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Note 15 - Federal Income Taxes | 12 Months Ended
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Jan. 31, 2013
Income Tax Disclosure [Text Block] | 15. FEDERAL INCOME TAXES The Trust and subsidiaries have income tax net operating loss carry forwards of approximately $12.7 million at January 31, 2013. The Trust periodically has ownership changes within the meaning of Internal Revenue Code Section 382. However, the Trust determined that such ownership changes would not have a material impact on the future use of the net operating losses. The Trust and subsidiaries have federal and state net operating loss carry forwards of approximately $12.6 million and $4.1 million respectively, having expiration dates ranging from fiscal 2013 to 2033.
Total and net deferred income tax assets at January 31, |  | 2013 |  |  | 2012 |
Net operating loss carryforwards |  | $ | 4,622,000 |  |  | $ | 4,844,000 |
Bad debt allowance |  |  | (17,000 | ) |  |  | (11,000) |
Accrued expenses |  |  | 1,496,000 |  |  |  | 1,018,000 |
Prepaid insurance |  |  | 13,000 |  |  |  | 13,000 |
Alternative minimum tax credit |  |  | 61,000 |  |  |  | 61,000 |
Total deferred income tax assets |  |  | 6,175,000 |  |  |  | 5,925,000 |
Deferred income tax liability associated with book/tax differences in hotel properties |  |  | (2,263,000 | ) |  |  | (2,731,000 | )
Net deferred income tax asset |  |  | 3,912,000 |  |  |  | 3,194,000 |
Valuation allowance |  |  | (3,912,000 | ) |  |  | (3,194,000 | )
Net deferred income tax asset |  | $ | - |  |  | $ | - |
Income taxes for the year ended January 31, |  | 2013 |  |  | 2012 |
Current income tax provision (benefit) |  | $ | - |  |  | $ | - |
Deferred income tax benefit (provision) |  |  | - |  |  |  | - |
Net income tax provision (benefit) |  | $ | - |  |  | $ | - |
The differences between the statutory and effective tax rates are as follows for the year ended January 31, 2013:
Federal statutory rates |  | $ | (406,000 | ) |  |  | (34 | %)
State income taxes |  |  | (88,000 | ) |  |  | (7 | %)
Change in valuation allowance |  |  | 718,000 |  |  |  | 60 | %
True-ups to prior year return |  |  | (237,000 | ) |  |  | (20 | %)
Other |  |  | 13,000 |  |  |  | 1 | %
Effective rate |  | $ | 0 |  |  |  | 0 | %
The differences between the statutory and effective tax rates are as follows for the year ended January 31, 2012:
Federal statutory rates |  | $ | (428,000 | ) |  |  | (34 | %)
State income taxes |  |  | (89,000 | ) |  |  | (7 | %)
Change in valuation allowance |  |  | 1,137,000 |  |  |  | 90 | %
True-ups to prior year return |  |  | (620,000) |  |  |  | (49 | %)
Other |  |  | 0 |  |  |  | 0 | %
Effective rate |  | $ | 0 |  |  |  | 0 | %
The valuation allowance increased by approximately $718,000 and $1,137,000 in the years ended January 31, 2013 and 2012, respectively, primarily due to a reduction in deferred tax liabilities associated with hotel properties due to timing differences in depreciation recognition. The Trust's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Trust had no accrued interest or penalties at January 31, 2013 and 2012.

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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 Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: 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=6907707&loc=d3e32537-109319 Reference 7: 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=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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