Federal Income Taxes (Tables)

12 Months Ended

Jan. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

The Trust and subsidiaries have federal and state net operating loss carryforwards of approximately $8.4 million at January 31, 2015, having expiration dates ranging from fiscal years 2019 to 2033.

Total and net deferred income tax assets at January 31,	2016			2015
Net operating loss carryforwards	$	2,795,000		$	2,166,000
Bad debt allowance		(13,000	)		(12,000	)
Accrued expenses		76,000			81,000
Syndications		5,128,000			4,370,000
Prepaid insurance		23,000			8,000
Alternative minimum tax credit		91,000			91,000
Total deferred income tax assets		8,100,000			6,704,000
Deferred income tax liability associated with book/tax differences in hotel properties		(2,598,000	)		(2,472,000	)
Net deferred income tax asset		5,502,000			4,232,000
Valuation allowance		(5,502,000	)		(4,232,000	)
Net deferred income tax asset	$	-		$	-

Schedule of Effective Income Tax Rate Reconciliation

The differences between the statutory and effective tax rates are as follows for the year ended January 31, 2016:

Federal statutory rates	$	(112,000	)	-34	%
State income taxes		(25,000	)	-7	%
Change in valuation allowance		1,270,000		67	%
True-ups to prior year return		(1,016,000	)	-33	%
Other		(21,000	)	-1	%
Effective rate	$	96,000		-10	%

The differences between the statutory and effective tax rates are as follows for the year ended January 31, 2015:

Federal statutory rates	$	(694,000	)	-34	%
State income taxes		(141,000	)	-7	%
Change in valuation allowance		636,000		67	%
Effective rate	$	(199,000	)	-10	%