Income Taxes (Tables)

12 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Tax (Expense) Benefit

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

For the years ended June 30,	2020			2019
Federal
Current tax expense	$	(57,000	)	$	(1,387,000	)
Deferred tax benefit		1,828,000			2,563,000
		1,771,000			1,176,000
State
Current tax expense		(64,000	)		(25,000	)
Deferred tax benefit (expense)		1,087,000			(850,000	)
		1,023,000			(875,000	)
Income Tax Benefit	$	2,794,000		$	301,000

Schedule of Effective Income Tax Rate Reconciliation

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,	2020			2019
Statutory federal tax rate	$	1,593,000		$	(457,000	)
State income taxes, net of federal tax benefit		812,000			(972,000	)
Dividend received deduction		18,000			16,000
Disallowed interest		504,000			-
Valuation allowance		49,000			2,158,000
Basis difference in investments		39,000			815,000
Carryback tax payable		-			(1,140,000	)
Other		(221,000	)		(119,000	)
	$	2,794,000		$	301,000

Schedule of Deferred Tax Assets and Liabilities

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

	June 30, 2020			June 30, 2019
Deferred tax assets:
Net operating loss carryforwards	$	8,713,000		$	6,810,000
Capital loss carryforwards		1,074,000			1,283,000
Investment impairment reserve		1,156,000			1,295,000
Accruals and reserves		871,000			1,095,000
Interest expense		1,498,000			162,000
Tax credits		563,000			619,000
Unrealized loss on marketable securities		1,591,000			547,000
Other		221,000			231,000
Valuation allowance		(497,000	)		(524,000	)
		15,190,000			11,518,000
Deferred tax liabilities:
Equity earnings		(4,306,000	)		(3,188,000	)
Deferred gains on real estate sale and depreciation		(6,249,000	)		(6,844,000	)
State taxes		(252,000	)		(18,000	)
		(10,807,000	)		(10,050,000	)
Net deferred tax asset	$	4,383,000		$	1,468,000

Schedule of Estimated Net Operating Losses (NOLs)

	Federal		State
InterGroup	$	-	$	-
Santa Fe		9,781,000		4,761,000
Portsmouth		20,705,000		21,379,000
	$	30,486,000	$	26,140,000