INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

INCOME TAXES

Schedule of provision for (benefit from) income taxes

(In thousands)	2015		2014		2013
Current	$	2,849	$	(2,050)	$	1,218
Deferred		21,152		65,010		8,352
Total	$	24,001	$	62,960	$	9,570

Schedule of reconciliation of income tax expense computed by applying the Federal corporate tax rate to the provision for income taxes

(In thousands)	2015		2014		2013
Tax at statutory rate on earnings from continuing operations before income taxes	$	52,751	$	13,800	$	(22,477)
Increase (decrease) in valuation allowance, net		1,742		5,602		(88,826)
State income taxes, net of Federal income tax benefit		267		1,320		1,562
Tax at statutory rate on REIT entity earnings not subject to Federal income taxes		-		(512)		(2,648)
Tax (benefit) expense from change in rates and other permanent differences		(7,361)		(12,193)		4,339
Set up deferred tax liability related to captive REIT		-		(1,068)		53,973
Non-deductible warrant liability (gain) loss		(20,412)		21,182		63,695
Non-taxable interest income		-		18,373		(363)
Uncertain tax position (benefit) expense, excluding interest		(2,483)		2,395		(1,034)
Uncertain tax position interest, net of Federal income tax benefit		(503)		14,061		1,349
Income tax expense	$	24,001	$	62,960	$	9,570

Schedule of amounts and expiration dates of operating loss and tax credit carryforwards

			Expiration
(In thousands)	Amount		Date
Net operating loss carryforwards - Federal	$	52,571	2024-2035
Net operating loss carryforwards - State		175,346	2016-2035
Tax credit carryforwards - Federal AMT		3,667	n/a

Summary of tax effects of temporary differences and carry-forwards included in net deferred tax liabilities

(In thousands)	2015		2014
Deferred tax assets:
Operating and Strategic Development properties, primarily differences in basis of assets and liabilities	$	213,090	$	201,303
Interest deduction carryforwards		79,781		80,520
Operating loss and tax credit carryforwards		34,499		53,851
Total deferred tax assets		327,370		335,674
Valuation allowance		(19,960)		(18,218)
Total net deferred tax assets	$	307,410	$	317,456
Deferred tax liabilities:
Property associated with Master Planned Communities,  primarily differences in the tax basis of land assets and treatment  of interest and other costs	$	(218,842)	$	(212,093)
Operating and Strategic Development properties, primarily differences in basis of assets and liabilities		(42,860)		(47,355)
Deferred income		(134,929)		(120,213)
Total deferred tax liabilities		(396,631)		(379,661)
Net deferred tax liabilities	$	(89,221)	$	(62,205)

Schedule of reconciliation of Unrecognized Tax Benefits

(In thousands)	2015		2014		2013
Unrecognized tax benefits, opening balance	$	184,200	$	90,532	$	95,917
Gross increases - tax positions in prior period		-		93,668		9,162
Gross decreases - tax positions in prior periods		(147,676)		-		(14,547)
Unrecognized tax benefits, ending balance	$	36,524	$	184,200	$	90,532