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INCOME TAXES (Tables)
12 Months Ended
Jun. 30, 2017
Income Tax Disclosure [Abstract]  
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,
 
2017
 
2016
 
 
 
 
 
 
 
 
 
Federal
 
 
 
 
 
 
 
Current tax (expense) benefit
 
$
(333,000)
 
$
79,000
 
Deferred tax (expense) benefit
 
 
(168,000)
 
 
3,349,000
 
 
 
 
(501,000)
 
 
3,428,000
 
 
 
 
 
 
 
 
 
State
 
 
 
 
 
 
 
Current tax expense
 
 
(310,000)
 
 
(128,000)
 
Deferred tax benefit
 
 
290,000
 
 
640,000
 
 
 
 
(20,000)
 
 
512,000
 
 
 
 
 
 
 
 
 
 
 
$
(521,000)
 
$
3,940,000
 
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,
 
2017
 
2016
 
 
 
 
 
 
 
 
 
Statutory federal tax rate
 
$
440,000
 
$
4,471,000
 
State income taxes, net of federal tax benefit
 
 
(25,000)
 
 
465,000
 
Dividend received deduction
 
 
56,000
 
 
13,000
 
Noncontrolling interest
 
 
-
 
 
(117,000)
 
Valuation allowance
 
 
(521,000)
 
 
(489,000)
 
Other
 
 
(471,000)
 
 
(403,000)
 
 
 
$
(521,000)
 
$
3,940,000
 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The components of the deferred tax asset and liabilities are as follows:
 
 
 
June 30, 2017
 
June 30, 2016
 
Deferred tax assets:
 
 
 
 
 
 
 
Net operating loss carryforwards
 
$
14,302,000
 
$
11,372,000
 
Capital loss carryforwards
 
 
1,122,000
 
 
1,302,000
 
Investment impairment reserve
 
 
1,778,000
 
 
1,898,000
 
Accruals and reserves
 
 
1,182,000
 
 
1,096,000
 
Unrealized gains on marketable securities
 
 
284,000
 
 
-
 
Tax credits
 
 
516,000
 
 
-
 
Equity earnings
 
 
-
 
 
758,000
 
Other
 
 
289,000
 
 
-
 
Valuation allowance
 
 
(3,388,000)
 
 
(2,824,000)
 
 
 
 
16,085,000
 
 
13,602,000
 
Deferred tax assets (liabilities):
 
 
 
 
 
 
 
Equity earnings
 
 
(2,624,000)
 
 
-
 
Deferred gains on real estate sale and depreciation
 
 
(8,816,000)
 
 
(8,321,000)
 
Unrealized gains on marketable securities
 
 
-
 
 
(335,000)
 
State taxes
 
 
(538,000)
 
 
(961,000)
 
 
 
 
(11,978,000)
 
 
(9,617,000)
 
Net deferred tax asset
 
$
4,107,000
 
$
3,985,000
 
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
As of June 30, 2017, the Company had estimated net operating losses (NOLs) of $35,246,000 and $27,112,000 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 2037.
 
 
 
Federal
 
State
 
InterGroup
 
$
-
 
$
1,478,000
 
Santa Fe
 
 
8,180,000
 
 
2,951,000
 
Portsmouth
 
 
27,066,000
 
 
22,683,000
 
 
 
$
35,246,000
 
$
27,112,000