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Federal Income Taxes | 12 Months Ended
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Jan. 31, 2018
Income Tax Disclosure [Abstract] |
Federal Income Taxes | 17. FEDERAL INCOME TAXES The Trust and subsidiaries have income tax net operating loss carryforwards of approximately $4.8 million at January 31, 2018. 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.
Income taxes for the years ended January 31, |  |  |  |  |  |
|  | 2018 |  |  | 2017 |
Current income tax provision (benefit) |  |  | 335,000 |  |  |  | (227,000 | )
Deferred income tax provision (benefit) |  |  | - |  |  |  | - |
Net income tax expense (benefit) |  | $ | 335,000 |  |  | $ | (227,000 | )
Total and net deferred income tax assets at January 31, |  |  |  |  |  |
|  | 2018 |  |  | 2017 |
Net operating loss carryforwards |  | $ | 2,763,000 |  |  | $ | 4,040,000 |
Bad debt allowance |  |  | (22,000 | ) |  |  | (18,000 | )
Accrued expenses |  |  | 89,000 |  |  |  | 84,000 |
Syndications |  |  | 5,179,000 |  |  |  | 5,179,000 |
Prepaid Insurance |  |  | 30,000 |  |  |  | 30,000 |
Alternative minimum tax credit |  |  | 91,000 |  |  |  | 91,000 |
Total deferred tax assets |  |  | 8,130,000 |  |  |  | 9,406,000 |
Deferred income tax liability associated with book/tax differnces in hotel properties |  |  | (2,884,000 | ) |  |  | (2,459,000 | )
Net deferred income tax asset |  |  | 5,246,000 |  |  |  | 6,947,000 |
Valuation allowance |  |  | (5,246,000 | ) |  |  | (6,947,000 | )
Net deferred income tax |  | $ | - |  |  | $ | - |
A reconciliation of the differences between the effective and statutory income tax rates for years ended January 31, is as follows:
Income taxes for the years ended January 31, |  |  |  |  |  |
|  | 2018 |  |  | 2017 |
Current income tax provision (benefit) |  |  | 341,000 |  |  |  | (227,000 | )
Deferred income tax provision (benefit) |  |  | - |  |  |  | - |
Net income tax expense (benefit) |  | $ | 341,000 |  |  | $ | (227,000 | )
A reconciliation of the differences between the effective and statutory income tax rates for years ended January 31, is as follows:
|  | 2018 |
|  | Amount |  |  | Percent |
Federal statutory rates |  | $ | 1,604,000 |  |  |  | 34 | %
State income taxes |  |  | 636,000 |  |  |  | 13 | %
Changes in valuation allowance |  |  | (1,703,000 | ) |  |  | (36 | )%
True-up to prior year returns |  |  | (240,000 | ) |  |  | (5 | )%
Other |  |  | 44,000 |  |  |  | 1 | %
Effective rate |  | $ | 341,000 |  |  |  | 7 | %
|  | 2017 |
|  | Amount |  |  | Percent |
Federal statutory rates |  | $ | (878,000 | ) |  |  | (34 | )%
State income taxes |  |  | (196,000 | ) |  |  | (8 | )%
Changes in valuation allowance |  |  | 1,445,000 |  |  |  | 56 | %
True-up to prior year returns |  |  | (593,000 | ) |  |  | (23 | )%
Other |  |  | (5,000 | ) |  |  | 0 | %
Effective rate |  | $ | (227,000 | ) |  |  | (9 | )%
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 $240,000 which were then offset by the release of valuation allowances. The Trust’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. The Trust had no material accrued interest or penalties at January 31, 2018 and 2017.

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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 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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