8. Income Taxes

3 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

Income tax of $57,000 was accrued at March 31, 2017 for the estimated 2016 Alternative Minimum Tax on the 2016 gain on sales of real estate. At December 31, 2016, the Company had an operating loss carryforward of approximately $66,420,000 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 March 31, 2017 and December 31, 2016 at the statutory rate:        

	March 31,			December 31,
	2017			2016
	($ in thousands)
Deferred tax asset
Net operating loss carryforward	$	25,411		$	25,240
Expenses capitalized under IRC 263(a)		56			56
Environmental liability		7			7
Valuation allowance		(25,474	)		(25,303	)
Total deferred tax asset		—			—