Income Taxes (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Components of deferred tax assets and liabilities |
Components of the Company's deferred tax assets and liabilities as of March 31, 2018 and December 31, 2017, are as follows:
|
|
|
|
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|
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Deferred Tax Assets and Liabilities |
|
March 31, 2018 |
|
December 31, 2017 |
Deferred Tax Assets: |
|
|
|
Deferred contract revenue |
$ |
1,115,223 |
|
|
$ |
— |
|
Net operating loss carryforwards |
952,410 |
|
|
957,719 |
|
Loan loss provision |
263,508 |
|
|
247,814 |
|
Basis reduction of investment in partnerships |
261,072 |
|
|
261,549 |
|
Other loss carryforwards |
3,303,153 |
|
|
2,965,321 |
|
Sub-total |
$ |
5,895,366 |
|
|
$ |
4,432,403 |
|
Deferred Tax Liabilities: |
|
|
|
Net unrealized gain on investment securities |
$ |
(368,074 |
) |
|
$ |
(342,669 |
) |
Cost recovery of leased and fixed assets |
(2,010,767 |
) |
|
(1,845,105 |
) |
Basis reduction in tax goodwill |
(4,755 |
) |
|
— |
|
Sub-total |
$ |
(2,383,596 |
) |
|
$ |
(2,187,774 |
) |
Total net deferred tax asset |
$ |
3,511,770 |
|
|
$ |
2,244,629 |
|
|
| Total income tax expense |
Total income tax expense (benefit) differs from the amount computed by applying the federal statutory income tax rate of 21 percent for the three months ended March 31, 2018 and 35 percent for the three months ended March 31, 2017 to income from operations and other income and expense for the periods presented, as follows:
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Income Tax Benefit |
|
For the Three Months Ended |
|
March 31, 2018 |
|
March 31, 2017 |
Application of statutory income tax rate |
$ |
1,525,205 |
|
|
$ |
2,567,905 |
|
State income taxes, net of federal tax benefit |
(143,950 |
) |
|
(35,437 |
) |
Federal Tax Attributable to Income of Real Estate Investment Trust |
(1,814,496 |
) |
|
(2,865,074 |
) |
Other |
(11,585 |
) |
|
— |
|
Total income tax benefit |
$ |
(444,826 |
) |
|
$ |
(332,606 |
) |
|
| Components of income tax expense |
The components of income tax benefit include the following for the periods presented:
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Components of Income Tax Benefit |
|
For the Three Months Ended |
|
March 31, 2018 |
|
March 31, 2017 |
Current tax benefit |
|
|
|
Federal |
$ |
(28,139 |
) |
|
$ |
(30,469 |
) |
State (net of federal tax benefit) |
(7,410 |
) |
|
(3,291 |
) |
Total current tax benefit |
$ |
(35,549 |
) |
|
$ |
(33,760 |
) |
Deferred tax benefit |
|
|
|
Federal |
$ |
(272,738 |
) |
|
$ |
(266,700 |
) |
State (net of federal tax benefit) |
(136,539 |
) |
|
(32,146 |
) |
Total deferred tax benefit |
$ |
(409,277 |
) |
|
$ |
(298,846 |
) |
Total income tax benefit, net |
$ |
(444,826 |
) |
|
$ |
(332,606 |
) |
|