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INCOME TAXES | 12 Months Ended
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Dec. 31, 2015
Income Tax Disclosure [Abstract] |
INCOME TAXES | NOTE 11. INCOME TAXES For 2015 ARL, TCI, and IOT all had taxable income. For 2014 ARL, TCI and IOT had a combined net taxable loss and ARL recorded no current tax (benefit) or expense. For 2013 ARL consolidated with TCI and IOT had a net taxable loss resulting in a tax (benefit) to ARL. The expense (benefit) in each year was calculated based on the amount of losses absorbed by taxable income multiplied by the maximum statutory rate of 35%. 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 | )
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 |  | $ | — |  |  | $ | — |  |  | $ | — |
Deferred income taxes reflect the tax effects of temporary timing differences between carrying amounts of assets and liabilities reflected on the financial statements and the amounts used for income tax purposes. ARL’s tax basis in its net assets differs from the amount at which its net assets are reported for financial statement purposes, principally due to the accounting for gains and losses on property sales, and depreciation on owned properties. 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 |  | $ | — |  |  | $ | — |  |  | $ | — |
At December 31, 2015, 2014 and 2013 ARL had a net deferred tax asset due to tax deductions available to it in future years. However, as management could not determine that it was more likely than not that ARL would realize the benefit of the deferred tax asset, a 100% valuation allowance was established. ARL has prior tax net operating losses and capital loss carryforwards of approximately $54.0 million expiring through the year 2033. The alternative minimum tax credit balance increased in 2015 to approximately $2.8 million. The credit has no expiration date.. ARL is subject to routine audits by taxing jurisdictions; however, there are currently no audits in progress for any tax periods. Management believes ARL is no longer subject to income tax examinations for years prior to 2012.

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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 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 2: 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 Reference 3: 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 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 + Details
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