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

6 Months Ended

Oct. 31, 2023

Notes Tables

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

		Three Months Ended October 31,								Six Months Ended October 31,
($ in thousands)		2023				2022				2023				2022
Current tax expense:
Federal		$	1,253			$	1,252			$	2,462			$	2,390
State and local			259				110				510				467
Current tax expense			1,512				1,362				2,972				2,857
Deferred tax expense (benefit):
Federal			(346	)			(11	)			(306	)			(99	)
State and local			(64	)			40				(64	)			40
Deferred tax expense (benefit):			(410	)			29				(370	)			(59	)
Income tax provision		$	1,102			$	1,391			$	2,602			$	2,798

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

		October 31,				April 30,
($ in thousands)		2023				2023
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			53				59
Unrealized gain/(loss) on fixed income securities held for sale			(76	)			99
Unrealized gain on equity securities			613				919
Right of Use Asset			(161	)			(174	)
Deferred charges			(144	)			(136	)
Other			(433	)			(432	)
Total federal tax liability			10,149				10,632
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM			1,935				2,062
Deferred non-cash post-employment compensation			(67	)			(72	)
Depreciation and amortization			10				125
Unrealized gain/(loss) on fixed income securities held for sale			(13	)			19
Unrealized gain on equity securities			111				178
Other			412				185
Total state and local tax liabilities			2,388				2,497
Deferred tax liability, long-term		$	12,537			$	13,129

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

		Six months Ended October 31,
		2023				2022
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			3.03	%			3.37	%
Effect of dividends received deductions			(0.25	)%			(0.23	)%
Other, net			(0.02	)%			0.01	%
Effective income tax rate			23.76	%			24.15	%

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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-Section 50
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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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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

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