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INCOME TAXES | 12 Months Ended
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Dec. 31, 2012
INCOME TAXES |
INCOME TAXES | 11. INCOME TAXES GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. In 2012, tax liability on uncertain tax positions was reduced by $378,000 because of expiration of statutes of limitations and a proposed IRS settlement. As of December 31, 2012 and 2011, total accrued interest for uncertain income tax positions was $899,000 and $830,000, respectively. The Company recognizes accrued interest related to unrecognized tax benefits as interest expense and penalties in general and administrative expense in its consolidated statement of operations and such amounts are included in income taxes payable on the Company's consolidated balance sheet. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | ---
|  | (in thousands) |
Balance at beginning of year |  | $ | 626 |  | $ | 952 |
Adjustments for tax provisions of prior years |  |  | (290 | ) |  | (211 | )
Expiration of statutes of limitations |  |  | (88 | ) |  | (115 | )
Balance at end of year |  | $ | 248 |  | $ | 626 |
At December 31, 2012 there were no unrecognized tax benefits for which the liability for such taxes was recognized as deferred tax liabilities because such unrecognized revenue items have reversed. At December 31, 2012 and 2011, there were $144,000 and $232,000 of unrecognized tax benefits that, if recognized, would affect the effective tax rate. The components of the income tax benefit for 2011 were as follows:
|  | 2011 |
--- | --- | --- | ---
|  | (in thousands) |
Current |  |  |  |
Federal |  | $ | (134 | )
State |  |  | — |
Total |  |  | (134 | )
Income tax benefit—continuing operations |  | $ | (134 | )
In 2012, the income tax benefit from the reversal of tax liability discussed above were included in income from discontinued operations as they relate to the Company's former agriculture operations that were discontinued in 2009. Reconciliations between the total income tax benefit and the amount computed using the statutory federal rate of 35% was as follows:
|  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | ---
|  | (in thousands) |
Federal income tax benefit at statutory rate |  | $ | (1,735 | ) | $ | (3,389 | )
Adjusted for: |  |  |  |  |  |  |
Valuation allowance |  |  | 1,674 |  |  | 3,871 |
Provision for uncertain tax positions |  |  | — |  |  | (134 | )
Permanent differences and other |  |  | 61 |  |  | (482 | )
Income tax benefit—continuing operations |  | $ | — |  | $ | (134 | )
Deferred tax assets (liabilities) were comprised of the following temporary differences as of December 31, 2012 and 2011:
|  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | ---
|  | (in thousands) |
Net operating loss and tax credit carryforwards |  | $ | 49,205 |  | $ | 35,917 |
Joint venture and other investments |  |  | 2,440 |  |  | 11,242 |
Accrued retirement benefits |  |  | 10,815 |  |  | 9,448 |
Property net book value |  |  | 4,304 |  |  | 4,168 |
Deferred revenue |  |  | 1,280 |  |  | 1,358 |
Stock compensation |  |  | 145 |  |  | 253 |
Reserves and other |  |  | 663 |  |  | 1,385 |
Total deferred tax assets |  |  | 68,852 |  |  | 63,771 |
Valuation Allowance |  |  | (66,467 | ) |  | (61,386 | )
Deferred condemnation proceeds |  |  | (2,385 | ) |  | (2,385 | )
Total deferred tax liabilities |  |  | (2,385 | ) |  | (2,385 | )
Net deferred tax assets (liabilities) |  | $ | — |  | $ | — |
Valuation allowances have been established to reduce future tax benefits expected to be realized. The Company had $109.9 million in federal net operating loss carry forwards at December 31, 2012, that expire from 2028 through 2032. Net operating loss for state income tax purposes that expire from 2028 through 2031 totaled $125.5 million at December 31, 2012. The Company's federal income tax returns for 2005 through 2008 are currently under examination and the Internal Revenue Service has proposed approximately $11.6 million of additional taxable income. The Company has sufficient net operating loss carry forwards to offset the proposed additional taxable income.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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