Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Income Taxes

10.         Income Taxes:

Reconciliation of the statutory federal income tax rates, 34% for the years ended December 31, 2011 and 2010, to the Company's effective income tax rates follows:

	2011						2010
	($ in thousands)
	Amount of Tax			Percent of Pre-tax loss			Amount of tax			Percent of Pre-tax Loss
Expected tax (credit)	$	(1,864	)		(34.0	%)	$	(1,676	)		(34.0	%)
State income taxes, net of  federal tax benefits		(219	)		(4.0	%)		(197	)		(4.0	%)
Expiration of net operating  loss carryovers		1,068			19.5	%		1,186			24.1	%
Increase in valuation allowance		1,015			18.5	%		687			13.9	%
	$	-			-		$	-			-

At December 31, 2011, the Company had an operating loss carryforward of approxi­mately $ 44,478,000 which will expire at various dates through 2031.

	2011			2010
	($ in thousands)
Deferred tax asset:
Net operating loss carryover	$	16,902		$	15,887
Adjustments to reduce land to net  realizable value		12			12
Expenses capitalized under IRC 263(a)		56			56
Environmental liability		27			27
Valuation allowance		(16,825	)		(15,810	)
		172			172
Deferred tax liability:
Basis difference of land and   improvement inventories		172			172
Net deferred tax asset	$	-		$	-

The Company is no longer subject to U.S. federal or state income tax examinations by tax authorities for years before 2008.