XML 36 R24.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Federal Income Taxes | 12 Months Ended
--- | ---
Jan. 31, 2017
Income Tax Disclosure [Abstract] |
Federal Income Taxes | 17. FEDERAL INCOME TAXES In 2005, the Trust had an ownership change within the meaning of Internal Revenue Code Section 382. However, the Trust determined that such ownership change would not have a material impact on the future use of the net operating losses. The Trust and subsidiaries have federal net operating loss carryforwards of approximately $10.9 million at January 31, 2017, having expiration dates ranging from fiscal years 2019 to 2033.
Total and net deferred income tax assets at January 31, |  | 2017 |  |  | 2016 |
Net operating loss carryforwards |  | $ | 4,040,000 |  |  | $ | 2,795,000 |
Bad debt allowance |  |  | (18,000 | ) |  |  | (13,000 | )
Accrued expenses |  |  | 84,000 |  |  |  | 76,000 |
Syndications |  |  | 5,179,000 |  |  |  | 5,128,000 |
Prepaid insurance |  |  | 30,000 |  |  |  | 23,000 |
Alternative minimum tax credit |  |  | 91,000 |  |  |  | 91,000 |
Total deferred income tax assets |  |  | 9,406,000 |  |  |  | 8,100,000 |
Deferred income tax liability associated with book/tax differences in hotel properties |  |  | (2,459,000 | ) |  |  | (2,598,000 | )
Net deferred income tax asset |  |  | 6,947,000 |  |  |  | 5,502,000 |
Valuation allowance |  |  | (6,947,000 | ) |  |  | (5,502,000 | )
Net deferred income tax asset |  | $ | - |  |  | $ | - |
Income taxes for the year ended January 31, |  |  | 2017 |  |  |  | 2016 |
Current income tax provision (benefit) |  |  | (227,000 | ) |  |  | 96,000 |
Deferred income tax provision |  |  | - |  |  |  | - |
Net income tax provision (benefit) |  |  | (227,000 | ) |  |  | 96,000 |
The differences between the statutory and effective tax rates are as follows for the year ended January 31, 2017:
Federal statutory rates |  | $ | (878,000 | ) |  |  | (34 | %)
State income taxes |  |  | (196,000 | ) |  |  | (8 | %)
Change in valuation allowance |  |  | 1,445,000 |  |  |  | 56 | %
True-ups to prior year return |  |  | (593,000 | ) |  |  | (23 | %)
Other |  |  | (5,000 | ) |  |  | - | %
Effective rate |  | $ | (227,000 | ) |  |  | (9 | %)
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 |  |  |  | (6 | %)
The true-ups to prior year return related primarily to the sale of syndication units in the Trust’s subsidiaries which are treated as equity transactions in the Trust’s financial statements but are taxed as capital gain transactions and total $75,000. 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, 2017 and 2016.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -URI http://asc.fasb.org/topic&trid=2144680 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration