Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 360

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 360
---
,358

     (7
     )

     2,365

      Other 

     (1,346
     )

     (2,671
     )

     1,325

     $
     15,275

     $
     (14,963
     )
      
     $
     30,238

See note 12 to our consolidated financial statements included in Item 1 of this Quarterly Report on Form 10-K.

      59

Income Tax Expense / (Benefit) 

The income tax expense was $5,545 for the year ended December 31, 2023, as compared to $4,794 for the year ended December 31, 2022.  See note 23 to our consolidated financial statements included in our Annual Report on Form 10-K.

﻿The tax expense recognized in 2023 was comprised of a deferred tax expense of $5,354 and current tax expense of $191.  The current tax expense incurred was the result of foreign, state, and local income tax.  The deferred tax expense was U.S. federal, state, and local tax expense, which was the result of the increase in the valuation allowance applied against the Company's carryforward tax assets.  

The tax expense recognized in 2022 was comprised of a deferred tax expense of $4,579 and current tax expense of $215.  The current tax expense incurred was the result of foreign, state, and local income tax.  The deferred tax expense was U.S. federal, state, and local tax expense, which was the result of the increase in the valuation allowance applied against the Company's carryforward tax assets.  

We have significant carryforward tax assets.  As of December 31, 2023, the Company had a federal net operating loss (“NOL”) of approximately $96,457, which will be available to offset future taxable income, subject to limitations described below. The Company also had net capital losses (“NCLs”) in excess of capital gains of $59,844 as of December 31, 2023, which can be carried forward to offset future capital gains. ASC 746 requires that we record a valuation allowance against these assets so that the net asset recognized is, in management's judgment, more likely than not to be realized.  

Each reporting period, management determines the expected amount of taxable income it will generate in each