Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.21.2
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2021
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, 2021 and December 31, 2020, are as follows:
Deferred Tax Assets and Liabilities
June 30, 2021 December 31, 2020
Deferred Tax Assets:
Deferred contract revenue $ 1,404,236  $ 1,474,962 
Net operating loss carryforwards 6,740,688  6,438,628 
Capital loss carryforward 92,418  92,418 
Other 420  420 
Sub-total $ 8,237,762  $ 8,006,428 
Valuation allowance (92,418) (92,418)
Sub-total $ 8,145,344  $ 7,914,010 
Deferred Tax Liabilities:
Cost recovery of leased and fixed assets $ (3,909,581) $ (3,578,283)
Other (62,009) (53,151)
Sub-total $ (3,971,590) $ (3,631,434)
Total net deferred tax asset $ 4,173,754  $ 4,282,576 
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, 2021 and 2020 to income (loss) 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, 2021 June 30, 2020 June 30, 2021 June 30, 2020
Application of federal statutory income tax rate $ (283,772) $ (28,876,735) $ (2,529,259) $ (62,910,824)
State income taxes, net of federal tax expense 28,009  (9,298) 28,819  25,211 
Federal Tax Attributable to Income of Real Estate Investment Trust 400,247  28,811,858  2,646,206  62,946,202 
Other 11,112  348  11,297  (159,138)
Total income tax expense (benefit) $ 155,596  $ (73,827) $ 157,063  $ (98,549)
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, 2021 June 30, 2020 June 30, 2021 June 30, 2020
Current tax expense (benefit)
Federal $ 15,420  $ (2,431) $ 38,160  $ (412,074)
State (net of federal tax expense (benefit)) 4,954  —  10,081  15,000 
Total current tax expense (benefit) $ 20,374  $ (2,431) $ 48,241  $ (397,074)
Deferred tax expense (benefit)
Federal $ 112,167  $ (62,098) $ 90,084  $ 288,314 
State (net of federal tax expense (benefit)) 23,055  (9,298) 18,738  10,211 
Total deferred tax expense (benefit) $ 135,222  $ (71,396) $ 108,822  $ 298,525 
Total income tax expense (benefit), net $ 155,596  $ (73,827) $ 157,063  $ (98,549)