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INCOME TAXES (Tables)

12 Months Ended

Apr. 30, 2022

INCOME TAXES

Schedule of components of income tax expense (benefit)

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

Schedule of components of the net deferred income taxes

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

Schedule of effective income tax rate reconciliation

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

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- 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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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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-Publisher FASB
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-SubTopic 10
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