INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2014

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,	2014		2013

Federal
Current tax expense	$	(51,000)	$	(62,000)
Deferred tax benefit		2,748,000		183,000
		2,697,000		121,000

State
Current tax expense		(56,000)		(54,000)
Deferred tax benefit		926,000		180,000
		870,000		126,000

	$	3,567,000	$	247,000

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

The provision for income taxes 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,	2014		2013

Statutory federal tax rate	$	3,507,000	$	(129,000)
State income taxes, net of federal tax benefit		552,000		69,000
Dividend received deduction		245,000		255,000
Noncontrolling interest		(351,000)		450,000
Valuation allowance		(153,000)		(397,000)
Other		(233,000)		(1,000)
	$	3,567,000	$	247,000

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

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

Deferred tax assets:	June 30, 2014		June 30, 2013
Net operating loss carryforwards	$	10,110,000	$	8,625,000
Capital loss carryforwards		940,000		896,000
Investment impairment reserve		1,565,000		1,541,000
Accruals and reserves		968,000		886,000
Depreciation and amortization		571,000		528,000
State taxes		707,000		-
Valuation allowance		(1,847,000)		(1,695,000)
		13,014,000		10,781,000
Deferred tax assets (liabilities):
Deferred gains on real estate sale		(9,633,000)		(9,612,000)
Unrealized gains on marketable securities		(3,789,000)		(3,804,000)
Equity earnings		(535,000)		(1,816,000)
State taxes		-		(166,000)
		(13,957,000)		(15,398,000)
Net deferred tax liability	$	(943,000)	$	(4,617,000)

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

As of June 30, 2014, the Company had estimated net operating losses (NOLs) of $25,165,000 and $18,087,000 for federal and state purposes, respectively. Below is the break-down of the NOLs for Intergroup, Santa Fe and Portsmouth. The carryforward expires in varying amounts through the year 2024.

	Federal		State
InterGroup	$	3,922,000	$	1,502,000
Santa Fe		6,879,000		3,304,000
Portsmouth		14,364,000		13,280,000
	$	25,165,000	$	18,086,000