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Note 16 - Federal Income Taxes | 12 Months Ended
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Jan. 31, 2015
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | 16. INCOME TAXES The Trust and its subsidiaries have federal income tax net operating loss carry forwards of approximately $6.5 million at January 31, 2015, having expiration dates ranging from fiscal years 2019 to 2034. 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. Generally, the Trust is no longer subject to income tax examinations prior to 2012 for federal and 2011 for state purposes.
Total and net deferred income tax assets at January 31, |  | 2015 |  |  | 2014 |
Net operating loss carryforwards |  | $ | 2,166,000 |  |  | $ | 2,914,000 |
Bad debt allowance |  |  | (12,000 | ) |  |  | (16,000 | )
Accrued expenses |  |  | 81,000 |  |  |  | 61,000 |
Syndications |  |  | 4,370,000 |  |  |  | 2,770,000 |
Prepaid insurance |  |  | 8,000 |  |  |  | 1,000 |
Alternative minimum tax credit |  |  | 91,000 |  |  |  | 61,000 |
Total deferred income tax assets |  |  | 6,704,000 |  |  |  | 5,791,000 |
Deferred income tax liability associated with book/tax differences in hotel properties |  |  | (2,472,000 | ) |  |  | (2,195,000 | )
Net deferred income tax asset |  |  | 4,232,000 |  |  |  | 3,596,000 |
Valuation allowance |  |  | (4,232,000 | ) |  |  | (3,596,000 | )
Net deferred income tax asset |  | $ | - |  |  | $ | - |
The differences between the statutory and effective tax rates are as follows for the year ended January 31, 2015:
Federal statutory rates |  | $ | (694,000 | ) |  |  | (34 | %)
State income taxes |  |  | (141,000 | ) |  |  | (7 | %)
Change in valuation allowance |  |  | 636,000 |  |  |  | 67 | %
Effective rate |  | $ | (199,000 | ) |  |  | (10 | %)
The differences between the statutory and effective tax rates are as follows for the year ended January 31, 2014:
Federal statutory rates |  | $ | (295,000 | ) |  |  | (37 | %)
State income taxes |  |  | (64,000 | ) |  |  | (8 | %)
Change in valuation allowance |  |  | 322,000 |  |  |  | 40 | %
Effective rate |  | $ | (37,000 | ) |  |  | (5 | %)
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, 2015 and 2014.

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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 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 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=26873400&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 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: 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 6: 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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