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

3 Months Ended

Jul. 31, 2020

Notes Tables

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

		Three Months Ended July 31,
($ in thousands)		2020				2019
Current tax expense:
Federal		$	1,313			$	990
State and local			353				296
Current tax expense			1,666				1,286
Deferred tax expense (benefit):
Federal			44				(16	)
State and local			1				77
Deferred tax expense (benefit):			45				61
Income tax provision		$	1,711			$	1,347

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

		July 31,				April 30,
($ in thousands)		2020				2020
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			115				108
Unrealized gain on securities held for sale			334				299
Right of Use Asset			(186	)			(182	)
Deferred charges			(148	)			(166	)
Other			(190	)			(207	)
Total federal tax liability			10,222				10,149
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM			2,578				2,564
Deferred non-cash post-employment compensation			(90	)			(88	)
Depreciation and amortization			28				44
Unrealized gain on securities held for sale			81				72
Other			131				110
Total state and local tax liabilities			2,728				2,702
Deferred tax liability, long-term		$	12,950			$	12,851

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

		Three Months Ended July 31,
		2020				2019
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			4.35	%			5.84	%
Effect of dividends received deductions			(0.26	)%			(0.20	)%
Other, net			(0.03	)%			0.10	%
Effective income tax rate			25.06	%			26.74	%

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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