INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2018

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

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

For the years ended June 30,	2018			2017

Federal
Current tax benefit (expense)	$	1,455,000		$	(333,000	)
Deferred tax expense		(3,567,000	)		(168,000	)
		(2,112,000	)		(501,000	)

State
Current tax expense		(227,000	)		(310,000	)
Deferred tax (expense) benefit		(717,000	)		290,000
		(944,000	)		(20,000	)

Income Tax Expense	$	(3,056,000	)	$	(521,000	)

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 income before taxes as a result of the following differences:

For the years ended June 30,	2018			2017

Statutory federal tax rate	$	(2,218,000	)	$	440,000
State income taxes, net of federal tax benefit		(623,000	)		(25,000	)
Dividend received deduction		24,000			56,000
Valuation allowance		(330,000	)		(521,000	)
Other		91,000			(471,000	)
	$	(3,056,000	)	$	(521,000	)

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

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

	June 30, 2018			June 30, 2017
Deferred tax assets:
Net operating loss carryforwards	$	7,413,000		$	14,302,000
Capital loss carryforwards		1,132,000			1,122,000
Investment impairment reserve		1,276,000			1,778,000
Accruals and reserves		766,000			1,182,000
Unrealized loss on marketable securities		-			284,000
Tax credits		733,000			516,000
Other		190,000			289,000
Valuation allowance		(2,610,000	)		(3,388,000	)
		8,900,000			16,085,000
Deferred tax assets (liabilities):
Equity earnings		(2,564,000	)		(2,624,000	)
Deferred gains on real estate sale and depreciation		(5,638,000	)		(8,816,000	)
Unrealized gains on marketable securities		(765,000	)		-
State taxes		(178,000	)		(538,000	)
		(9,145,000	)		(11,978,000	)
Net deferred tax (liability) asset	$	(245,000	)	$	4,107,000

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

As of June 30, 2018, the Company had estimated net operating losses (NOLs) of $27,633,000 and $18,784,000 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	$	-	$	-
Santa Fe		8,893,000		3,664,000
Portsmouth		18,740,000		15,120,000
	$	27,633,000	$	18,784,000