Company: INTG
Filing Date: 2025-09-30
Form Type: 10-K
Source: 0001493152-25-016154
Chunk: 269

Company: INTERGROUP CORP
Filing Date: 2025-09-30
Form: 10-K
Item: Item 8
Chunk 269
---
 benefit 
     (523,000) 
     206,000 
  
    Federal
    income tax (expense) benefit, total 
     (461,000) 
     186,000 

    State 

    Current tax benefit (expense) 
     14,000  
     (100,000)
  
    Deferred tax expense 
     (101,000) 
     (3,000)
  
    State
    income tax (expense) benefit, total 
     (87,000) 
     (103,000)

    Income tax (expense) benefit 
    $(548,000) 
    $83,000 

    57

The
provision for income taxes differs from the amount of income tax computed by applying the federal statutory income tax rate to income
before taxes as a result of the following differences:

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION 

    For the years ended June 30, 
    2025 
    2024

    Statutory federal tax rate 
    $1,469,000  
    $2,644,000 
  
    State income taxes, net of federal tax benefit 
     737,000  
     1,051,000 
  
    Dividend received deduction 
     12,000  
     24,000 
  
    Perm differences 
     (336,000) 
     (542,000)
  
    Provision to return adjustment 
     105,000  
     (712,000)
  
    Valuation allowance 
     (2,831,000) 
     (2,700,000)
  
    Payable true up 
     182,000  
     320,000 
  
    State rate change impact 
     95,000  
     33,000 
  
    Other 
     19,000  
     (35,000)
  
    Income tax expense (benefit) 
    $(548,000) 
    $83,000 

The
components of the deferred tax asset and liabilities are as follows:

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 

    June 30, 2025  
    June 30, 2024 
  
    Deferred tax assets: 

    Net operating loss carryforwards 
    $15,410,000