EXHIBIT
14



THE
INTERGROUP CORPORATION
CODE OF ETHICS
FOR
SENIOR FINANCIAL OFFICERS



This
Code of Ethics applies to The InterGroup Corporation (“InterGroup” or the “Company”) Senior Financial Officers.
“Senior Financial Officers” shall include the principal executive officer, the principal accounting officer or controller,
or persons performing similar functions, including InterGroup’s President and Chief Executive Officer, Chief Financial Officer,
Treasurer, Controller, Vice President, the Company’s Board of Directors and such other individuals as determined from time to time
by the Audit Committee of the Company for purposes of this Code of Ethics. The Company expects all employees, in carrying out their job
responsibilities, to act in accordance with the highest standards of personal and professional integrity, to comply with all applicable
laws, and to abide by InterGroup’s other corporate policies and procedures adopted from time to time by the Company. This Code
of Ethics supplements the foregoing with respect to all Senior Financial Officers.



InterGroup’s
Senior Financial Officers will:



1.
Engage in and promote honest and ethical conduct, acting with integrity and exercising at all times their best independent judgment;



2.
Avoid actual or apparent conflicts of interest between personal and professional relationships and disclose to the Company’s Audit
Committee and counsel any material transaction or relationship that reasonably could be expected to give rise to such a conflict;



3.
Produce full, fair, accurate, timely and understandable disclosure in reports and documents that InterGroup files with, or submits to,
the Securities and Exchange Commission and in other public communications made by InterGroup;



4.
Comply with applicable governmental laws, rules and regulations, as well as the rules and regulations of self-regulatory organizations
of which InterGroup is a member;



5.
Maintain the confidentiality of Company information, except when authorized or otherwise required to make any disclosure, and avoid the
use of any Company information for personal advantage;



6.
Promote ethical and honest behavior among employees under your supervision; and



7.
Promptly report any possible violation of this Code of Ethics to the Audit Committee and the Company’s counsel.



All
Senior Financial Officers are prohibited from directly or indirectly taking any action to coerce, manipulate, mislead or fraudulently
influence InterGroup’s independent public accountant engaged in the performance of an audit or review of the financial statements
of the Company for the purpose of rendering the financial statements of InterGroup misleading.



The
Audit Committee of the Board of Directors shall approve any waiver or amendment of this Code of Ethics, and any such waiver or amendment
shall be disclosed promptly as required by law and SEC regulations.



All
Senior Financial Officers will be held accountable for their adherence to this Code of Ethics. Failure to observe the terms of this Code
of Ethics may result in disciplinary action, up to and including termination of employment. Violations of this Code of Ethics may also
constitute violations of law, and may result in civil and criminal penalties for the individual, his or her supervisor and/or InterGroup.



If
a Senior Financial Officer has any questions regarding the best course of action in a particular situation, he or she should promptly
contact the Chairman of the Audit Committee or the Company’s counsel. An individual may choose to remain anonymous in reporting
any possible violation of this Code of Ethics.