8. Income Taxes

9 Months Ended

Sep. 30, 2018

Income Tax Disclosure [Abstract]

Income Taxes

Income tax expense of $57,000 was recognized during the nine month period ended September 30, 2017 for the estimated 2016 Alternative Minimum Tax on the 2016 gain on sales of real estate. At December 31, 2017, the Company had an operating loss carryforward of approximately $67,793,000 available to reduce future taxable income. These operating losses expire at various dates through 2036.

The following summarizes the temporary differences of the Company at September 30, 2018 and December 31, 2017 at the statutory rate:  

	September 30,			December 31,
	2018			2017
	($ in thousands)
Deferred tax asset
Net operating loss carryforward	$	17,031		$	16,948
Expenses capitalized under IRC 263(a)		37			37
Tax credits (AMT)		57			57
Valuation allowance		(17,125	)		(17,042	)
Total deferred tax asset	$	-		$	-