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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of income tax expense benefit

For financial reporting purposes, income before income taxes were:   

		Years Ended December 31
		2017		2016		2015
		(in thousands)
TOTAL		($8,696)		($2,365)		($2,287)

The expense (benefit) for income taxes consists of:

		Years Ended December 31
		2017				2016				2015
		(in thousands)
Current:
Federal		$	(3,044	)		$	—			$	—
State			10				—				—
Deferred and other:
Federal			3,044				(45	)			(1,000	)
State			170				—				—
Total Tax Expense		$	180			$	(45	)		$	(1,000	)

Schedule of reconciliation effective tax rate on income from continuing operations and the statutory rate

The reconciliation between the Company’s effective tax rate on income from continuing operations and the statutory rate is as follows:

		Years Ended December 31
		2017				2016				2015
		(in thousands)
Income tax expense (benefit) at federal statutory rate		$	(3,044	)		$	(827	)		$	(1,283	)
State and local income taxes net of federal tax benefit			180				—				—
Repricing of deferred assets due to change in future rates			(28,663	)			—				—
			—				—
Change in valuation allowance			31,707			$	873			$	1,800
Reported income tax (benefit) expense			180			$	46			$	517
Effective Tax Rate			0.7	%			N/A				N/A

Schedule of components of the Net Deferred Tax Asset or Liability

Components of the Net Deferred Tax Asset or Liability

	Years Ended December 31
		2017				2016
		(in thousands)
Allowance for losses on notes		$	3,591				5,963
Installment note on land sale			2,875				4,793
Deferred gain			11,040				21,798
Net operating loss carryforward			50,931				73,021
Subtotal			68,437				105,575
Less:  valuation allowance			(42,995	)			(70,849	)
Total net deferred tax assets			25,442				34,726
Basis differences for fixed assets			25,442				34,726
Total deferred tax liability			25,442				34,726
Net deferred tax asset			—				—
Current net deferred tax asset			25,442				34,726
Long-term net deferred tax liability			25,442				34,726
Net deferred tax asset			—				—

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: 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=84230637&loc=d3e32639-109319

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: 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=84230637&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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