INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

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

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

	Year Ended December 31, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016

Statutory federal income tax rate		21.0	%		35.0	%		35.0	%
State taxes		17.1	%		-0.7	%		7.5	%
Permanent non-deductible expenses		-1.7	%		-10.5	%		-6.9	%
Federal rate change		0.0	%		-654.5	%		0.0	%
AMT credit calculation allowance release		0.0	%		61.6	%		0.0	%
Change of valuation allowance		-40.2	%		630.0	%		-35.7	%

Effective income tax rate		-3.8	%		60.9	%		-0.1	%

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

	December 31, 2018			December 31, 2017

Deferred tax assets:
Pension costs	$	602		$	1,008
Stock-based compensation reserves not currently deductible		-			(147	)
Net operating loss carry forwards		53,901			56,462
Depreciation (including air rights)		5,756			1,796
Other		163			-
Deferred gain on sale		4,987			-
Investment in joint venture		355			254
Accrued expenses		178			220

Total deferred tax assets	$	65,942		$	59,593
Valuation allowance		(62,127	)		(59,469	)
Deferred tax asset after valuation allowance	$	3,815		$	124

Deferred tax liabilities:
Intangibles	$	(3,525	)	$	(124	)
Other		(290	)		-
Total deferred tax liabilities	$	(3,815	)	$	(124	)
Net deferred tax assets	$	-		$	-

Current deferred tax assets	$	-		$	-
Long-term deferred tax assets		-			-
Total deferred tax assets	$	-		$	-