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Federal Income Taxes (Tables) | 12 Months Ended
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Jan. 31, 2016
Income Tax Disclosure [Abstract] |
Schedule of Deferred Tax Assets and Liabilities | The Trust and subsidiaries have federal and state net operating loss carryforwards of approximately $8.4 million at January 31, 2015, having expiration dates ranging from fiscal years 2019 to 2033.
Total and net deferred income tax assets at January 31, |  | 2016 |  |  | 2015 |
Net operating loss carryforwards |  | $ | 2,795,000 |  |  | $ | 2,166,000 |
Bad debt allowance |  |  | (13,000 | ) |  |  | (12,000 | )
Accrued expenses |  |  | 76,000 |  |  |  | 81,000 |
Syndications |  |  | 5,128,000 |  |  |  | 4,370,000 |
Prepaid insurance |  |  | 23,000 |  |  |  | 8,000 |
Alternative minimum tax credit |  |  | 91,000 |  |  |  | 91,000 |
Total deferred income tax assets |  |  | 8,100,000 |  |  |  | 6,704,000 |
Deferred income tax liability associated with book/tax differences in hotel properties |  |  | (2,598,000 | ) |  |  | (2,472,000 | )
Net deferred income tax asset |  |  | 5,502,000 |  |  |  | 4,232,000 |
Valuation allowance |  |  | (5,502,000 | ) |  |  | (4,232,000 | )
Net deferred income tax asset |  | $ | - |  |  | $ | - |
Schedule of Effective Income Tax Rate Reconciliation | The differences between the statutory and effective tax rates are as follows for the year ended January 31, 2016:
Federal statutory rates |  | $ | (112,000 | ) |  |  | -34 | %
State income taxes |  |  | (25,000 | ) |  |  | -7 | %
Change in valuation allowance |  |  | 1,270,000 |  |  |  | 67 | %
True-ups to prior year return |  |  | (1,016,000 | ) |  |  | -33 | %
Other |  |  | (21,000 | ) |  |  | -1 | %
Effective rate |  | $ | 96,000 |  |  |  | -10 | %
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 | %

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- Definition 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. + References Reference 1: 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 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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