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Note 8 - Federal, State and Local Income Taxes (Tables)

3 Months Ended

Jul. 31, 2019

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		Three Months Ended July 31,
($ in thousands)		2019				2018
Current tax expense:
Federal		$	990			$	734
State and local			296				88
Current tax expense			1,286				822
Deferred tax expense (benefit):
Federal			(16	)			-
State and local			77				(271	)
Deferred tax expense (benefit):			61				(271	)
Income tax provision		$	1,347			$	551

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		July 31,				April 30,
($ in thousands)		2019				2019
Federal tax liability (benefit):
Deferred gain on deconsolidation of EAM		$	10,669			$	10,669
Deferred non-cash post-employment compensation			(372	)			(372	)
Depreciation and amortization			122				130
Unrealized gain on securities held for sale			469				446
Deferred charges			(343	)			(354	)
Other			(296	)			(279	)
Total federal tax liability			10,249				10,240
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM			2,619				2,530
Deferred non-cash post-employment compensation			(91	)			(74	)
Depreciation and amortization			31				40
Other			(86	)			(112	)
Total state and local tax liabilities			2,473				2,384
Deferred tax liability, long-term		$	12,722			$	12,624

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		Three Months Ended July 31,
		2019				2018
U.S. statutory federal tax rate			21.00	%			21.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit			5.84	%			(5.70	)%
Effect of dividends received deductions			(0.20	)%			(0.27	)%
Other, net			0.10	%			0.04	%
Effective income tax rate			26.74	%			15.07	%

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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