10. Income Taxes

3 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

At December 31, 2014, the Company had an operating loss carryforward of approximately $60,861,000 available to reduce future taxable income.  These operating losses expire at various dates through 2034.

The following summarizes the temporary differences of the Company at March 31, 2015 and December 31, 2014 at the statutory rate:

	March 31,			December 31,
	2015			2014
	($ in thousands)
Deferred tax asset
Net operating loss carryforward	$	23,844		$	23,127
Adjustments to reduce land to net realizable value		12			12
Expenses capitalized under IRC 263(a)		56			56
Environmental liability		24			24
Valuation allowance		(23,764	)		(23,047	)
		172			172
Deferred tax liability:
Basis difference of land and improvement inventories		172			172
Net deferred tax asset	$	-		$	-