INCOME TAXES

6 Months Ended

Mar. 31, 2021

The components of loss before income taxes, after adjusting the (loss) earnings for non-controlling interests, are as follows:


	Three months ended March 31,				Six months ended March 31,
	2021		2020		2021		2020
United States	$	(931,000)	$	701,000	$	491,000	$	554,000
Canada	109,000		(2,215,000)		(666,000)		(2,484,000)
	$	(822,000)	$	(1,514,000)	$	(175,000)	$	(1,930,000)

The components of the income tax provision (benefit) are as follows:


	Three months ended March 31,				Six months ended March 31,
	2021		2020		2021		2020
Current	$	59,000	$	—	$	83,000	$	7,000
Deferred	(25,000)		—		14,000		(9,000)
	$	34,000	$	—	$	97,000	$	(2,000)

Consolidated taxes do not bear a customary relationship to pretax results due primarily to the fact that the Company is taxed separately in Canada based on Canadian source operations and in the U.S. based on consolidated operations, and essentially all deferred tax assets, net of relevant offsetting deferred tax liabilities, are not estimated to have a future benefit as tax credits or deductions. Income from our non-controlling interest in the Kukio Resort Land Development Partnerships is treated as non-unitary for state of Hawaii unitary filing purposes, thus unitary Hawaii losses provide limited sheltering of such non-unitary income.

On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act (the “Act”), an omnibus spending bill to fund the federal government that also includes an array of COVID-related tax relief for individuals and businesses. The tax-related measures contained in the Act revise and expand provisions enacted earlier in the year by the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security Act. The Act also extends a number of expiring tax provisions. Additionally, the Act provides for a 100% deduction for certain business meals incurred in calendar years 2021 and 2022. The Company determined that income tax effects related to the passage of the Act were not material to the financial statements for the three and six months ended March 31, 2021.

- 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.

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