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Note 8 - Income Taxes | 12 Months Ended
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Dec. 31, 2018
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
8 . | 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 December 2017, The Tax Cuts and Jobs Act of 2017 (TCJA) was signed into law. The law includes significant changes to the U.S. corporate income tax system, including a Federal corporate rate reduction from 35% to 21%, elimination of Alternative Minimum Tax (AMT) and refund of AMT credit carryforward, limitations on the deductibility of interest expense and executive compensation, and the transition of U.S. international taxation from a worldwide tax system to a territorial tax system. The TCJA also establishes new tax laws that will affect future periods, including, but not limited to: ( 1 ) reducing the U.S. federal corporate tax rate; ( 2 ) limiting deductible interest expense; ( 3 ) modifying the tax treatment of like-kind exchanges; ( 4 ) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; ( 5 ) imposing a new provision designed to tax global intangible low-tax income; ( 6 ) creating the base erosion anti-abuse tax, a new minimum tax; ( 7 ) limiting the use of Net Operating Loss (NOL) carryforwards created in tax years beginning after December 31, 2017; ( 8 ) modifying the limitations on the use of foreign tax credits to reduce our U.S. income tax liability; and ( 9 ) further restricting the deductibility of certain executive compensation and fringe benefits. The Company is in the process of analyzing the regulations issued and determining an estimate of the financial impact Reconciliations between the total income tax benefit and the amount computed using the statutory federal rate of 21% for the years ended December 31, 2018 and 2017 were as follows:
|  | 2018 |  |  | 2017 |
|  | (in thousands) |
Federal income tax expense (credit) at statutory rate |  | $ | (945 | ) |  | $ | 3,815 |
Adjusted for: |  |  |  |  |  |  |  |
AMT refundable credits |  |  | (4,999 | ) |  |  |  |
Valuation allowance |  |  | 986 |  |  |  | (3,814 | )
Permanent differences and other |  |  | (41 | ) |  |  | (1 | )
Income tax benefit |  | $ | (4,999 | ) |  | $ | - |
Deferred tax assets were comprised of the following temporary differences as of December 31, 2018 and 2017:
|  | 2018 |  |  | 2017 |
|  | (in thousands) |
Net operating loss and tax credit carryforwards |  | $ | 24,239 |  |  | $ | 25,745 |
Joint venture and other investments |  |  | (27 | ) |  |  | (22 | )
Accrued retirement benefits |  |  | 3,055 |  |  |  | 2,483 |
Property net book value |  |  | 2,266 |  |  |  | 1,716 |
Deferred revenue |  |  | 666 |  |  |  | 546 |
Stock compensation |  |  | 16 |  |  |  | 13 |
Reserves and other |  |  | 189 |  |  |  | (115 | )
Total deferred tax assets |  |  | 30,404 |  |  |  | 30,366 |
Valuation allowance |  |  | (30,404 | ) |  |  | (30,366 | )
Net deferred tax assets |  | $ | - |  |  | $ | - |
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 loss, which is not included in the current provision. The Company had $71.7 million in federal NOL carry forwards at December 31, 2018, that expire from 2029 through 2034. The Company had $85.7 million in state NOL carry forwards at December 31, 2018, that expire from 2029 through 2034. The Company had $2.6 million in federal and state NOL carry forwards at December 31, 2018 that do not expire. In accordance with TCJA, the Company eliminated $91.3 million of AMT NOL carry forwards at December 31, 2018 and recognized as income tax benefit $5.0 million from its unused AMT credit carry forwards. The Company expects to receive 50%, or $2.5 million, of said credit in 2019 and the remaining balance to be received over the following two years. In accordance with SAB 118, during the year ended December 31, 2017, we recorded an adjustment of $12.1 million to the deferred tax assets and valuation allowance as a result of the TCJA’s reduction of the Federal corporate from 35% to 21%.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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