10. Income Taxes

9 Months Ended

Sep. 30, 2012

Income Tax Disclosure [Abstract]

Income Taxes

At December 31, 2011, the Company had an operating loss carryforward of approximately $44,478,000 available to reduce future taxable income.  These operating losses expire at various dates through 2031.

The following summarizes the temporary differences of the Company at September 30, 2012 and December 31, 2011 at the current statutory rate:

	September 30,			December 31,
	2012			2011
	($ in thousands)
Deferred tax asset:
Net operating loss carryforward	$	18,667		$	16,902
Adjustments to reduce land to net realizable value		12			12
Expenses capitalized under IRC 263(a)		56			56
Environmental liability		27			27
Valuation allowance		(18,590	)		(16,825	)
		172			172
Deferred tax liability:
Basis difference of land and improvement inventories		172			172
Net deferred tax asset	$	-		$	-