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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Tax Disclosure [Abstract] |
Schedule of income tax expense benefit | For financial reporting purposes, income before income taxes were:
|  | Years Ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  |  | (In thousands) |
Income (loss) from continuing operations before income taxes |  | $ | 183,902 |  |  | $ | (8,696 | ) |  | $ | (2,363 | )
The expense (benefit) for income taxes consists of:
|  | Years Ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  | (In thousands) |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 42,231 |  |  | $ | (3,044 | ) |  | $ | — |
State |  |  | 1,210 |  |  |  | 10 |  |  |  | — |
Deferred and Other: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (42,231 | ) |  |  | 3,044 |  |  |  | 46 |
State |  |  | — |  |  |  | 170 |  |  |  | — |
Total Tax Expense |  | $ | 1,210 |  |  | $ | 180 |  |  | $ | 46 |
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,
|  | 2018 |  | 2016 |  | 2015
|  | (In thousands)
Income Tax Expense (Benefit) at Federal Statutory Rate |  | $ | 38,619 |  |  | $ | (3,044 | ) |  | $ | (827 | )
State and Local Income Taxes Net of Federal Tax Benefit |  |  | 1,210 |  |  |  | 180 |  |  |  | — |
Permanent tax differences |  |  | (224 | ) |  |  | — |  |  |  | — |
Temporary tax differences |  |  |  |  |  |  |  |  |  |  |  |
Installment note on land sale |  |  | (2,875 | ) |  |  | (1,918 | ) |  |  |  |
Allowance for losses on note receivables |  |  | (712 | ) |  |  | (2,372 | ) |  |  |  |
Deferred gains |  |  | (7,041 | ) |  |  | (10,758 | ) |  |  |  |
Basis differences on fixed assets |  |  | 22,110 |  |  |  | 9,284 |  |  |  |  |
Other basis/timing differences |  |  | (7,646 | ) |  |  | 5,764 |  |  |  |  |
Use/generation on net operating loss carryforwards |  |  | (42,231 | ) |  |  | 3,044 |  |  |  | 873 |
Reported Income Tax Expense |  | $ | 1,210 |  |  | $ | 180 |  |  | $ | 46 |
Effective Tax Rate |  |  | 0.7 | % |  |  | N/A |  |  |  | N/A |
Schedule of components of net deferred tax assets or liabilities | Components of the Net Deferred Tax Asset or Liability
|  | Years Ended December 31,
|  | 2018 |  | 2017
|  | (In thousands)
Deferred Tax Assets: |  |
Allowance for losses on notes |  | $ | 2,879 |  |  | $ | 3,591 |
Installment note on land sale |  |  | — |  |  |  | 2,875 |
Deferred Gain |  |  | 3,999 |  |  |  | 11,040 |
Net Operating Loss Carryforward |  |  | 8,700 |  |  |  | 50,931 |
Total Deferred Tax Assets |  |  | 15,578 |  |  |  | 68,437 |
Less: Valuation Allowance |  |  | (12,246 | ) |  |  | (42,995 | )
Total Net Deferred Tax Assets |  |  | 3,332 |  |  |  | 25,442 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Deferred gain |  |  | — |  |  |  | — |
Basis Differences for Fixed Assets |  |  | (3,332 | ) |  |  | (25,442 | )
Total Deferred Tax Liability |  |  | (3,332 | ) |  |  | (25,442 | )
Current Net Deferred Tax Asset |  |  | 3,332 |  |  |  | 25,442 |
Long-Term Net Deferred Tax Liability |  |  | (3,332 | ) |  |  | (25,442 | )
Net deferred tax asset (liability) |  | $ | — |  |  | $ | — |

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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://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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