INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2022

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,	2022			2021
Federal
Current tax expense	$	(113,000	)	$	(755,000	)
Deferred tax (expense) benefit		884,000			(1,848,000	)
		771,000			(2,603,000	)
State
Current tax expense		(330,000	)		(605,000	)
Deferred tax benefit		589,000			(395,000	)
		259,000			(1,000,000	)
Income Tax Benefit	$	1,030,000		$	(3,603,000	)

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,	2022			2021
Statutory federal tax rate	$	2,446,000		$	(3,169,000	)
State income taxes, net of federal tax benefit		204,000			(834,000	)
Dividend received deduction		103,000			51,000
PPP Loan forgiveness		1,391,000			-
Provision to return adjustment		634,000			-
Deferral true up – Justice difference in basis of fixed assets		11,621,000			-
Disallowed interest					214,000
Net operating loss		32,000			105,000
Valuation allowance		(15,201,000	)		(319,000
Basis difference in investments		-			-
Carryback claim refundable		-			304,000
Payable true up		(311,000	)		-
Other		111,000			45,000
	$	1,030,000		$	(3,603,000	)

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

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

	June 30, 2022			June 30, 2021
Deferred tax assets:
Net operating loss carryforwards	$	11,075,000		$	9,801,000
Deferred gains on real estate sale and depreciation		10,418,000			-
Capital loss carryforwards		1,322,000			614,000
Investment impairment reserve		-			671,000
Accruals and reserves		831,000			893,000
Interest expense		2,231,000			2,684,000
Tax credits		566,000			554,000
Other		247,000			225,000
Deferred Tax Asset before Valuation Allowance		26,690,000			15,442,000
Valuation Allowance		(22,775,000	)		(951,000	)
Deferred Tax Asset after Valuation Allowance		3,915,000			14,491,00
Deferred tax liabilities:
Equity earnings		-			(5,626,000	)
Deferred gains on real estate sale and depreciation					(5,027,000	)
Unrealized gain on marketable securities		(9,000	)		(1,531,000	)
State taxes		(294,000	)		(167,000	)
Deferred Tax Liability		(303,000	)		(12,351,000	)
Net deferred tax asset	$	3,612,000		$	2,140,000

SCHEDULE OF ESTIMATED NET OPERATING LOSSES (NOLS)

	Federal		State
InterGroup	$	472,000	$	832,000
Portsmouth		35,011,000		40,416,000
	$	35,483,000	$	41,248,000