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Income Taxes | 12 Months Ended
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Dec. 31, 2022
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,
|  | 2022 |  | 2021 |  | 2020
Included in Net income: |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 1,530 |  |  |  | 10,281 |  |  |  | 3,207 |
Comprehensive income |  |  | (515 | ) |  |  | (209 | ) |  |  | (92 | )
Total tax expense |  | $ | 1,015 |  |  |  | 10,072 |  |  |  | 3,115 |
The Provision for income taxes (income tax benefit) consists of the following (in thousands):
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |  |
Federal |  | $ | (214 | ) |  |  | 305 |  |  |  | (2,667 | )
State |  |  | (571 | ) |  |  | 1,826 |  |  |  | (213 | )
Current income tax expense |  |  | (785 | ) |  |  | 2,131 |  |  |  | (2,880 | )
Deferred |  |  | 1,800 |  |  |  | 7,941 |  |  |  | 5,995 |
Total |  | $ | 1,015 |  |  |  | 10,072 |  |  |  | 3,115 |
The deferred taxes 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%. As of December 31, 2022 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): Income tax reconciliation
|  | Year Ended December 31
|  | 2022 |  | 2021 |  | 2020
Amount computed at statutory |  |  |  |  |  |  |  |  |  |  |  |
Federal rate |  | $ | 924 |  |  |  | 7,941 |  |  |  | 3,226 |
State income taxes (net of Federal income tax benefit) |  |  | (30 | ) |  |  | 2,634 |  |  |  | 1,048 |
Carryback of net operating loss |  |  | — |  |  |  | — |  |  |  | (1,100 | )
Other, net |  |  | 121 |  |  |  | (503 | ) |  |  | (59 | )
Provision for income taxes |  | $ | 1,015 |  |  |  | 10,072 |  |  |  | 3,115 |
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):Temporary tax differences
|  | December 31,
|  | 2022 |  | 2021 |  | 2020
Deferred tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment |  | $ | 41,866 |  |  |  | 38,143 |  |  |  | 25,468 |
Investment in opportunity zone |  |  | 34,871 |  |  |  | 30,846 |  |  |  | 30,846 |
Depletion |  |  | 697 |  |  |  | 704 |  |  |  | 708 |
Unrealized rents |  |  | 150 |  |  |  | 58 |  |  |  | 27 |
Prepaid expenses |  |  | 31 |  |  |  | 36 |  |  |  | 50 |
Gross deferred tax liabilities |  |  | 77,615 |  |  |  | 69,787 |  |  |  | 57,099 |
Deferred tax assets: |  |  |  |  |  |  |  |  |  |  |  |
Federal tax loss carryforwards |  |  | 6,375 |  |  |  | 3,235 |  |  |  | — |
State tax loss carryforwards |  |  | 2,359 |  |  |  | 1,388 |  |  |  | — |
Employee benefits and other |  |  | 921 |  |  |  | 1,117 |  |  |  | 993 |
Gross deferred tax assets |  |  | 9,655 |  |  |  | 5,740 |  |  |  | 993 |
Net deferred tax liability |  | $ | 67,960 |  |  |  | 64,047 |  |  |  | 56,106 |
NOL Carryovers
|  | Years Ended
Other Items - All Gross |  |  | 12/31/2022 |  |  |  | 12/31/2021 |
State NOL Carryovers |  |  | 38,169,229 |  |  |  | 23,111,156 |
Federal NOL Carryovers |  |  | 30,357,222 |  |  |  | 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, 2022, the earliest tax year that remains open for audit is 2017. 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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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