11. Income Taxes

9 Months Ended

Sep. 30, 2016

Income Tax Disclosure [Abstract]

Income Taxes

At December 31, 2015, the Company had an operating loss carryforward of approximately $69,127,000 available to reduce future taxable income. These operating losses expire at various dates through 2035.

The following summarizes the temporary differences of the Company at September 30, 2016 and December 31, 2015 at the statutory rate:      

	September 30,			December 31,
	2016			2015
	($ in thousands)
Deferred tax asset
Net operating loss carryforward	$	25,077		$	26,342
Alternative minimum tax credit carryforward		67			-
Adjustments to reduce land to net realizable value		12			12
Expenses capitalized under IRC 263(a)		56			56
Environmental liability		9			9
Valuation allowance		(25,049	)		(26,247	)
		172			172
Deferred tax liability:
Basis difference of land and improvement inventories		172			172
Net deferred tax asset	$	-		$	-