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Federal Income Taxes

12 Months Ended

Jan. 31, 2019

Income Tax Disclosure [Abstract]

Federal Income Taxes

16. FEDERAL INCOME TAXES

The Trust and subsidiaries have income tax net operating loss carryforwards of approximately $4.4 million at January 31, 2019. 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.

Total and net deferred income tax assets at January 31,            

		2019				2018
Net operating loss carryforwards		$	705,000			$	2,763,000
Bad debt allowance			3,000				(22,000	)
Accrued expenses			2,000				89,000
Syndications			2,923,000				5,179,000
Prepaid Insurance			-				30,000
Alternative minimum tax credit			51,000				91,000
Total deferred tax asset			3,684,000				8,130,000
Deferred income tax liability associated with book/tax			(1,570,000	)			(2,884,000	)
Net deferred income tax asset			2,114,000				5,246,000
Valuation allowance			(2,114,000	)			(5,246,000	)
		$	-			$	-

Income taxes for the year ended January 31,            

		2019				2018
Current income tax provision (benefit)			-				335,000
Deferred income tax provision (benefit)			(3,132,000	)			(1,701,000	)
Change in valuation allowance			3,132,000				1,701,000
Net income tax expense (benefit)			-				335,000

The differences between the statutory and effective tax rates are as follows for the year ended January 31, 2019:

		2019
		Amount				Percent
Federal statutory rates		$	208,000				21	%
State income taxes			50,000				5	%
Change in valuation allowance			(3,132,000	)			(316	)%
True-up to prior year returns			2,872,000				290	%
Other			2,000				0	%
Effective rate		$	-				0	%

The differences between the statutory and effective tax rates are as follows for the year ended January 31, 2018:

		2018
		Amount				Percent
Federal statutory rates		$	1,604,000				34	%
State income taxes			576,000				12	%
Change in valuation allowance			(1,701,000	)			(36	)%
True-up to prior year returns			(240,000	)			(5	)%
Other			96,000				2	%
Effective rate		$	335,000				7	%

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- References

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

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