INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

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, 2020 and 2019 were as follows: 

	2020			2019
(Loss) income before income taxes	$	(1,038,000	)	$	310,000
Computed tax at federal statutory rate of (21%)	$	(218,000	)	$	65,000
State taxes		(2,000	)		1,000
REIT related adjustments		168,000			(31,000	)
Adjustment to valuation allowance		50,000			13,000
Permanent differences		19,000			(2,000	)
Other items, net		7,000			(17,000	)
Provision for income taxes	$	24,000		$	29,000

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes in the consolidated statements of income consists of the following:

Year ended December 31,	2020			2019
Current:
Federal		-			-
State	$	(6,000	)	$	-
		(6,000	)		-
Deferred:
Federal	$	(24,000	)	$	15,000
State		2,000			1,000
		(22,000	)		16,000
Change in valuation allowance		52,000			13,000
Total	$	24,000		$	29,000

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2020, and 2019, the components of the deferred tax assets and liabilities are as follows:

	As of December 31, 2020 Deferred tax					As of December 31, 2019 Deferred tax
	Assets			Liabilities		Assets			Liabilities
Net operating loss carry forward	$	267,000				$	215,000
Excess of book basis of 49% owned corporation over tax basis				$	271,000				$	272,000
Unrealized gain on marketable securities		-			65,000		-			8,000
Excess of tax basis over book basis of other investments and other		229,000			-		203,000			-
Valuation allowance		(267,000	)				(215,000	)
Totals	$	229,000		$	336,000	$	203,000		$	280,000