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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES (Tables):

INCOME TAXES - OTHER DETAILS (TABLE)

Current income tax expense is attributable to (dollars in thousands):

		2014				2013				2012

Income from continuing operations		$	2,705			$	8,729			$	2,360
Income from discontinued operations			-				-				37
		$	2,705			$	8,729			$	2,397

INCOME TAXES - US STATUTORY INCOME TAX RATES (TABLE)

The following table presents the principal reasons for the differences between the Company’s effective tax rate and the United States statutory income tax rate of 35% (dollars in thousands):

		2014				2013				2012

Federal income tax at statutory rate		$	946			$	3,055			$	839
State tax expense			-				-				8
Gain on sale differences			-				-				-
Other			-				-				(8	)
Utilization of net operating loss and minimum tax credit carry forwards			-				-				-
Effective income tax rate			35	%			35	%			35	%

INCOME TAXES - DEFERRED TAX ASSET (TABLE)

The tax effects of temporary differences and net operating loss carry forwards that give rise to the deferred tax assets are presented below (dollars in thousands):

		2014				2013				2012

Accumulated depreciation and amortization		$	(516	)		$	(514	)		$	(514	)
Allowance for loss			694				694				694
Other			-				-				38
Federal benefit of NOL carryforward			1,078				1,078				1,078
Federal benefit of AMT caryforward			164				164				164
Deferred tax asset		$	1,420			$	1,422			$	1,460
Less valuation allowance			(1,420	)			(1,422	)			(1,460	)
Total deferred tax asset		$	-			$	-			$	-