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Note 8 - Income Taxes | 12 Months Ended
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Dec. 31, 2020
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 the TCJA, the Company eliminated $91.3 million of AMT NOL carry forwards in 2018 and recognized $5.0 million of income tax benefit from its unused AMT credit carry forwards. The Company received subsequent notices that refunds were applied by the U.S. Department of the Treasury toward a “Non-Tax Federal Debt.” The Company believes the refunds were misapplied in error and intends to pursue collection of the amount; however, the entire $5.0 million income tax benefit from its unused AMT credit carry forwards has been written off against the valuation allowance in 2020 until further clarification on this matter is received. Reconciliations between the total income tax benefit and the amount computed using the statutory federal rate of 21% for the years ended December 31, 2020 and 2019 were as follows:
|  | 2020 |  |  | 2019 |
|  | (in thousands) |
Federal income tax benefit at statutory rate |  | $ | (547 | ) |  | $ | (1,127 | )
Adjusted for: |  |  |  |  |  |  |  |
Valuation allowance |  |  | 475 |  |  |  | 6,111 |
Permanent differences and other |  |  | 72 |  |  |  | 15 |
Income tax expense |  | $ | - |  |  | $ | 4,999 |
Deferred tax assets were comprised of the following temporary differences as of December 31, 2020 and 2019:
|  | 2020 |  |  | 2019 |
|  | (in thousands) |
Net operating loss and tax credit carryforwards |  | $ | 24,956 |  |  | $ | 29,545 |
Joint venture and other investments |  |  | (27 | ) |  |  | (27 | )
Accrued retirement benefits |  |  | 3,329 |  |  |  | 3,010 |
Property net book value |  |  | 3,357 |  |  |  | 3,300 |
Deferred revenue |  |  | 715 |  |  |  | 697 |
Reserves and other |  |  | 29 |  |  |  | (10 | )
Total deferred tax assets |  |  | 32,359 |  |  |  | 36,515 |
Valuation allowance |  |  | (32,359 | ) |  |  | (36,515 | )
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, 2020, that expire from 2029 through 2034. The Company had approximately $85.7 million in state NOL carry forwards at December 31, 2020, that expire from 2029 through 2034. The Company had approximately $5.2 million in federal and state NOL carry forwards at December 31, 2020 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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