Company: BHR-PD
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001574085-25-000024
Chunk: 277

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 8
Chunk 277
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):Year Ended December 31,202420232022U.S.$6,549 $(51,878)$(3,859)Foreign14,056 23,939 27,250 Total$20,605 $(27,939)$23,391 

147

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

For the years ended December 31, 2024, 2023 and 2022, income tax expense included interest and penalties paid to/(received from) taxing authorities of $4,000, $(11,000) and $1,000, respectively. At December 31, 2024 and 2023, we determined that there were no amounts to accrue for interest and penalties due to taxing authorities.At December 31, 2024 and 2023, our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands):December 31,20242023Deferred tax assets:Tax intangibles basis greater than book basis$722 $722 Allowance for doubtful accounts99 50 Unearned income3,068 2,768 Federal and state net operating losses16,435 15,967 Capital loss carryforward331 511 Accrued expenses775 761 Other12 7 Total deferred tax asset21,442 20,786 Valuation allowance(16,496)(16,169)Net deferred tax asset$4,946 $4,617 Deferred tax liabilities:Other$(11)$(6)Tax property basis greater/(less) than book basis(6,160)(5,932)Total deferred tax liability(6,171)(5,938)Net deferred tax asset (liability)$(1,225)$(1,321)At December 31, 2024 and 2023, we have reserved certain deferred tax assets of our TRS entities and recorded a valuation allowance of $16.5 million and $16.2 million, respectively. Primarily as a result of the limitation imposed by the Code on the utilization of net operating losses of acquired subsidiaries, we believe it is more likely than not that a portion of our deferred tax assets will not be realized, and therefore, have provided a valuation allowance to reserve against the balances.At December 31, 2024, we had TRS net operating loss carryforwards for U