INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2012

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for the Company’s income tax benefit (expense) is comprised of the following:

For the years ended June 30,	2012								2011
	Continuing			Discontinued					Continuing		Discontinued
	Operations			Operations		Total			Operations		Operations		Total
Federal
Current tax expense		284,000			-		284,000			50,000		-		50,000
Deferred tax expense (benefit)		(1,847,000	)		799,000		(1,048,000	)		2,815,000		1,222,000		4,037,000
		(1,563,000	)		799,000		(764,000	)		2,865,000		1,222,000		4,087,000
State
Current tax expense		97,000			12,000		109,000			119,000		44,000		163,000
Deferred tax expense (benefit)		(15,000	)		57,000		42,000			624,000		191,000		815,000
		82,000			69,000		151,000			743,000		235,000		978,000
		(1,481,000	)		868,000		(613,000	)		3,608,000		1,457,000		5,065,000

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The provision for income taxes from continuing operations differs from the amount of income tax computed by applying the federal statutory income tax rate to income (loss) before taxes as a result of the following differences:

For the years ended June 30,	2012			2011
Statutory federal tax rate	$	(1,236,000	)	$	4,049,000
State income taxes, net of federal tax benefit		(44,000	)		527,000
Dividend received deduction		(292,000	)		(349,000	)
Noncontrolling interest		(635,000	)		(64,000	)
Valuation allowance		547,000			(733,000	)
Other		179,000			178,000
	$	(1,481,000	)	$	3,608,000

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The components of the deferred tax asset and liabilities are as follows:

	June 30, 2012			June 30, 2011
Deferred tax assets:
Net operating loss carryforwards	$	8,980,000		$	9,343,000
Capital loss carryforwards		192,000			615,000
Investment impairment reserve		2,049,000			1,803,000
Accruals and reserves		668,000			500,000
Valuation allowance		(1,298,000	)		(752,000	)
		10,591,000			11,509,000
Deferred tax liabilities:
Deferred gains on real estate sale		(9,648,000	)		(8,819,000	)
Unrealized gains on marketable securities		(4,254,000	)		(6,426,000	)
Depreciation and amortization		(315,000	)		246,000
Equity earnings		(1,266,000	)		(44,000	)
State taxes		(89,000	)		(2,453,000	)
		(15,572,000	)		(17,496,000	)
Net deferred tax liability	$	(4,981,000	)	$	(5,987,000	)

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

	Federal		State
InterGroup	$	5,606,000	$	2,226,000
Santa Fe		6,269,000		2,860,000
Portsmouth		10,811,000		10,004,000
	$	22,686,000	$	15,090,000