XML 85 R19.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Income Taxes Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Income Tax Disclosure | Income Taxes TRS Holdings and Observatory TRS are taxable entities and their consolidated provision for income taxes consisted of the following for the year ended December 31, 2014 and the period October 7, 2013 through December 31, 2013 (amounts in thousands):
| December 31, 2014 |  | Period from October 7, 2013 through December 31, 2013
Current: |  |  |
Federal | $ | (3,253 | ) |  | $ | 844 |
State and local | (1,792 | ) |  | 281 |
Total current | (5,045 | ) |  | 1,125 |
Deferred: |  |  |
Federal | 247 |  |  | — |
State and local | 143 |  |  | — |
Total deferred | 390 |  |  | — |
Income tax (expense) benefit | $ | (4,655 | ) |  | $ | 1,125 |
The effective income tax rate is 44.3% and 45.3% for the year ended December 31, 2014 and the period from October 7, 2013 through December 31, 2013, respectively. The actual tax provision differed from that computed at the federal statutory corporate rate as follows (amounts in thousands):
| December 31, 2014 |  | Period from October 7, 2013 through December 31, 2013
Federal tax (expense) benefit at 34% statutory rate | $ | (3,576 | ) |  | $ | 844 |
State income taxes, net of federal benefit | (1,079 | ) |  | 281 |
Income tax (expense) benefit | $ | (4,655 | ) |  | $ | 1,125 |
The income tax effects of temporary differences that give rise to deferred tax assets are presented below (amounts in thousands):
| 2014 |  | Period from October 7, 2013 through December 31, 2013
Deferred tax assets: |  |  |
Deferred revenue on unredeemed observatory admission ticket sales | $ | 390 |  |  | $ | — |
Loss carryforwards | — |  |  | 1,125 |
Total deferred tax assets | 390 |  |  | 1,125 |
Deferred tax liabilities: |  |  |
Total deferred tax liabilities | — |  |  | — |
Total | $ | 390 |  |  | $ | 1,125 |
Deferred tax asset of $0.4 million at December 31, 2014 is attributable to the inclusion of deferred revenue on Observatory admission ticket sales not redeemed at year-end in determining income for tax reporting purposes. No valuation allowance has been recorded against the deferred tax asset because the Company believes that the deferred tax asset will, more likely than not, be realized. This determination is based on the Observatory TRS’s anticipated future taxable income and the reversal of the deferred tax asset. Deferred tax asset of $1.1 million at December 31, 2013 is attributable to the Observatory TRS’s loss during the period from October 7, 2013 through December 31, 2013 as a result of increased percentage rent. Percentage rent is based on gross receipts and the highest percentage is reached in the fourth quarter. The loss was fully absorbed by the Observatory TRS’s profit in 2014. At December 31, 2014, the TRS entities have no amount of unrecognized tax benefits. For tax years 2014 and 2013, the United States federal and state tax returns are open for examination.

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

X
- 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
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration