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

6 Months Ended

Oct. 31, 2024

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)		2024				2023				2024				2023
Current tax expense:
Federal		$	1,339			$	1,253			$	2,622			$	2,462
State and local			354				259				666				510
Current tax expense			1,693				1,512				3,288				2,972
Deferred tax expense (benefit):
Federal			182				(346	)			486				(306	)
State and local			-				(64	)			11				(64	)
Deferred tax expense (benefit):			182				(410	)			497				(370	)
Income tax provision		$	1,875			$	1,102			$	3,785			$	2,602

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

		October 31,				April 30,
($ in thousands)		2024				2024
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			79				73
Unrealized gain/(loss) on securities held for sale			1,330				916
Right of Use Asset			(131	)			(128	)
Deferred charges			(74	)			(138	)
Other			(510	)			(424	)
Total federal tax liability			10,991				10,596
State and local tax liabilities (benefits):
Deferred gain on deconsolidation of EAM			2,490				2,073
Deferred non-cash post-employment compensation			(87	)			(72	)
Depreciation and amortization			19				13
Unrealized gain/(loss) on securities held for sale			310				178
Other			(319	)			105
Total state and local tax liabilities			2,413				2,297
Deferred tax liability, long-term		$	13,404			$	12,893

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

		Six Months Ended October 31,
		2024				2023
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			3.86	%			3.03	%
Effect of dividends received deductions			(0.22	)%			(0.25	)%
Other, net			0.01	%			(0.02	)%
Effective income tax rate			24.65	%			23.76	%

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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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+ References

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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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