Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Deferred Tax Assets and Liabilities

The significant components of the net deferred income tax asset consist of the following at December 31 (dollars in thousands):



	2018			2017
Deferred tax assets:
Net operating loss carryforward	$	3,899		$	3,899
Valuation allowance	(3,858		)	(3,858		)
Total deferred tax assets	41			41

Deferred tax liabilities:
Built-in gain	(41		)	(41		)
Total deferred tax liabilities	(41		)	(41		)

Net deferred tax asset	$	—		$	—

Income Tax Benefit (Expense) Reconciliation

The total income tax benefit (expense) differs from the amount computed by applying the statutory federal tax rate to net earnings before taxes as follows for the years ended December 31 (dollars in thousands):



	2018		2017⁽¹⁾			2016
Loss carryforwards increase (decrease)	$	—	$	(2,019	)	$	55
Built-in gain tax liability	—		134			22
Valuation allowance (increase) decrease	—		1,885			(77		)
Total tax expense	$	—	$	—		$	—


⁽¹⁾	The changes for the year ended December 31, 2017, includes an amount attributable to the federal tax rate change within the TCJA. The net income statement effect of the federal rate change is zero.