8. Income Taxes

9 Months Ended

Sep. 30, 2017

Income Tax Disclosure [Abstract]

Income Taxes

Income tax expense of $57,000 was recognized for the nine month period ended September 30, 2017 for the estimated 2016 Alternative Minimum Tax on the 2016 gain on sales of real estate. The Company paid a Federal income tax deposit of $75,000 on April 18, 2017, therefore, $18,000 is recoverable income taxes at September 30, 2017. 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 September 30, 2017 and December 31, 2016 at the statutory rate:        

	September 30,			December 31,
	2017			2016
	($ in thousands)
Deferred tax asset
Net operating loss carryforward	$	25,691		$	25,240
Expenses capitalized under IRC 263(a)		56			56
Environmental liability		7			7
Valuation allowance		(25,754	)		(25,303	)
Total deferred tax asset	$	-		$	-