Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense for the years ended December 31, 2018, 2017, and 2016 are as follows:



	2018							2017									2016
	Federal			State		Total		Federal			State			Total			Federal			State		Total
Current	$	(169	)	$	199	$	30	$	781		$	543		$	1,324		$	130		$	71	$	201
Deferred	—			—		—		—			—			—			—			—		—
Income tax provision from continuing operations	$	(169	)	$	199	$	30	$	781		$	543		$	1,324		$	130		$	71	$	201
Income tax (benefit) provision from discontinued operations	$	—		$	—	$	—	$	(3	)	$	(5	)	$	(8	)	$	(1	)	$	268	$	267

Schedule of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities at December 31, 2018 and 2017 were as follows:



	2018			2017
Basis difference on investment in unconsolidated entities (a) (b)	$	27,351		$	27,916
Total deferred tax assets	27,351			27,916
Less: Valuation allowance	(27,351		)	(27,916		)
Net deferred tax assets	—			—
Deferred tax liabilities	$	—		$	—


(a)	Primarily relates to the basis difference in land of a non-core land development held by DRV.


(b)	As a result of recent U.S. federal income tax reform, the Company has applied a federal corporate tax rate of 21% and a California state rate of 8.84% to determine deferred tax assets and liabilities at December 31, 2018.

Nature of Common Distributions Paid

A summary of the taxable nature of the Company’s common distributions paid for each of the years in the three year period ended December 31, 2018 is as follows:



	For the year ended December 31,
	2018		2017		2016
Ordinary income	$	0.028	$	—	$	0.080
Capital gain	—		—		0.240
Return of capital	0.043		0.069		0.150
Total distributions per share	$	0.071	$	0.069	$	0.470