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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2015
Income Tax Disclosure [Abstract] |
Schedule of income tax expense benefit | Current expense (benefit) is attributable to (dollars in thousands):
|  | 2015 |  |  | 2014 |  |  | 2013 |
Income (loss) from continuing operations |  | $ | 517 |  |  | $ | (1,169 | ) |  | $ | (24,217 | )
Income (loss) from discontinued operations |  |  | 483 |  |  |  | 1,169 |  |  |  | 17,415 |
The full 2013 tax (benefit) to ARL comes from MRHI |  | $ | 1,000 |  |  | $ | — |  |  | $ | (6,802 | )
Schedule of federal income tax expense | The Federal income tax expense differs from the amount computed by applying the corporate tax rate of 35% to the income before income taxes as follows (dollars in thousands):
|  | 2015 |  |  | 2014 |  |  | 2013 |
Computed “expected” income tax (benefit) expense |  | $ | 1,465 |  |  | $ | 14,061 |  |  | $ | 15,684 |
Book to tax differences in gains on sale of property |  |  | (12,463 | ) |  |  | (2,350 | ) |  |  | (20,373 | )
Book to tax differences from entities not consolidated for tax purposes |  |  | 13,721 |  |  |  | (23,900 | ) |  |  | (33,565 | )
Book to tax differences of depreciation and amortization |  |  | (490 | ) |  |  | 1,415 |  |  |  | 1,250 |
Valuation allowance against current net operating loss benefit |  |  | 20,615 |  |  |  | 20,125 |  |  |  | 17,415 |
Other book to tax differences |  |  | (22,498 | ) |  |  | (9,351 | ) |  |  | 17,208 |
Total |  | $ | 350 |  |  | $ | — |  |  | $ | (2,381 | )
Alternative minimum tax |  | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of tax effects of temporary differences and net operating loss carry forwards that give rise to the deferred tax assets | The tax effects of temporary differences and net operating loss carry forwards that give rise to the deferred tax assets are presented below (amounts in thousands):
|  | 2015 |  |  | 2014 |  |  | 2013 |
Net operating losses |  | $ | 67,112 |  |  | $ | 74,357 |  |  | $ | 88,486 |
AMT credits |  |  | 2,751 |  |  |  | 2,201 |  |  |  | 2,201 |
Basis difference of: |  |  |  |  |  |  |  |  |  |  |  |
Real estate holdings and equipment |  |  | (11,197 | ) |  |  | 10,337 |  |  |  | 11,959 |
Notes receivable |  |  | 6,475 |  |  |  | 6,946 |  |  |  | 7,448 |
Investments |  |  | (14,966 | ) |  |  | (14,950 | ) |  |  | (14,960 | )
Notes payable |  |  | 3,455 |  |  |  | 8,189 |  |  |  | 13,360 |
Deferred gains |  |  | 19,868 |  |  |  | 18,086 |  |  |  | 18,746 |
Total |  | $ | 73,498 |  |  | $ | 105,166 |  |  | $ | 127,240 |
Deferred tax valuation allowance |  |  | (73,498 | ) |  |  | (105,166 | ) |  |  | (127,240 | )
Net deferred tax asset |  | $ | — |  |  | $ | — |  |  | $ | — |

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