 |  |  | $ | 5,185 |
Foreign Net Operating Loss Carryforward | 585 |  |  | 1,312 |
Valuation Allowance | (4,224 | ) |  | (5,357 | )
Other | 1,251 |  |  | 696 |
Total Deferred Tax Assets, Net of Allowance | $ | 78 |  |  | $ | 1,836 |
Straight-line Rent | $ | (90 | ) |  | $ | (76 | )
Fixed Assets | — |  |  | (1,771 | )
Other | (112 | ) |  | (122 | )
Total Deferred Tax Liabilities | $ | (202 | ) |  | $ | (1,969 | )
Total Net Deferred Tax Liabilities | $ | (124 | ) |  | $ | (133 | )
A valuation allowance is recorded if we believe it is more likely than not that all or some portion of our deferred tax assets will not be realized. We do not have projections of future taxable income or other sources of taxable income in the taxable REIT subsidiaries significant enough to allow us to believe it is more likely than not that we will realize our deferred tax assets. Therefore, we have recorded a valuation allowance against our deferred tax assets. An increase or decrease in the valuation allowance that results from a change in circumstances, and which causes a change in our judgment about the realizability of the related deferred tax assets, is included in the current tax provision. The income tax (provision) benefit pertaining to income (loss) from continuing operations and gain on sale of real estate of our taxable REIT subsidiaries differs from the amounts computed by applying the applicable federal statutory rate as follows for the years ended December 31, 2014, 2013 and 2012:
| 2014 |  | 2013 |  | 2012
Tax (Provision) Benefit at Federal Rate Related to Continuing Operations | $ | (532 | ) |  | $ | 286 |  |  | $ | 557 |
State Tax Provision, Net of Federal Benefit | (214 | ) |  | (236 | ) |  | (244 | )
Non-deductible Permanent Items, Net | 1 |  |  | 21 |  |  | 32 |
IRS Audit Adjustment and Accrued Interest | — |  |  | 58 |  |  | (5,523 | )
Change in Valuation Allowance | 1,133 |  |  | (388 | ) |  | (166 | )
Foreign Taxes, Net | — |  |  | — |  |  | (10 | )
Other | (626 | ) |  | 262 |  |  | (168 | )
Net Income Tax (Provision) Benefit | $ | (238 | ) |  | $ | 3 |  |  | $ | (5,522 | )
We evaluate tax positions taken in the financial statements on a quarterly basis under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, we may recognize a tax benefit from an uncertain tax position only if it is "more-likely-than-not" that the tax position will be sustained on examination by taxing authorities. As of December 31, 2014, we do not have any unrecognized tax benefits. We file income tax returns in the U.S., and various states and foreign jurisdictions. In general, the statutes of limitations for income tax returns remain open for the years 2011 through 2014. IRS Tax Refund On August 24, 2009, we received a private letter ruling from the IRS granting favorable loss treatment under Sections 331 and 336 of the Code on the tax liquidation of one of our former taxable REIT subsidiaries. On November 6, 2009, legislation was signed that allowed businesses with net operating losses for 2008 or 2009 to carry back those losses for up to five years. As a result, we received a refund from the IRS of $40,418 in the fourth quarter of 2009 (the "Refund") in connection with this tax liquidation. The IRS disagreed with certain of the property valuations we obtained from an independent valuation expert in support of our fair value of the liquidated taxable REIT subsidiary and our claim for the Refund. During the year ended December 31, 2012, we agreed to an adjustment, which resulted in us owing approximately $5,300 in taxes and accrued interest. During the year ended December 31, 2012, the Company recorded a charge for the agreed-upon adjustment which was reflected as a component of income tax expense. Federal Income Tax Treatment of Share Distributions For income tax purposes, distributions paid to common shareholders are classified as ordinary income, capital gain, return of capital or qualified dividends. We did not pay common share distributions for the year ended December 31, 2012. For the years ended December 31, 2014 and 2013, the distributions per common share were classified as follows:
Common Stock | 2014 |  | As a Percentage of Distributions |  | 2013 |  | As a Percentage of Distributions
Ordinary Income | $ | 0.4412 |  |  | 100.00 | % |  | $ | 0.3088 |  |  | 100.00 | %
Long-term Capital Gains | — |  |  | 0.00 | % |  | — |  |  | 0.00 | %
Unrecaptured Section 1250 Gain | — |  |  | 0.00 | % |  | — |  |  | 0.00 | %
Return of Capital | — |  |  | 0.00 | % |  | — |  |  | 0.00 | %
Qualified Dividends | — |  |  | 0.00 | % |  | — |  |  | 0.00 | %
| $ | 0.4412 |  |  | 100.00 | % |  | $ | 0.3088 |  |  | 100.00 | %
For income tax purposes, distributions paid to preferred shareholders are classified as ordinary income, capital gain, return of capital or qualified dividends. For the years ended December 31, 2013 and 2012, the preferred distributions per depositary share were classified as follows:
Series J Preferred Stock | 2013 (1) |  | As a Percentage of Distributions (1) |  | 2012 |  | As a Percentage of Distributions
Ordinary Income | $ | 0.5085 |  |  | 100.00 | % |  | $ | — |  |  | 0.00 | %
Long-term Capital Gains | — |  |  | 0.00 | % |  | 0.8025 |  |  | 35.42 | %
Unrecaptured Section 1250 Gain | — |  |  | 0.00 | % |  | — |  |  | 0.00 | %
Return of Capital | — |  |  | 0.00 | % |  | 1.4632 |  |  | 64.58 | %
Qualified Dividends | — |  |  | 0.00 | % |  | — |  |  | 0.00 | %
| $ | 0.5085 |  |  | 100.00 | % |  | $ | 2.2657 |  |  | 100.00 | %
________________
(1) | The remaining 4,000,000 Depositary Shares of the Series J Preferred Stock were redeemed on April 11, 2013. The 2013 redemption had no impact on the 2012 allocation included in the table above.
Series J Preferred Stock – Depositary Shares Redeemed (2) | 2012 |  | As a Percentage of Distributions
Ordinary Income | $ | — |  |  | 0.00 | %
Long-term Capital Gains | 0.7864 |  |  | 35.42 | %
Unrecaptured Section 1250 Gain | — |  |  | 0.00 | %
Return of Capital | 1.4339 |  |  | 64.58 | %
Qualified Dividends | — |  |  | 0.00 | %
| $ | 2.2203 |  |  | 100.00 | %
________________
(2) | Schedule relates to the 2,000,000 Depositary Shares of the Series J Preferred Stock that were redeemed on December 21, 2012.
Series K Preferred Stock | 2013 (3) |  | As a Percentage of Distributions (3) |  | 2012 |  | As a Percentage of Distributions
Ordinary Income | $ | 0.9969 |  |  | 100.00 | % |  | $ | — |  |  | 0.00 | %
Long-term Capital Gains | — |  |  | 0.00 | % |  | 0.8025 |  |  | 35.42 | %
Unrecaptured Section 1250 Gain | — |  |  | 0.00 | % |  | — |  |  | 0.00 | %
Return of Capital | — |  |  | 0.00 | % |  | 1.4632 |  |  | 64.58 | %
Qualified Dividends | — |  |  | 0.00 | % |  | — |  |  | 0.00 | %
| $ | 0.9969 |  |  | 100.00 | % |  | $ | 2.2657 |  |  | 100.00 | %
________________
(3) | Schedule relates to the 2,000,000 Depositary Shares of the Series K Preferred Stock that were redeemed on July 18, 2013. The 2013 redemption had no impact on the 2012 allocation included in the table above.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: 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 Reference 5: 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 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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