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INCOME TAXES | 12 Months Ended
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Dec. 31, 2013
INCOME TAXES |
INCOME TAXES | 12. 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 2013, the tax liability for uncertain tax positions was reduced by $248,000 to $0 because of expiration of statutes of limitations and the IRS settlement. As of December 31, 2013 and 2012, total accrued interest for uncertain income tax positions was $296,000 and $899,000, 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:
|  | 2013 |  | 2012 |
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|  | (in thousands) |
Balance at beginning of year |  | $ | 248 |  | $ | 626 |
Settlement adjustments for tax provisions of prior years |  |  | (220 | ) |  | (290 | )
Expiration of statutes of limitations |  |  | (28 | ) |  | (88 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at end of year |  | $ | — |  | $ | 248 |
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In 2013, the income tax benefit from the reversal of the 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. The Company also recorded a $0.5 million reversal of accrued income taxes payable and interest resulting from its settlement with the IRS. Reconciliations between the total income tax benefit and the amount computed using the statutory federal rate of 35% was as follows:
|  | 2013 |  | 2012 |
--- | --- | --- | --- | --- | ---
|  | (in thousands) |
Federal income tax benefit at statutory rate Adjusted for: |  | $ | (1,061 | ) | $ | (1,335 | )
Valuation allowance |  |  | 1,034 |  |  | 1,274 |
Permanent differences and other |  |  | 27 |  |  | 61 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax benefit—continuing operations |  | $ | — |  | $ | — |
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Deferred tax assets (liabilities) were comprised of the following temporary differences as of December 31, 2013 and 2012:
|  | 2013 |  | 2012 |
--- | --- | --- | --- | --- | ---
|  | (in thousands) |
Net operating loss and tax credit carryforwards |  | $ | 46,205 |  | $ | 49,205 |
Joint venture and other investments |  |  | 294 |  |  | 2,440 |
Accrued retirement benefits |  |  | 7,458 |  |  | 10,815 |
Property net book value |  |  | 2,825 |  |  | 4,304 |
Deferred revenue |  |  | 1,522 |  |  | 1,280 |
Stock compensation |  |  | 150 |  |  | 145 |
Reserves and other |  |  | 671 |  |  | 663 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total deferred tax assets |  |  | 59,125 |  |  | 68,852 |
Valuation Allowance |  |  | (59,125 | ) |  | (66,467 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred condemnation proceeds |  |  | — |  |  | (2,385 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total deferred tax liabilities |  |  | — |  |  | (2,385 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax assets (liabilities) |  | $ | — |  | $ | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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Valuation allowances have been established to reduce future tax benefits not expected to be realized. The change in the deferred tax asset related to accrued retirement benefits and the valuation allowance includes the pension adjustment included in accumulated other comprehensive income, which is not included in the current provision. The Company had $101.9 million in federal net operating loss carry forwards at December 31, 2013, that expire from 2028 through 2033. Net operating loss for state income tax purposes that expire from 2028 through 2033 totaled $117.5 million at December 31, 2013. In April 2013, the Company and the IRS arrived at a settlement which concluded the IRS examination of the Company's federal income tax returns for 2003 through 2008. Under terms of the settlement, the Company agreed to pay $1.8 million to the IRS, of which $0.7 million was paid in 2013. The Company is currently in discussion with the IRS regarding the remaining payment terms of the settlement. As a result of the settlement, the Company reversed $0.5 million it had previously accrued in income taxes payable and accrued interest in estimating its exposure for this matter. The reversal has been reported in discontinued operations in the accompanying condensed consolidated financial statements as it relates to the Company's former agricultural operations. The Company is subject to routine audits by taxing jurisdictions and there are currently no audits for any tax periods in progress. As of December 31, 2013, tax years prior to 2010 are no longer subject to examination for U.S. tax purposes.

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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 Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 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=26873400&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 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: 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 6: 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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