Income Taxes (Tables)
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6 Months Ended |
Jun. 30, 2019 |
Operating Loss Carryforwards [Line Items] |
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Alternate Minimum Tax Credit Carryforwards |
AMT credit carryforwards available, which can be used to offset income generated in future years which are not subject to expiration, are as follows:
| | Amount | | AMT Credits carryforwards | | $ | 10,741,000 | |
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Alternative Minimum Tax ("AMT") Credit Carryforwards Projected to be Claimed as Refundable for Each Tax Year |
The Company’s AMT credit carryforward amount(s) projected to be claimed as refundable for each tax year are as follows:
Tax Year (a) | | Declining balance of the AMT credit carryforward amount(s) available for each tax year (a)(b) | | | % of AMT credit carryforward amount(s) available to be claimed as refundable for each tax year | | | AMT credit carryforward amount(s) projected to be claimed as refundable for each tax year (a)(b) | | | | | | | | | | | | 2019 | | $ | 10,741,000 | | | | 50 | % | | $ | 5,371,000 | | 2020 | | | 5,371,000 | | | | 50 | % | | | 2,685,000 | | 2021 | | | 2,685,000 | | | | 100 | % | | | 2,685,000 | | | | | | | | | | | | $ | 10,741,000 | |
| (a) | Assumes no regular federal income tax liability in tax years presented above which would reduce any AMT credit carryforward amount(s) ultimately refunded. |
| (b) | See herein with regard to the filing of the Company’s 2018 federal income tax return and the March 2019 federal tax refund received. |
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Federal [Member] |
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Operating Loss Carryforwards [Line Items] |
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Net Operating Loss Carryforwards |
The federal NOL carryforwards as of December 31, 2018, are as follows:
Tax Year Originating | | Tax Year Expiring | | Amount | | 2006 | | 2026 | | $ | 500,000 | | 2007 | | 2027 | | | 12,700,000 | | 2008 | | 2028 | | | 4,600,000 | | 2009 | | 2029 | | | 2,400,000 | | 2010 | | 2030 | | | 1,900,000 | | 2011 | | 2031 | | | 1,900,000 | | 2013 | | 2033 | | | 3,700,000 | | 2014 | | 2034 | | | 4,900,000 | | 2015 | | 2035 | | | 4,200,000 | | 2016 | | 2036 | | | 3,400,000 | | 2017 | | 2037 | | | 68,000,000 | | 2018 | | - | | | 500,000 | | | | | | $ | 108,700,000 | |
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State [Member] |
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Operating Loss Carryforwards [Line Items] |
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Net Operating Loss Carryforwards |
The state NOL carryforwards as of December 31, 2018, are as follows:
Tax Year Originating | | Tax Year Expiring | | Amount | | 2011 | | 2031 | | $ | 1,800,000 | | 2013 | | 2033 | | | 2,700,000 | | 2014 | | 2034 | | | 4,200,000 | | 2015 | | 2035 | | | 4,100,000 | | 2016 | | 2036 | | | 2,800,000 | | 2017 | | 2037 | | | 68,000,000 | | 2018 | | 2038 | | | 500,000 | | | | | | $ | 84,100,000 | |
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