Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
6 Months Ended
Jun. 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 June 30, 2018 and December 31, 2017, are as follows:
Deferred Tax Assets and Liabilities
 
June 30, 2018
 
December 31, 2017
Deferred Tax Assets:
 
 
 
Deferred contract revenue
$
1,372,582

 
$

Net operating loss carryforwards
1,602,683

 
957,719

Loan loss provision
263,508

 
247,814

Basis reduction of investment in partnerships
233,158

 
261,549

Other loss carryforwards
2,965,320

 
2,965,321

Sub-total
$
6,437,251

 
$
4,432,403

Deferred Tax Liabilities:
 
 
 
Net unrealized gain on investment securities
$
(134,317
)
 
$
(342,669
)
Cost recovery of leased and fixed assets
(2,177,589
)
 
(1,845,105
)
Basis reduction in tax goodwill
(9,511
)
 

Sub-total
$
(2,321,417
)
 
$
(2,187,774
)
Total net deferred tax asset
$
4,115,834

 
$
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 six months ended June 30, 2018 and 35 percent for the three and six months ended June 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 Six Months Ended
 
June 30, 2018
 
June 30, 2017
 
June 30, 2018
 
June 30, 2017
Application of statutory income tax rate
$
1,511,160

 
$
3,158,922

 
$
3,036,365

 
$
5,726,827

State income taxes, net of federal tax expense (benefit)
(121,069
)
 
3,786

 
(265,019
)
 
(31,651
)
Federal Tax Attributable to Income of Real Estate Investment Trust
(2,004,940
)
 
(3,066,973
)
 
(3,819,436
)
 
(5,932,047
)
Other

 

 
(11,585
)
 

Total income tax expense (benefit)
$
(614,849
)
 
$
95,735

 
$
(1,059,675
)
 
$
(236,871
)
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 Six Months Ended
 
June 30, 2018
 
June 30, 2017
 
June 30, 2018
 
June 30, 2017
Current tax expense (benefit)
 
 
 
 
 
 
 
Federal
$
(8,537
)
 
$
52,031

 
$
(36,676
)
 
$
21,562

State (net of federal tax expense (benefit))
(2,248
)
 
5,620

 
(9,658
)
 
2,329

Total current tax expense (benefit)
$
(10,785
)
 
$
57,651

 
$
(46,334
)
 
$
23,891

Deferred tax expense (benefit)
 
 
 
 
 
 
 
Federal
$
(485,243
)
 
$
39,918

 
$
(757,981
)
 
$
(226,782
)
State (net of federal tax expense (benefit))
(118,821
)
 
(1,834
)
 
(255,360
)
 
(33,980
)
Total deferred tax expense (benefit)
$
(604,064
)
 
$
38,084

 
$
(1,013,341
)
 
$
(260,762
)
Total income tax expense (benefit), net
$
(614,849
)
 
$
95,735

 
$
(1,059,675
)
 
$
(236,871
)