INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The components of income before income taxes and the effect of adjustments to tax computed at the federal statutory rate for the years ended December 31, 2018 and 2017 were as follows:

	2018			2017
Income (Loss) before income taxes	$	4,091,000		$	(294,000	)
Computed tax at federal statutory rate of (21% in 2018 & 34% in 2017)	$	859,000		$	(100,000	)
State taxes		(9,000	)		9,000
REIT related adjustments		(847,000	)		152,000
Adjustment to valuation allowance		(21,000	)		(152,000	)
Revaluation of deferred items due to federal rate change		-			85,000
Other items, net		(21,000	)		17,000
(Benefit from) provision for income taxes	$	(39,000	)	$	11,000

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The (benefit from) provision for income taxes in the consolidated statements of income consists of the following:

Year ended December 31,	2018			2017
Current:
Federal		-		$	(2,000	)
State	$	(2,000	)		5,000
		(2,000	)		3,000
Deferred:
Federal	$	(10,000	)	$	168,000
State		(6,000	)		8,000
		(16,000	)		176,000
Change in valuation allowance		(21,000	)		(168,000	)
Total	$	(39,000	)	$	11,000

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

As of December 31, 2018, and 2017, the components of the deferred tax assets and liabilities are as follows:

	As of December 31, 2018 Deferred tax					As of December 31, 2017 Deferred tax
	Assets			Liabilities		Assets			Liabilities
Net operating loss carry forward	$	202,000				$	223,000
Excess of book basis of 49% owned corporation over tax basis				$	281,000				$	281,000
Unrealized gain on marketable securities		5,000			-		-			50,000
Excess of tax basis over book basis of other investments		228,000			-		247,000			-
Valuation allowance		(202,000	)				(223,000	)
Totals	$	233,000		$	281,000	$	247,000		$	331,000