INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES

Schedule of provision for taxes

The provision for taxes is as follows (dollars in thousands):

	Year Ended		Year Ended		Year Ended
	December 31, 2019		December 31, 2018		December 31, 2017
Current:
Federal	$	—	$	—	$	—
State		128		290		171
	$	128	$	290	$	171
Deferred:
Federal	$	—	$	—	$	(3,182)
State		—		—		—
	$	—	$	—	$	(3,182)
Tax expense (benefit)	$	128	$	290	$	(3,011)

Schedule of effective income tax rate reconciliation

The following is a reconciliation of income taxes computed at the U.S. Federal statutory rate to the provision for income taxes:

	Year Ended		Year Ended		Year Ended
	December 31, 2019		December 31, 2018		December 31, 2017
Statutory federal income tax rate	21.0	%	21.0	%	35.0	%
State taxes	49.7	%	17.1	%	(0.7)	%
Permanent non-deductible expenses	(5.6)	%	(1.7)	%	(10.5)	%
Federal rate change	0.0	%	0.0	%	(654.5)	%
AMT credit calculation allowance release	0.0	%	0.0	%	61.6	%
Change of valuation allowance	(71.3)	%	(40.2)	%	630.0	%
Effective income tax rate	(6.2)	%	(3.8)	%	60.9	%

Schedule of deferred tax assets and liabilities

The composition of our deferred tax assets and liabilities is as follows (dollars in thousands):

	December 31, 2019		December 31, 2018
Deferred tax assets:
Pension costs	$	165	$	602
Charitable contributions		21		22
Net operating loss carry forwards		61,124		53,901
Depreciation (including air rights)		5,035		5,756
Lease liability		650		—
Other		93		141
Deferred gain on sale		—		4,987
Investment in joint venture		382		355
Accrued expenses		80		178
Total deferred tax assets	$	67,550	$	65,942
Valuation allowance		(63,709)		(62,127)
Deferred tax asset after valuation allowance	$	3,841	$	3,815
Deferred tax liabilities:
Intangibles	$	(3,242)	$	(3,815)
Right-of-use asset		(599)		—
Total deferred tax liabilities	$	(3,841)	$	(3,815)
Net deferred tax assets	$	—	$	—
Current deferred tax assets	$	—	$	—
Long-term deferred tax assets		—		—
Total deferred tax assets	$	—	$	—