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Income Taxes | 12 Months Ended
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Sep. 30, 2017
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The provision (benefit) for income tax for the years ended September 30, 2017, 2016 and 2015 consists of the following:
(in thousands) | Fiscal Year Ended September 30,
| 2017 |  | 2016 |  | 2015
Current: |  |  |  |  |  |  |  |
Federal income tax | $ | 102 |  |  | $ | 244 |  |  | $ | (1,348 | )
State income tax | — |  |  | — |  |  | (98 | )
Total current | 102 |  |  | 244 |  |  | (1,446 | )
Deferred: |  |  |  |  |  |  |  |
Federal income tax | (3,286 | ) |  | 4,538 |  |  | 10,432 |
State income tax | (662 | ) |  | 739 |  |  | 1,919 |
Total deferred | (3,948 | ) |  | 5,277 |  |  | 12,351 |
Total provision (benefit) for income taxes | $ | (3,846 | ) |  | $ | 5,521 |  |  | $ | 10,905 |
Income tax provision (benefit) attributable to income from continuing operations differed from the amount computed by applying the statutory federal income tax rate of 35% to pre-tax income as a result of the following:
(in thousands) | Fiscal Year Ended September 30,
| 2017 |  | 2016 |  | 2015
Tax at the statutory federal rate | $ | (4,670 | ) |  | $ | 4,382 |  |  | $ | 9,335 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |
State income taxes, net of federal benefit | (402 | ) |  | 457 |  |  | 1,279 |
Permanent and other reconciling items, net | 548 |  |  | 773 |  |  | 280 |
Expiration of capital loss carryover | 581 |  |  | — |  |  | — |
Other | 97 |  |  | (91 | ) |  | 11 |
Total provision (benefit) for income taxes | $ | (3,846 | ) |  | $ | 5,521 |  |  | $ | 10,905 |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of September 30, 2017, and 2016 are presented below:
(in thousands) | September 30,
| 2017 |  | 2016
Deferred tax assets: |  |  |  |  |
Deferred retirement benefits | $ | 1,712 |  |  | $ | 1,620 |
Inventories | 6,435 |  |  | 912 |
Alico-Agri, Ltd. outside basis differences | — |  |  | 474 |
Goodwill | 33,233 |  |  | 36,217 |
Deferred gain recognition | 10,601 |  |  | 10,964 |
Capital loss carryforwards | 9,462 |  |  | 9,702 |
Alternative minimum tax credits | 293 |  |  | 197 |
Net operating losses | 3,160 |  |  | 5,844 |
Intangibles | 1,027 |  |  | 763 |
Other | 158 |  |  | 3 |
Total deferred tax assets | 66,081 |  |  | 66,696 |
Deferred tax liabilities: |  |  |
Revenue recognized from citrus and sugarcane | — |  |  | 282 |
Property and equipment | 91,995 |  |  | 95,149 |
Accrual-to-cash method | 950 |  |  | 1,908 |
Prepaid insurance | 220 |  |  | 331 |
Investment in Magnolia | 24 |  |  | 82 |
Total deferred tax liabilities | 93,189 |  |  | 97,752 |
Net deferred income tax liability | $ | (27,108 | ) |  | $ | (31,056 | )
As of September 30, 2017, the Company has approximately $8,000,000 federal and approximately $10,100,000 state income tax net operating loss (NOL) carryforwards. The Federal NOL's of approximately $3,600,000 will expire in 2024 and approximately $4,400,000 in 2025. The State NOL’s of approximately $3,600,000 will expire in 2024 and approximately $6,500,000 in 2025. As of September 30, 2017, the Company has approximately $24,600,000 of capital losses, which will expire in 2018. The Company believes that it is more likely than not that the benefit from federal and state NOL and capital loss carryforwards will be realized and, therefore, has not provided a valuation allowance on the deferred tax assets related to these NOL and capital loss carryforwards.

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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 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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