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Note 8 - Income Taxes | 12 Months Ended
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Dec. 31, 2019
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. In accordance with TCJA, the Company eliminated $91.3 million of AMT NOL carry forwards at December 31, 2018 and recognized $5.0 million of income tax benefit from its unused AMT credit carry forwards. In December 2019, the Company received notice that a portion of the refund, $2.5 million, was applied by the U.S. Department of the Treasury toward a “Non-Tax Federal Debt.” The Company believes the refund was misapplied in error and intends to pursue collection of the amount; however, the Company has recognized a reserve for the entire $5.0 million income tax benefit from its unused AMT credit carry forwards at December 31, 2019, until such time that it has further clarification on this matter. Reconciliations between the total income tax benefit and the amount computed using the statutory federal rate of 21% for the years ended December 31, 2019 and 2018 were as follows:
|  | 2019 |  |  | 2018 |
|  | (in thousands) |
Federal income tax benefit at statutory rate |  | $ | (1,127 | ) |  | $ | (945 | )
Adjusted for: |  |  |  |  |  |  |  |
AMT refundable credits |  |  | - |  |  |  | (4,999 | )
Valuation allowance |  |  | 6,111 |  |  |  | 986 |
Permanent differences and other |  |  | 15 |  |  |  | (41 | )
Income tax expense (benefit) |  | $ | 4,999 |  |  | $ | (4,999 | )
Deferred tax assets were comprised of the following temporary differences as of December 31, 2019 and 2018:
|  | 2019 |  |  | 2018 |
|  | (in thousands) |
Net operating loss and tax credit carryforwards |  | $ | 29,545 |  |  | $ | 24,239 |
Joint venture and other investments |  |  | (27 | ) |  |  | (27 | )
Accrued retirement benefits |  |  | 3,010 |  |  |  | 3,055 |
Property net book value |  |  | 3,300 |  |  |  | 2,266 |
Deferred revenue |  |  | 697 |  |  |  | 666 |
Stock compensation |  |  | - |  |  |  | 16 |
Reserves and other |  |  | (10 | ) |  |  | 189 |
Total deferred tax assets |  |  | 36,515 |  |  |  | 30,404 |
Valuation allowance |  |  | (36,515 | ) |  |  | (30,404 | )
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. Net Operating Loss (NOL) carryforwards created in tax years beginning after December 31, 2017 are limited by the TCJA. The Company had approximately $71.7 million in federal NOL carry forwards at December 31, 2019, that expire from 2029 through 2034.The Company had approximately $85.7 million in state NOL carry forwards at December 31, 2019, that expire from 2029 through 2034. The Company had approximately $3.7 million in federal and state NOL carry forwards at December 31, 2019 that do not expire.

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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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