INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2015

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

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

For the years ended June 30,	2015		2014

Federal
Current tax expense	$	(2,842,000)	$	(51,000)
Deferred tax benefit		496,000		2,748,000
		(2,346,000)		2,697,000

State
Current tax expense		(844,000)		(56,000)
Deferred tax benefit		443,000		926,000
		(401,000)		870,000

	$	(2,747,000)	$	3,567,000

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,	2015		2014

Statutory federal tax rate	$	(1,706,000)	$	3,507,000
State income taxes, net of federal tax benefit		(459,000)		552,000
Dividend received deduction		263,000		245,000
Noncontrolling interest		(73,000)		(351,000)
Valuation allowance		(488,000)		(153,000)
Other		(284,000)		(233,000)
	$	(2,747,000)	$	3,567,000

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, 2015		June 30, 2014
Net operating loss carryforwards	$	12,112,000	$	10,110,000
Capital loss carryforwards		624,000		940,000
Investment impairment reserve		1,747,000		1,565,000
Accruals and reserves		1,005,000		968,000
Depreciation and amortization		650,000		571,000
State taxes		-		707,000
Valuation allowance		(2,335,000)		(1,847,000)
		13,803,000		13,014,000
Deferred tax assets (liabilities):
Deferred gains on real estate sale		(8,954,000)		(9,633,000)
Unrealized gains on marketable securities		(2,917,000)		(3,789,000)
Equity earnings		(1,248,000)		(535,000)
State taxes		(687,000)		-
		(13,806,000)		(13,957,000)
Net deferred tax liability	$	(3,000)	$	(943,000)

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

As of June 30, 2015, the Company had estimated net operating losses (NOLs) of $29,038,000 and $25,757,000 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 2025.

	Federal		State
InterGroup	$	-	$	1,259,000
Santa Fe		8,558,000		4,903,000
Portsmouth		20,480,000		19,595,000
	$	29,038,000	$	25,757,000