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INCOME TAXES | 12 Months Ended
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Apr. 30, 2022
INCOME TAXES |
INCOME TAXES | (13) INCOME TAXES The provision (benefit) for income taxes consists of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended April 30,
​ |  | 2022 |  | 2021
Current: |  | ​ |  |  | ​ |
Federal | ​ | $ | 2,876 | ​ | $ | 69
State and local | ​ |  | 1,062 | ​ |  | 80
​ | ​ |  | 3,938 | ​ |  | 149
Deferred: | ​ |  |  | ​ |  |
Federal | ​ |  | 1,333 | ​ |  | 2,219
State and local | ​ |  | 433 | ​ |  | 275
​ | ​ |  | 1,766 | ​ |  | 2,494
Total provision (benefit) for income taxes | ​ | $ | 5,704 | ​ | $ | 2,643
​ The components of the net deferred income taxes are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | April 30,
​ |  | 2022 |  | 2021
Deferred income tax assets: |  | ​ |  |  | ​ |
State tax loss carryforwards | ​ | $ | 4,199 | ​ | $ | 4,296
U.S. federal NOL carryforward | ​ |  | — | ​ |  | 1,384
Accrued pension costs | ​ |  | 9 | ​ |  | —
Vacation accrual | ​ |  | 14 | ​ |  | 14
Real estate basis differences | ​ |  | 3,441 | ​ |  | 3,976
Other | ​ |  | 230 | ​ |  | 303
Total deferred income tax assets | ​ | ​ | 7,893 | ​ | ​ | 9,973
​
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred income tax liabilities: |  | ​ |  |  | ​ |
Depreciable assets |  | ​ | — |  | ​ | (749)
Deferred gains on investment assets |  | ​ | (2,387) |  | ​ | (2,300)
Prepaid pension costs | ​ | ​ | (363) | ​ | ​ | (178)
Other |  | ​ | (36) |  | ​ | (31)
Total deferred income tax liabilities |  | ​ | (2,786) |  | ​ | (3,258)
Valuation allowance for realization of certain deferred income tax assets |  | ​ | (4,149) |  | ​ | (3,966)
Net deferred income tax asset | ​ | $ | 958 | ​ | $ | 2,749
​ A valuation allowance is provided when it is considered more likely than not that certain deferred tax assets will not be realized. The valuation allowance relates primarily to deferred tax assets, including net operating loss carryforwards, in states where the Company either has no current operations or its operations are not considered likely to realize the deferred tax assets due to the amount of the applicable state net operating loss or its expected expiration date. The $183,000 increase in the valuation allowance in 2022 is related to the increase in state net operating losses that are not expected to be realizable. The Company has no federal net operating loss carryforwards. The Company has state net operating loss carryforwards of $93,603,000 that expire beginning in fiscal year ending April 30, 2025. The following table reconciles taxes computed at the U.S. federal statutory income tax rate from continuing operations to the Company’s actual tax provision (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended April 30,
​ |  | 2022 |  | 2021
Computed tax provision at statutory rate | ​ | $ | 4,526 | ​ | $ | 2,108
Increase (reduction) in tax resulting from: | ​ |  | ​ | ​ |  | ​
Deferred tax rate changes | ​ |  | (453) | ​ |  | 139
Change in valuation allowances | ​ |  | 183 | ​ |  | (304)
State income taxes, net of federal income tax effect | ​ |  | 1,095 | ​ |  | 366
Permanent items | ​ | ​ | — | ​ | ​ | (63)
Other | ​ |  | 353 | ​ |  | 397
Actual tax provision | ​ | $ | 5,704 | ​ | $ | 2,643
​ The Company is subject to U.S. federal income taxes and various state and local income taxes. Tax regulations within each jurisdiction are subject to interpretation and require significant judgment to apply. Other than U.S. federal tax returns, in nearly all jurisdictions, the tax years through the fiscal year ended April 30, 2018 are no longer subject to examination due to the expiration of the applicable statutes of limitations. ASC 740 clarifies the accounting for uncertain tax positions, prescribing a minimum recognition threshold a tax position is required to meet before being recognized, and providing guidance on the derecognition, measurement, classification and disclosure relating to income taxes. The Company has no unrecognized tax benefits for 2022 and 2021. The Company has elected to include interest and penalties in its income tax expense. The Company had no accrued interest or penalties as of April 30, 2022 and 2021.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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