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Note 16 - Federal Income Taxes
 12 Months Ended
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.