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Note 7 - Federal, State and Local Income Taxes (Tables)

12 Months Ended

Apr. 30, 2023

Notes Tables

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

		Fiscal Years Ended April 30,
($ in thousands)		2023				2022				2021
Current tax expense:
Federal		$	4,702			$	5,625			$	5,407
State and local			984				1,280				1,046
Current tax expense			5,686				6,905				6,453
Deferred tax expense (benefit):
Federal			23				239				859
State and local			(3	)			(328	)			(316	)
Deferred tax expense (benefit):			20				(89	)			543
Income tax provision		$	5,706			$	6,816			$	6,996

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

		Fiscal Years Ended April 30,
($ in thousands)		2023				2022
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			59				77
Unrealized gain on securities held for sale			919				909
Right of Use Asset			(174	)			(188	)
Deferred charges			(136	)			(154	)
Other			(333	)			(300	)
Total federal tax liability			10,632				10,641
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM			2,062				2,131
Deferred non-cash post-employment compensation			(72	)			(74	)
Depreciation and amortization			125				180
Unrealized gain on securities held for sale			178				194
Other			204				54
Total state and local tax liabilities			2,497				2,485
Deferred tax liability, long-term		$	13,129			$	13,126

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

		Fiscal Years Ended April 30,
		2023				2022				2021
U.S. statutory federal tax rate			21.00	%			21.00	%			21.00	%
Increase (decrease) in tax rate from:
State and local income taxes, net of federal income tax benefit			3.25	%			3.12	%			2.05	%
Nontaxable SBA loan forgiveness			-				(1.60	%)			-
Effect of dividends received deductions			(0.26	%)			(0.29	%)			(0.31	%)
Other, net			0.01	%			0.02	%			0.37	%
Effective income tax rate			24.00	%			22.25	%			23.11	%

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

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-Topic 740
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-Paragraph 9
-Section 50
-Publisher FASB
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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.

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