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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes |
| 8. | Income Taxes.
The Provision for income tax expense included in the financial statements (in thousands):
|  | Years Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Included in Net income: |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 10,281 |  |  |  | 3,207 |  |  |  | 2,962 |
Discontinued operations |  |  | — |  |  |  | — |  |  |  | 2,542 |
Income tax expense benefit |  |  | 10,281 |  |  |  | 3,207 |  |  |  | 5,504 |
Comprehensive income |  |  | (209 | ) |  |  | (92 | ) |  |  | 602 |
Total tax expense |  | $ | 10,072 |  |  |  | 3,115 |  |  |  | 6,106 |
The Provision for income taxes (income tax benefit) consists of the following (in thousands):
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |  |
Federal |  | $ | 305 |  |  |  | (2,667 | ) |  |  | (8,225 | )
State |  |  | 1,826 |  |  |  | (213 | ) |  |  | (7,799 | )
Current income tax expense |  |  | 2,131 |  |  |  | (2,880 | ) |  |  | (16,024 | )
Deferred |  |  | 7,941 |  |  |  | 5,995 |  |  |  | 22,130 |
Total |  | $ | 10,072 |  |  |  | 3,115 |  |  |  | 6,106 |
The deferred taxes in 2020 are primarily related to the bonus depreciation on property placed in service. Taxes in 2020 were favorably impacted by $1,100,000 due to a carryback of our 2020 tax net operating loss to fiscal 2016 when the federal tax rate was 35%. Current income tax expense in 2019 includes a $13,797,000 provision to return adjustment related to the deferral of current federal and state taxes due in connection with $50 million additional Opportunity Zone investment funds invested in June of 2019 but applied to the 2018 returns. In addition, 2019 includes an additional deferral reduction of $4,213,000 of current state taxes related to the $55 million Opportunity Zone investment in December of 2018 which were deferred rather than our prior 2018 tax position that the state taxes would not conform to the federal treatment. The aggregate of the provision to return adjustments in 2019 of $18 million offset current tax provision of $2 million absent these adjustments for a net current tax benefit of $16 million. As of December 31, 2021 the company has deferred taxes of approximately $31 million associated with $112 million of gains on sales reinvested through Opportunity Zone investments. These taxes are deferred until the earlier of the sale of the related investments or December 31, 2026 and 10% of gains are excluded from tax once the investments are held five years plus an additional 5% is excluded at seven years. A Reconciliation between the amount of tax shown above and the amount computed at the statutory Federal income tax rate follows (in thousands):
|  | Year Ended December 31
|  | 2021 |  | 2020 |  | 2019
Amount computed at statutory |  |  |  |  |  |  |  |  |  |  |  |
Federal rate |  | $ | 7,941 |  |  |  | 3,226 |  |  |  | 5,006 |
State income taxes (net of Federal income tax benefit) |  |  | 2,634 |  |  |  | 1,048 |  |  |  | 1,623 |
Carryback of net operating loss |  |  | — |  |  |  | (1,100 | ) |  |  | — |
Other, net |  |  | (503 | ) |  |  | (59 | ) |  |  | (523 | )
Provision for income taxes |  | $ | 10,072 |  |  |  | 3,115 |  |  |  | 6,106 |
In this reconciliation, the category “Other, net” consists of permanent tax differences related to non-deductible expenses, special tax rates and tax credits, interest paid and penalties, and adjustments to prior year estimates. The types of temporary differences and their related tax effects that give rise to Deferred tax assets and deferred tax liabilities are presented below (in thousands):
|  | December 31,
|  | 2021 |  | 2020 |  | 2019
Deferred tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment |  | $ | 38,143 |  |  |  | 56,314 |  |  |  | 49,932 |
Investment in opportunity zone |  |  | 30,846 |  |  |  | — |  |  |  | — |
Depletion |  |  | 704 |  |  |  | 708 |  |  |  | 718 |
Unrealized rents |  |  | 58 |  |  |  | 27 |  |  |  | 27 |
Prepaid expenses |  |  | 36 |  |  |  | 50 |  |  |  | 76 |
Gross deferred tax liabilities |  |  | 69,787 |  |  |  | 57,099 |  |  |  | 50,753 |
Deferred tax assets: |  |  |  |  |  |  |  |  |  |  |  |
Federal tax loss carryforwards |  |  | 3,235 |  |  |  | — |  |  |  | — |
State tax loss carryforwards |  |  | 1,388 |  |  |  | — |  |  |  | — |
Employee benefits and other |  |  | 1,117 |  |  |  | 993 |  |  |  | 642 |
Gross deferred tax assets |  |  | 5,740 |  |  |  | 993 |  |  |  | 642 |
Net deferred tax liability |  | $ | 64,047 |  |  |  | 56,106 |  |  |  | 50,111 |
NOL Carryovers
|  | Years Ended
Other Items - All Gross |  |  | 12/31/2021 |  |  |  | 12/31/2020 |
State NOL Carryovers |  |  | 23,111,156 |  |  |  | 3,863,571 |
Federal NOL Carryovers |  |  | 15,406,397 |  |  |  | — |
The Company has no unrecognized tax benefits. FRP tax returns in the U.S. and various states that include the Company are subject to audit by taxing authorities. As of December 31, 2021, the earliest tax year that remains open for audit is 2016. Our effective income tax expense may vary, possibly materially, due to projected effective state tax rates.

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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 http://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 http://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 http://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 http://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 http://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 http://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 http://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 http://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 http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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