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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of income before income taxes

For financial reporting purposes, income before income taxes were (dollars in thousands):

		Years Ended December 31,
		2018				2017				2016
Income before income taxes		$	10,393			$	3,139			$	3,202

Schedule of current income tax expense and expense for income taxes

The expense for income taxes consists of (dollars in thousands):

		Years Ended December 31,
		2018				2017				2016
Current:
Federal		$	1,391			$	1,098			$	1,121
Deferred and Other:
Federal			792				533				—
Total Tax Expense		$	2,183			$	1,631			$	1,121

Schedule of the reconciliation between effective tax rate 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 (dollars in thousands):

		Years Ended December 31,
		2018				2017				2016
Income Tax Expense at Federal Statutory Rate		$	2,183			$	1,098			$	1,121
Repricing of Deferred Assets Due to Change in Future Rates			—				533				—
Reported Income Tax Expense		$	2,183			$	1,631			$	1,121
Effective Tax Rate			21.0	%			52	%			35	%

Schedule of deferred tax assets

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		$	—			$	383
Installment Note on Land Sale			—				2,876
Installment Note from Affiliate on Land Sale			—				2,503
Total Deferred Tax Assets		$	—			$	5,762
Less: Valuation Allowance							—
Total Net Deferred Tax Assets		$	—			$	5,762
Deferred Tax Liabilities:
Basis Differences for Fixed Assets		$	—			$	4,770
Deferred Gain Differences			—				200
Total Deferred Tax Liability		$	—			$	4,970
Net Deferred Tax Asset		$	—			$	792
Current Net Deferred Tax Asset		$	—			$	5,179
Long-Term Net Deferred Tax Liability			—				4,387
Net Deferred Tax Asset		$	—			$	792

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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.

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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