INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2013

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,	2013			2012
	Continuing		Continuing		Discontinued
	Operations		Operations		Operations		Total
Federal
Current tax expense	$	(62,000)	$	(284,000)	$	-	$	(284,000)
Deferred tax benefit (expense)		183,000		1,847,000		(799,000)		1,048,000
		121,000		1,563,000		(799,000)		764,000
State
Current tax expense		(54,000)		(97,000)		(12,000)		(109,000)
Deferred tax benefit (expense)		180,000		15,000		(57,000)		(42,000)
		126,000		(82,000)		(69,000)		(151,000)
	$	247,000	$	1,481,000	$	(868,000)	$	613,000

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 loss before taxes as a result of the following differences:

For the years ended June 30,	2013		2012

Statutory federal tax rate	$	(129,000)	$	(1,236,000)
State income taxes, net of federal tax benefit		69,000		(44,000)
Dividend received deduction		255,000		(292,000)
Noncontrolling interest		450,000		(635,000)
Valuation allowance		(397,000)		547,000
Other		(1,000)		179,000
	$	247,000	$	(1,481,000)

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

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

	June 30, 2013		June 30, 2012
Deferred tax assets:
Net operating loss carryforwards	$	8,625,000	$	8,980,000
Capital loss carryforwards		896,000		192,000
Investment impairment reserve		1,541,000		2,049,000
Accruals and reserves		886,000		668,000
Valuation allowance		(1,695,000)		(1,298,000)
		10,253,000		10,591,000
Deferred tax liabilities:
Deferred gains on real estate sale		(9,612,000)		(9,648,000)
Unrealized gains on marketable securities		(3,804,000)		(4,254,000)
Depreciation and amortization		528,000		(315,000)
Equity earnings		(1,816,000)		(1,266,000)
State taxes		(166,000)		(89,000)
		(14,870,000)		(15,572,000)
Net deferred tax liability	$	(4,617,000)	$	(4,981,000)

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

The carryforward expires in varying amounts through the year 2023.

	Federal		State
InterGroup	$	4,786,000	$	1,728,000
Santa Fe		6,767,000		3,271,000
Portsmouth		10,700,000		8,828,000
	$	22,253,000	$	13,827,000