Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.19.3
Income Taxes (Tables)
9 Months Ended
Sep. 30, 2019
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, 2019 and December 31, 2018, are as follows:
Deferred Tax Assets and Liabilities
 
September 30, 2019
 
December 31, 2018
Deferred Tax Assets:
 
 
 
Deferred contract revenue
$
1,475,925

 
$
1,691,899

Net operating loss carryforwards
5,019,001

 
5,424,671

Loan loss provision

 
263,508

Basis reduction of investment in partnerships
250,359

 

Other
968,429

 
95,695

Sub-total
$
7,713,714

 
$
7,475,773

Deferred Tax Liabilities:
 
 
 
Cost recovery of leased and fixed assets
$
(2,799,360
)
 
$
(2,508,547
)
Other
(31,005
)
 
(19,023
)
Sub-total
$
(2,830,365
)
 
$
(2,527,570
)
Total net deferred tax asset
$
4,883,349

 
$
4,948,203

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, 2019 and 2018 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, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Application of statutory income tax rate
$
(4,097,584
)
 
$
1,459,638

 
$
(1,115,290
)
 
$
4,496,003

State income taxes, net of federal tax expense (benefit)
(19,632
)
 
(146,677
)
 
503,932

 
(411,696
)
Federal Tax Attributable to Income of Real Estate Investment Trust
3,984,180

 
(2,057,531
)
 
1,044,600

 
(5,876,965
)
Other
40,330

 
(2,097
)
 
(15,914
)
 
(13,684
)
Total income tax expense (benefit)
$
(92,706
)
 
$
(746,667
)
 
$
417,328

 
$
(1,806,342
)
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, 2019
 
September 30, 2018
 
September 30, 2019
 
September 30, 2018
Current tax expense (benefit)
 
 
 
 
 
 
 
Federal
$

 
$
(6,643
)
 
$
216,093

 
$
(43,319
)
State (net of federal tax expense (benefit))
(1,270
)
 
(1,750
)
 
136,381

 
(11,408
)
Total current tax expense (benefit)
$
(1,270
)
 
$
(8,393
)
 
$
352,474

 
$
(54,727
)
Deferred tax expense (benefit)
 
 
 
 
 
 
 
Federal
$
(73,074
)
 
$
(593,347
)
 
$
(302,697
)
 
$
(1,351,327
)
State (net of federal tax expense (benefit))
(18,362
)
 
(144,927
)
 
367,551

 
(400,288
)
Total deferred tax expense (benefit)
$
(91,436
)
 
$
(738,274
)
 
$
64,854

 
$
(1,751,615
)
Total income tax expense (benefit), net
$
(92,706
)
 
$
(746,667
)
 
$
417,328

 
$
(1,806,342
)