Income Taxes (Tables)
|
9 Months Ended |
Sep. 30, 2018 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Components of deferred tax assets and liabilities |
Components of the Company's deferred tax assets and liabilities as of September 30, 2018 and December 31, 2017, are as follows:
|
|
|
|
|
|
|
|
|
Deferred Tax Assets and Liabilities |
|
September 30, 2018 |
|
December 31, 2017 |
Deferred Tax Assets: |
|
|
|
Deferred contract revenue |
$ |
1,629,942 |
|
|
$ |
— |
|
Net operating loss carryforwards |
2,013,238 |
|
|
957,719 |
|
Net unrealized loss on investment securities |
112,450 |
|
|
— |
|
Loan loss provision |
263,508 |
|
|
247,814 |
|
Basis reduction of investment in partnerships |
227,416 |
|
|
261,549 |
|
Other loss carryforwards |
2,965,320 |
|
|
2,965,321 |
|
Sub-total |
$ |
7,211,874 |
|
|
$ |
4,432,403 |
|
Deferred Tax Liabilities: |
|
|
|
Net unrealized gain on investment securities |
$ |
— |
|
|
$ |
(342,669 |
) |
Cost recovery of leased and fixed assets |
(2,343,500 |
) |
|
(1,845,105 |
) |
Basis reduction in tax goodwill |
(14,266 |
) |
|
— |
|
Sub-total |
$ |
(2,357,766 |
) |
|
$ |
(2,187,774 |
) |
Total net deferred tax asset |
$ |
4,854,108 |
|
|
$ |
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 and nine months ended September 30, 2018 and 35 percent for the three and nine months ended September 30, 2017 to income from operations and other income and expense for the periods presented, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Expense (Benefit) |
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
September 30, 2018 |
|
September 30, 2017 |
|
September 30, 2018 |
|
September 30, 2017 |
Application of statutory income tax rate |
$ |
1,459,638 |
|
|
$ |
3,279,099 |
|
|
$ |
4,496,003 |
|
|
$ |
9,005,926 |
|
State income taxes, net of federal tax expense (benefit) |
(146,677 |
) |
|
8,784 |
|
|
(411,696 |
) |
|
(22,867 |
) |
Federal Tax Attributable to Income of Real Estate Investment Trust |
(2,057,531 |
) |
|
(3,096,312 |
) |
|
(5,876,965 |
) |
|
(9,028,359 |
) |
Other |
(2,097 |
) |
|
— |
|
|
(13,684 |
) |
|
— |
|
Total income tax expense (benefit) |
$ |
(746,667 |
) |
|
$ |
191,571 |
|
|
$ |
(1,806,342 |
) |
|
$ |
(45,300 |
) |
|
| Components of income tax expense |
The components of income tax expense (benefit) include the following for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components of Income Tax Expense (Benefit) |
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
September 30, 2018 |
|
September 30, 2017 |
|
September 30, 2018 |
|
September 30, 2017 |
Current tax expense (benefit) |
|
|
|
|
|
|
|
Federal |
$ |
(6,643 |
) |
|
$ |
58,303 |
|
|
$ |
(43,319 |
) |
|
$ |
79,865 |
|
State (net of federal tax expense (benefit)) |
(1,750 |
) |
|
6,828 |
|
|
(11,408 |
) |
|
9,157 |
|
Total current tax expense (benefit) |
$ |
(8,393 |
) |
|
$ |
65,131 |
|
|
$ |
(54,727 |
) |
|
$ |
89,022 |
|
Deferred tax expense (benefit) |
|
|
|
|
|
|
|
Federal |
$ |
(593,347 |
) |
|
$ |
124,484 |
|
|
$ |
(1,351,327 |
) |
|
$ |
(102,298 |
) |
State (net of federal tax expense (benefit)) |
(144,927 |
) |
|
1,956 |
|
|
(400,288 |
) |
|
(32,024 |
) |
Total deferred tax expense (benefit) |
$ |
(738,274 |
) |
|
$ |
126,440 |
|
|
$ |
(1,751,615 |
) |
|
$ |
(134,322 |
) |
Total income tax expense (benefit), net |
$ |
(746,667 |
) |
|
$ |
191,571 |
|
|
$ |
(1,806,342 |
) |
|
$ |
(45,300 |
) |
|