INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2014

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The Company and Portsmouth file separate tax returns for both federal and state purposes. The provision for income tax expense consists of the following:

For the years ended June 30,	2014		2013
Federal
Current tax expense	$	(39,000)	$	(62,000)
Deferred tax benefit (expense)		3,061,000		(116,000)
		3,022,000		(178,000)
State
Current tax expense		(14,000)		(25,000)
Deferred tax benefit		992,000		73,000
		978,000		48,000

Total income tax benefit (expense)	$	4,000,000	$	(130,000)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of the statutory federal income tax rate to the effective tax rate is as follows:

For the years ended June 30,	2014		2013

Statutory federal tax rate	34.0	%	34.0	%
State income taxes, net of federal tax benefit	6.0	%	-5.5	%
Noncontrolling interest	-3.2	%	-34.7	%
Valuation allowance	-1.4	%	30.6	%
Other	1.0	%	-14.2	%
	36.4	%	10.2	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The components of the Company’s deferred tax assets and (liabilities) as of June 30, 2014 and 2013 are as follows:

Deferred tax assets	2014		2013
Net operating loss carryforward	$	8,689,000	$	6,897,000
Investment reserve		1,565,000		1,541,000
Basis difference in Justice		1,621,000		(1,037,000)
Capital loss carryforward		624,000		624,000
Depreciation and amortization		206,000		202,000
Wash sales		297,000		168,000
Constructive sales		18,000		64,000
Accrued vacation		19,000		21,000
Valuation allowance		(1,847,000)		(1,695,000)
		11,192,000		6,785,000
Deferred tax liabilities
Unrealized gains on marketable securities		(2,421,000)		(2,408,000)
Deferred gains on real estate sale		(913,000)		(913,000)
State taxes		(612,000)		(271,000)
		(3,946,000)		(3,592,000)
Net deferred tax assets	$	7,246,000	$	3,193,000