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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Note 20. INCOME TAXES As a limited partnership, we are not subject to federal and state income taxes. However, our corporate subsidiaries are subject to income taxes. Income tax attributable to our taxable income (including any dividend income from our corporate subsidiaries), which may differ significantly from income for financial statement purposes, is assessed at the individual limited partner unitholder level. Individual unitholders have different investment basis depending upon the timing and price at which they acquired their common units. Further, each unitholder’s tax accounting, which is partially dependent upon the unitholder’s tax position, differs from the accounting followed in the Partnership’s consolidated financial statements. Accordingly, the aggregate difference in the basis of the Partnership’s net assets for financial and tax reporting purposes cannot be readily determined because information regarding each unitholder’s tax attributes in the Partnership is not available to the Partnership. We are subject to a statutory requirement that non-qualifying income, as defined by the Internal Revenue Code, cannot exceed 10% of total gross income for the calendar year. If non-qualifying income exceeds this statutory limit, we would be taxed as a corporation. The non-qualifying income did not exceed the statutory limit in any annual period presented. Certain activities that generate non-qualifying income are conducted through our wholly owned taxable corporate subsidiaries, LGWS and Joe’s Kwik Marts. Current and deferred income taxes are recognized on the earnings of these subsidiaries. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Partnership calculates its current and deferred tax provision based on estimates and assumptions that could differ from actual results reflected in income tax returns filed in subsequent years. Adjustments based on filed returns are recorded when identified. Components of income tax expense related to net income were as follows (in thousands):
|  | For the Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current |  |  |  |  |  |  |  |  |
U.S. federal |  | $ | 502 |  |  | $ | 1,976 |  |  | $ | 329 |
U.S. state |  |  | 451 |  |  |  | 491 |  |  |  | 207 |
Total current |  |  | 953 |  |  |  | 2,467 |  |  |  | 536 |
Deferred |  |  |  |  |  |  |  |  |
U.S. federal |  |  | 946 |  |  |  | (2,236 | ) |  |  | (3,927 | )
U.S. state |  |  | 626 |  |  |  | 483 |  |  |  | 166 |
Total deferred |  |  | 1,572 |  |  |  | (1,753 | ) |  |  | (3,761 | )
Income tax expense (benefit) |  | $ | 2,525 |  |  | $ | 714 |  |  | $ | (3,225 | )
The difference between the actual income tax provision and income taxes computed by applying the U.S. federal statutory rate to earnings (losses) before income taxes is attributable to the following (in thousands):
|  | For the Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Consolidated income from continuing operations before income taxes - all domestic |  | $ | 45,117 |  |  | $ | 64,410 |  |  | $ | 18,429 |
Income from continuing operations before income taxes of non-taxable entities |  |  | (34,797 | ) |  |  | (65,466 | ) |  |  | (37,072 | )
Income (loss) from continuing operations before income taxes of corporate entities |  |  | 10,320 |  |  |  | (1,056 | ) |  |  | (18,643 | )
Federal income tax expense (benefit) at statutory rate |  |  | 2,167 |  |  |  | (222 | ) |  |  | (3,915 | )
Increase (decrease) due to: |  |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit |  |  | 421 |  |  |  | 974 |  |  |  | 372 |
Other |  |  | (63 | ) |  |  | (38 | ) |  |  | 318 |
Total income tax expense (benefit) |  | $ | 2,525 |  |  | $ | 714 |  |  | $ | (3,225 | )
The tax effects of significant temporary differences representing deferred income tax assets and liabilities were as follows (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred income tax assets: |  |  |  |  |  |
Operating and finance lease obligations |  | $ | 29,193 |  |  | $ | 33,318 |
Asset retirement obligations |  |  | 11,045 |  |  |  | 10,745 |
Intangible assets |  |  | 7,887 |  |  |  | 8,505 |
Net operating losses (a) |  |  | 5,331 |  |  |  | 5,913 |
Other assets and liabilities |  |  | 7,394 |  |  |  | 6,678 |
Total deferred income tax assets |  |  | 60,850 |  |  |  | 65,159 |
Deferred income tax liabilities: |  |  |  |  |  |
Deferred rent income |  |  | 841 |  |  |  | 855 |
Property and equipment |  |  | 46,223 |  |  |  | 45,440 |
Right-of-use assets |  |  | 25,946 |  |  |  | 29,452 |
Total deferred income tax liabilities |  |  | 73,010 |  |  |  | 75,747 |
Net deferred income tax liabilities |  | $ | 12,160 |  |  | $ | 10,588 |
(a) Includes a federal deferred tax asset of $3.7 million related to a $16.7 million federal net operating loss that has no expiration. We record an accrual for federal, state and local and uncertain tax positions. The development of these tax positions requires subjective, critical estimates and judgments about tax matters, potential outcomes and timing. Although the outcome of potential tax examinations is uncertain, in management’s opinion, adequate provisions for income taxes have been made for potential liabilities resulting from these reviews. If actual outcomes differ materially from these estimates, they could have a material impact on our financial condition and results of operations. Differences between actual results and assumptions, or changes in assumptions in future periods, are recorded in the period they become known. To the extent additional information becomes available prior to resolution, such accruals are adjusted to reflect probable outcomes. We did no t have unrecognized tax benefits at December 31, 2023 or 2022. Our practice is to recognize interest and penalties related to income tax matters in income tax expense. We had no material interest and penalties for 2023, 2022 and 2021. We file income tax returns with the U.S. federal government as well as the many state jurisdictions in which we operate. The statute remains open for tax years 2020 through 2023; therefore, these years remain subject to examination by federal, state and local jurisdiction authorities.

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