Federal Income Taxes (Tables)

12 Months Ended

Jan. 31, 2021

Federal Income Taxes And Occupancy Taxes Tables Abstract

Schedule of Deferred Tax Assets and Liabilities

Total and net deferred income tax assets on January 31,

	2021			2020
Net operating loss carryforwards	$	1,352,000		$	1,075,000
Bad debt allowance		2,000			4,000
Accrued expenses		(2,000	)		(4,000	)
Syndications		2,923,000			2,923,000
Prepaid Insurance		(4,000	)		-
Alternative minimum tax credit		51,000			51,000
Total deferred tax asset		4,322,000			4,049,000
Deferred income tax liability associated with book/tax		(1,502,000	)		(1,551,000	)
Net deferred income tax asset		2,820,000			2,498,000
Valuation allowance		(2,820,000	)		(2,498,000	)
	$	-		$	-

Schedule of Income Tax Provision

Income taxes for the year ended January 31,

	2021			2020
Current income tax provision (benefit)		(68,661	)		(294,402	)
Deferred income tax provision (benefit)		321,306			384,298
Change in valuation allowance		(321,306	)		(384,298	)
Net income tax expense (benefit)		(68,661	)		(294,402	)

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, 2021:

	2021
	Amount			Percent
Federal statutory rates	$	(309,200	)		21	%
State income taxes		(77,000	)		5	%
Change in valuation allowance		321,300			-22	%
True-up to prior year returns		(4,000	)		0	%
Effective rate	$	-			5	%

The differences between the statutory and effective tax rates are as follows for the year ended January 31, 2020:

	2020
	Amount			Percent
Federal statutory rates	$	(477,000	)		21	%
State income taxes		(120,000	)		5	%
Change in valuation allowance		384,300			-17.00	%
Amended to 2017 Amended Tax Returns and Other Adjustments		(81,700	)		4	%
Effective rate	$	-			0	%