INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of income tax expense benefit

Current expense (benefit) is attributable to (dollars in thousands): 

	2015		2014			2013
Income (loss) from continuing operations	$	517	$	(22,902	)	$	(24,598	)
Income (loss) from discontinued operations		483		22,902			16,835
Tax expense (benefit)	$	1,000	$	—		$	(7,763	)

Schedule of federal income tax expense

The Federal income tax expense differs from the amount computed by applying the corporate tax rate of 35% to the income before income taxes as follows (dollars in thousands):

	2015			2014			2013
Computed “expected” income tax (benefit) expense	$	4,648		$	14,762		$	26,998
Book to tax differences for partnerships not consolidated for tax purposes		5,152			(23,900	)		(33,565	)
Book to tax differences of depreciation and amortization		(160	)		1,461			1,222
Book to tax differences in gains on sale of property		(4,073	)		(2,350	)		(20,308	)
Book provision for loss		1,855			—			3,962
Partial valuation allowance against current net operating loss benefit		(9,596	)		7,069			16,835
Other		2,524			2,958			2,139
Total	$	350		$	—		$	(2,717	)
Alternative minimum tax	$	—		$	—		$	—

Schedule of tax effects of temporary differences and net operating loss carry forwards that give rise to the deferred tax assets

The tax effects of temporary differences and net operating loss carry forwards that give rise to the deferred tax assets are presented below (amounts in thousands): 

	2015			2014			2013
Net operating losses	$	46,497		$	56,897		$	71,071
AMT credits		1,900			1,374			1,374
Basis difference of:
Real estate holdings		(17,912	)		876			(3,045	)
Notes receivable		694			757			860
Investments		(4,709	)		(4,693	)		(4,703	)
Notes payable		2,792			6,932			12,496
Deferred gains		11,984			10,146			10,806
Total	$	41,246		$	72,289		$	88,859
Deferred tax valuation allowance		(41,246	)		(72,289	)		(88,859	)
Net deferred tax asset	$	—		$	—		$	—