INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2016

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,	2016		2015

Federal
Current tax benefit (expense)	$	79,000	$	(2,842,000)
Deferred tax benefit		3,349,000		496,000
		3,428,000		(2,346,000)

State
Current tax expense		(128,000)		(844,000)
Deferred tax benefit		640,000		443,000
		512,000		(401,000)

	$	3,940,000	$	(2,747,000)

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,	2016		2015

Statutory federal tax rate	$	4,471,000	$	(1,706,000)
State income taxes, net of federal tax benefit		465,000		(459,000)
Dividend received deduction		13,000		263,000
Noncontrolling interest		(117,000)		(73,000)
Valuation allowance		(489,000)		(488,000)
Other		(403,000)		(284,000)
	$	3,940,000	$	(2,747,000)

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, 2016		June 30, 2015
Net operating loss carryforwards	$	11,372,000	$	12,112,000
Capital loss carryforwards		1,302,000		624,000
Investment impairment reserve		1,898,000		1,747,000
Accruals and reserves		1,096,000		1,005,000
Depreciation and amortization		609,000		650,000
Equity earnings		758,000		-
Valuation allowance		(2,824,000)		(2,335,000)
		14,211,000		13,803,000
Deferred tax assets (liabilities):
Deferred gains on real estate sale		(8,930,000)		(8,954,000)
Unrealized gains on marketable securities		(335,000)		(2,917,000)
Equity earnings		-		(1,248,000)
State taxes		(961,000)		(687,000)
		(10,226,000)		(13,806,000)
Net deferred tax asset (liability)	$	3,985,000	$	(3,000)

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

As of June 30, 2016, the Company had estimated net operating losses (NOLs) of $27,950,000 and $21,986,000 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 2026.

	Federal		State
InterGroup	$	-	$	2,491,000
Santa Fe		8,385,000		3,453,000
Portsmouth		19,565,000		16,042,000
	$	27,950,000	$	21,986,000