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Income Taxes | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes: For income tax purposes, distributions paid to common stockholders consist of ordinary income, capital gains, unrecaptured Section 1250 gain and return of capital or a combination thereof. The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2022, 2021 and 2020:
|  | 2022(1) |  | 2021(2) |  | 2020(2)
Ordinary income |  | $ | 0.49 |  |  | 79.2 | % |  | $ | 0.04 |  |  | 6.0 | % |  | $ | 0.08 |  |  | 5.2 | %
Capital gains |  | 0.06 |  |  | 9.9 | % |  | 0.15 |  |  | 24.9 | % |  | 0.02 |  |  | 1.3 | %
Return of capital |  | 0.07 |  |  | 10.9 | % |  | 0.41 |  |  | 69.1 | % |  | 1.45 |  |  | 93.5 | %
Dividends paid |  | $ | 0.62 |  |  | 100.0 | % |  | $ | 0.60 |  |  | 100.0 | % |  | $ | 1.55 |  |  | 100.0 | %
_______________________________________________________________________________ (1)54.5% of the 2022 ordinary income is treated as "qualified REIT dividends" for purposes of Section 199A of the Code and 45.5% of the 2022 ordinary income is treated as "qualified dividend income" for purposes of Section 1(h)(11) of the Code. (2)The 2021 and 2020 ordinary income is treated as "qualified REIT dividends" for purposes of Section 199A of the Code. The Company has made Taxable REIT Subsidiary elections for all of its corporate subsidiaries other than its Qualified REIT Subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The income tax provision of the TRSs for the years ended December 31, 2022, 2021 and 2020 are as follows:
| 2022 |  | 2021 |  | 2020
Current | $ | — |  |  | $ | — |  |  | $ | 439 |
Deferred | (705) |  |  | (6,948) |  |  | 8 |
Income tax (expense) benefit | $ | (705) |  |  | $ | (6,948) |  |  | $ | 447 |
The income tax provision of the TRSs for the years ended December 31, 2022, 2021 and 2020 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:
| 2022 |  | 2021 |  | 2020
Book loss (income) for TRSs | $ | 2,718 |  |  | $ | (23,205) |  |  | $ | 6,058 |
Tax at statutory rate on earnings from continuing operations before income taxes | $ | 571 |  |  | $ | (4,873) |  |  | $ | 1,272 |
State taxes | (116) |  |  | (1,261) |  |  | (31) |
Other | (1,160) |  |  | (814) |  |  | (794) |
Income tax (expense) benefit | $ | (705) |  |  | $ | (6,948) |  |  | $ | 447 |
The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2022 and 2021 are summarized as follows:
| 2022 |  | 2021
Net operating loss carryforwards | $ | 13,362 |  |  | $ | 23,944 |
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs | 9,019 |  |  | (1,013) |
Other | 733 |  |  | 475 |
Net deferred tax assets | $ | 23,114 |  |  | $ | 23,406 |
The net operating loss ("NOL") carryforwards for NOLs generated through the 2017 tax year are scheduled to expire through 2037, beginning in 2025. Pursuant to the Tax Cuts and Jobs Act of 2017, NOLs generated in 2018 and subsequent tax years are carried forward indefinitely. The Coronavirus Aid, Relief and Economic Security Act removed the 80% of taxable income limitation, imposed by the Tax Cuts and Jobs Act, for NOLs generated in 2018, 2019 and 2020. For the years ended December 31, 2022, 2021 and 2020 there were no unrecognized tax benefits. The Company is required to establish a valuation allowance for any portion of the deferred tax asset that the Company concludes is more likely than not to be unrealizable. The Company’s assessment considers all evidence, both positive and negative, including the nature, frequency and severity of any current and cumulative losses, taxable income in carry back years, the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. As of December 31, 2022, the Company had no valuation allowance recorded. The tax years 2019 through 2021 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next 12 months.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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