|
Income Taxes (Tables)
|
12 Months Ended |
|
Nov. 30, 2012
|
| Income Taxes [Abstract] |
|
| Components of deferred tax assets and liabilities |
| |
|
|
|
|
|
|
|
|
|
Description
|
|
November 30,
2012 |
|
|
November 30,
2011 |
|
|
Deferred Tax Assets:
|
|
|
|
|
|
|
|
|
|
Organization costs
|
|
$ |
(17,668 |
) |
|
$ |
(20,068 |
) |
|
Net operating loss carryforwards
|
|
|
(6,411,230 |
) |
|
|
(2,624,525 |
) |
|
Cost recovery of leased assets
|
|
|
(36,443 |
) |
|
|
(119,970 |
) |
|
Asset acquisition costs
|
|
|
(134,415 |
) |
|
|
— |
|
|
AMT and State of Kansas credit
|
|
|
(196,197 |
) |
|
|
(205,039 |
) |
| |
|
|
|
|
|
|
|
|
|
Sub-total
|
|
$ |
(6,795,953 |
) |
|
$ |
(2,969,602 |
) |
| |
|
|
|
|
|
|
|
|
|
Deferred Tax Liabilities:
|
|
|
|
|
|
|
|
|
|
Basis reduction of investment in partnerships
|
|
$ |
11,655,817 |
|
|
$ |
2,244,914 |
|
|
Net unrealized gain on investment securities
|
|
|
2,312,269 |
|
|
|
697,152 |
|
| |
|
|
|
|
|
|
|
|
|
Sub-total
|
|
$ |
13,968,086 |
|
|
$ |
2,942,066 |
|
| |
|
|
|
|
|
|
|
|
|
Total net deferred tax liability (asset)
|
|
$ |
7,172,133 |
|
|
$ |
(27,536 |
) |
| |
|
|
|
|
|
|
|
|
|
| Total income tax expense |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Years Ended |
|
|
Description
|
|
November 30,
2012
|
|
|
November 30,
2011
|
|
|
November 30,
2010
|
|
|
Application of statutory income tax rate
|
|
$ |
6,852,179 |
|
|
$ |
1,331,750 |
|
|
$ |
6,609,437 |
|
|
State income taxes, net of federal tax benefit
|
|
|
442,455 |
|
|
|
133,158 |
|
|
|
353,799 |
|
|
Dividends received deduction
|
|
|
(1,221 |
) |
|
|
(86 |
) |
|
|
— |
|
|
Change in deferred tax liability due to change in overall tax rate
|
|
|
(64,479 |
) |
|
|
(23,432 |
) |
|
|
288,968 |
|
|
Change in deferred tax valuation allowance
|
|
|
— |
|
|
|
(558,533 |
) |
|
|
(2,479,556 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income tax expense
|
|
$ |
7,228,934 |
|
|
$ |
882,857 |
|
|
$ |
4,772,648 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Components of income tax expense |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Years Ended |
|
|
Description
|
|
November 30,
2012 |
|
|
November 30,
2011 |
|
|
November 30,
2010 |
|
|
Current tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMT expense (benefit)
|
|
$ |
(8,842 |
) |
|
$ |
200,000 |
|
|
$ |
— |
|
|
State (reflects a federal tax benefit in deferred tax expense)
|
|
|
38,107 |
|
|
|
53,650 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current tax expense
|
|
$ |
29,265 |
|
|
$ |
253,650 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$ |
6,762,974 |
|
|
$ |
585,386 |
|
|
$ |
4,530,152 |
|
|
State (net of federal tax benefit)
|
|
|
436,695 |
|
|
|
43,821 |
|
|
|
242,496 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deferred tax expense
|
|
$ |
7,199,669 |
|
|
$ |
629,207 |
|
|
$ |
4,772,648 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income tax expense
|
|
$ |
7,228,934 |
|
|
$ |
882,857 |
|
|
$ |
4,772,648 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aggregate cost of securities for federal income tax purposes and securities with unrealized appreciation and depreciation |
| |
|
|
|
|
|
|
|
|
|
Description
|
|
November 30,
2012 |
|
|
November 30,
2011 |
|
|
Aggregate cost for federal income tax purposes
|
|
$ |
41,995,195 |
|
|
$ |
65,471,208 |
|
| |
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
|
33,892,176 |
|
|
|
8,307,122 |
|
|
Gross unrealized depreciation
|
|
|
(801,340 |
) |
|
|
(4,883,958 |
) |
| |
|
|
|
|
|
|
|
|
|
Net unrealized appreciation
|
|
$ |
33,090,836 |
|
|
$ |
3,423,164 |
|
| |
|
|
|
|
|
|
|
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|