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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2011
Income Taxes |
Income Taxes |
Note 11. Income Taxes Our provision for income taxes consists of the following:
|  | For the year ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |
Current: |  |  |  |  |  |  |  |  |  |
Federal |  | $ | — |  | $ | — |  | $ | — |
State |  |  | 312 |  |  | 300 |  |  | 312 |
|  |  | 312 |  |  | 300 |  |  | 312 |
Deferred: |  |  |  |  |  |  |  |  |  |
Federal |  |  | — |  |  | — |  |  | — |
State |  |  | — |  |  | — |  |  | — |
|  |  | — |  |  | — |  |  | — |
Income tax provision |  | $ | 312 |  | $ | 300 |  | $ | 312 |
A reconciliation of our effective tax rate and the U.S. federal statutory income tax rate is as follows:
|  | For the year ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |
Taxes at statutory U.S. federal income tax rate |  |  | 35.0% |  |  | 35.0% |  |  | 35.0% |
Nontaxable income of SNH |  |  | (35.0)% |  |  | (35.0)% |  |  | (35.0)% |
State and local income taxes, net of federal tax benefit |  |  | 0.2% |  |  | 0.3% |  |  | 0.3% |
Change in valuation allowance |  |  | 0.4% |  |  | — |  |  | — |
Other differences, net |  |  | (0.4)% |  |  | — |  |  | — |
Effective tax rate |  |  | 0.2% |  |  | 0.3% |  |  | 0.3% |
Deferred income tax balances reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities on our balance sheet and the amounts used for income tax purposes and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Significant components of our deferred tax assets and liabilities are as follows:
|  | For the year ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |
Deferred tax assets: |  |  |  |  |  |  |
Reserves |  | $ | 489 |  | $ | — |
Tax loss carry forwards |  |  | 241 |  |  | — |
Other |  |  | — |  |  | — |
|  |  | 730 |  |  | — |
Valuation allowance |  |  | (617 | ) |  | — |
|  |  | 113 |  |  | — |
Deferred tax liabilities: |  |  |  |  |  |  |
Depreciable assets |  |  | (113 | ) |  | — |
|  |  | — |  |  | — |
Net deferred tax liabilities |  | $ | — |  | $ | — |
Deferred tax liabilities are included in other liabilities in the accompanying consolidated balance sheet. Because of our TRSs' short operating history and the uncertainty surrounding our ability to realize the future benefit of these assets, we have provided a 100% valuation allowance as of December 31, 2011. If and when we believe it is more likely than not that we will recover our deferred tax assets, we will reverse the valuation allowance as an income tax benefit in our consolidated statement of operations. As of December 31, 2011, our consolidated TRSs had net operating loss carry forwards for federal income tax purposes of approximately $620, which if unused, begin to expire in 2031.

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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 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: 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 Reference 6: 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 7: 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 8: 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=6881521&loc=d3e23780-122690 + Details
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