Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.8.0.1
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:
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:
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:
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
)