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Federal Income Taxes (Tables)
 12 Months Ended
Jan. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities

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   $ -     $ -  
Schedule of Income Tax Provision

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  
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, 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 %)