Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
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