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Income Tax Provision
 9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Income Tax Provision

11. Income Tax Provision

The Partnership recognizes current income tax expense for federal, state, and local income taxes incurred by the Greens Hold Co, which owned The 50/50 MF Property until December 2022, and also owns certain property loans. The following table summarizes income tax expense (benefit) for the three and nine months ended September 30, 2023 and 2022:

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Current income tax expense (benefit)

 

$

7,275

 

 

$

(38,980

)

 

$

15,539

 

 

$

3,688

 

Deferred income tax benefit

 

 

(1,103

)

 

 

(42,543

)

 

 

(3,158

)

 

 

(49,250

)

Total income tax expense (benefit)

 

$

6,172

 

 

$

(81,523

)

 

$

12,381

 

 

$

(45,562

)

The Partnership evaluated whether it is more likely than not that its deferred income tax assets will be realizable. There was no valuation allowance recorded as of September 30, 2023 and December 31, 2022.