Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 2163

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 3
Chunk 2163
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   The expected income tax expense /(benefit) using the federal statutory rate differs from income tax expense / (benefit) pertaining to pre-tax income / (loss) as a result of the following for the years ended  December 31, 2024, 2023, and 2022.  
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    INCOME TAX RATE RECONCILIATION 
 (Dollars in Thousands) 

       For the Year Ended December 31,  
   2024    2023    2022  
 Federal statutory rate  $1,650  $3,348  $(11,314)
 Pass through impact   (1,746)  (3,257)  9,509 
 Deferred tax valuation allowance and other   95   3,114   6,439 
 State and local tax   (446)  2,220   143 
 Foreign tax   118   120   17 
 Total  $(329) $5,545  $4,794 

   Deferred tax assets and liabilities are determined based on the difference between the book basis and tax basis of assets and liabilities using tax rates in effect for the year in which the differences are expected to reverse. The recognition of deferred tax assets is reduced by a valuation allowance if it is more likely than not that the tax benefits will not be realized.
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   The components of the net deferred tax asset (liability) are as follows.
    
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    DEFERRED TAX ASSET AND LIABILITY 
 (Dollars in Thousands) 

       December 31, 2024    December 31, 2023  
   Asset    Liability    Net    Asset    Liability    Net  
 Federal net operating loss carryforward  $19,434  $-  $19,434  $20,256  $-  $20,256 
 State and local net operating loss carryforward   4,293   -   4,293   3,862   -   3,862 
 Federal capital loss carryforward   12,020   -   12,020   12,567   -   12,567 
 Disallowed interest expense carryforward   885   -   885   925