|
Income Taxes (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Income Tax Disclosure [Abstract] |
|
| Components of deferred tax assets and liabilities |
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Deferred Tax Assets and Liabilities |
|
|
December 31, 2013 |
|
November 30, 2012 |
|
December 31, 2012 |
Deferred Tax Assets: |
|
|
|
|
|
|
Organization costs |
|
$ |
— |
|
|
$ |
(17,668 |
) |
|
$ |
(27,188 |
) |
Net operating loss carryforwards |
|
(65,248 |
) |
|
(6,411,230 |
) |
|
— |
|
Net unrealized loss on investment securities |
|
— |
|
|
— |
|
|
(143,822 |
) |
Cost recovery of leased and fixed assets |
|
(966,914 |
) |
|
(36,443 |
) |
|
— |
|
Asset acquisition costs |
|
— |
|
|
(134,415 |
) |
|
(158,535 |
) |
AMT and State of Kansas credit |
|
— |
|
|
(196,197 |
) |
|
— |
|
Sub-total |
|
$ |
(1,032,162 |
) |
|
$ |
(6,795,953 |
) |
|
$ |
(329,545 |
) |
Deferred Tax Liabilities: |
|
|
|
|
|
|
Basis reduction of investment in partnerships |
|
$ |
6,335,805 |
|
|
$ |
11,655,817 |
|
|
$ |
2,675,142 |
|
Net unrealized gain on investment securities |
|
28,444 |
|
|
2,312,269 |
|
|
— |
|
Cost recovery of leased assets |
|
— |
|
|
— |
|
|
50,446 |
|
Sub-total |
|
6,364,249 |
|
|
13,968,086 |
|
|
2,725,588 |
|
Total net deferred tax liability |
|
$ |
5,332,087 |
|
|
$ |
7,172,133 |
|
|
$ |
2,396,043 |
|
|
| Total income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Income Tax Expense (Benefit) |
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|
For the Years Ended |
|
For the One-Month Transition Period Ended |
|
|
December 31, 2013 |
|
November 30, 2012 |
|
November 30, 2011 |
|
December 31, 2012 |
Application of statutory income tax rate |
|
$ |
2,608,151 |
|
|
$ |
6,852,179 |
|
|
$ |
1,331,750 |
|
|
$ |
(848,239 |
) |
State income taxes, net of federal tax benefit |
|
273,174 |
|
|
442,455 |
|
|
133,158 |
|
|
(64,771 |
) |
Dividends received deduction |
|
— |
|
|
(1,221 |
) |
|
(86 |
) |
|
(7,133 |
) |
Income of Real Estate Investment Trust not subject to tax |
|
(927,254 |
) |
|
— |
|
|
— |
|
|
— |
|
Impact of effective tax rate change due to REIT election |
|
995,447 |
|
|
— |
|
|
— |
|
|
— |
|
Other |
|
— |
|
|
(64,479 |
) |
|
(581,965 |
) |
|
— |
|
Total income tax expense |
|
$ |
2,949,518 |
|
|
$ |
7,228,934 |
|
|
$ |
882,857 |
|
|
$ |
(920,143 |
) |
|
| Components of income tax expense |
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Components of Income Tax Expense (Benefit) |
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For the Years Ended |
|
For the One-Month Transition Period Ended |
|
|
December 31, 2013 |
|
November 30, 2012 |
|
November 30, 2011 |
|
December 31, 2012 |
Current tax expense (benefit) |
|
|
|
|
|
|
|
|
Federal |
|
$ |
(7,139 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,610,165 |
|
State (net of federal tax benefit) |
|
20,613 |
|
|
38,107 |
|
|
53,650 |
|
|
245,782 |
|
AMT benefit |
|
— |
|
|
(8,842 |
) |
|
200,000 |
|
|
— |
|
Total current tax expense (benefit) |
|
13,474 |
|
|
29,265 |
|
|
253,650 |
|
|
3,855,947 |
|
Deferred tax expense (benefit) |
|
|
|
|
|
|
|
|
Federal |
|
2,683,483 |
|
|
6,762,974 |
|
|
585,386 |
|
|
(4,465,104 |
) |
State (net of federal tax benefit) |
|
252,561 |
|
|
436,695 |
|
|
43,821 |
|
|
(310,986 |
) |
Total deferred tax expense (benefit) |
|
2,936,044 |
|
|
7,199,669 |
|
|
629,207 |
|
|
(4,776,090 |
) |
Total income tax expense (benefit), net |
|
$ |
2,949,518 |
|
|
$ |
7,228,934 |
|
|
$ |
882,857 |
|
|
$ |
(920,143 |
) |
|
| Aggregate cost of securities for federal income tax purposes and securities with unrealized appreciation and depreciation |
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Aggregate Cost of Securities for Income Tax Purposes |
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|
December 31, 2013 |
|
November 30, 2012 |
|
December 31, 2012 |
Aggregate cost for federal income tax purposes |
|
$ |
6,604,636 |
|
|
$ |
41,995,195 |
|
|
$ |
22,007,069 |
|
Gross unrealized appreciation |
|
16,699,686 |
|
|
33,892,176 |
|
|
2,018,455 |
|
Gross unrealized depreciation |
|
— |
|
|
(801,340 |
) |
|
— |
|
Net unrealized appreciation |
|
$ |
16,699,686 |
|
|
$ |
33,090,836 |
|
|
$ |
2,018,455 |
|
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| Schedule of Dividends Payable |
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2013 Common Stock Tax Information |
Record Date |
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Ex-Dividend Date |
|
Payable Date |
|
Total Distribution per Share |
|
Total Ordinary Dividends |
|
Qualified Dividends |
|
Capital Gain Distributions |
|
Nondividend Distributions |
03/08/2013 |
|
03/06/2013 |
|
03/19/2013 |
|
$ |
0.1250 |
|
|
$ |
0.1250 |
|
|
$ |
0.1250 |
|
|
$ |
— |
|
|
$ |
— |
|
06/28/2013 |
|
06/26/2013 |
|
07/05/2013 |
|
0.1250 |
|
|
0.0367 |
|
|
0.0367 |
|
|
— |
|
|
0.0883 |
|
09/30/2013 |
|
09/26/2013 |
|
10/04/2013 |
|
0.1250 |
|
|
— |
|
|
— |
|
|
— |
|
|
0.1250 |
|
Total 2013 Distributions |
|
$ |
0.3750 |
|
|
$ |
0.1617 |
|
|
$ |
0.1617 |
|
|
$ |
— |
|
|
$ |
0.2133 |
|
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|
2012 Common Stock Tax Information |
Record Date |
|
Ex-Dividend Date |
|
Payable Date |
|
Total Distribution per Share |
|
Total Ordinary Dividends |
|
Qualified Dividends |
|
Capital Gain Distributions |
|
Nondividend Distributions |
02/22/2012 |
|
02/17/2012 |
|
03/01/2012 |
|
$ |
0.1100 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.1100 |
|
05/23/2012 |
|
05/21/2012 |
|
06/01/2012 |
|
0.1100 |
|
|
— |
|
|
— |
|
|
— |
|
|
0.1100 |
|
08/24/2012 |
|
08/22/2012 |
|
09/04/2012 |
|
0.1100 |
|
|
— |
|
|
— |
|
|
— |
|
|
0.1100 |
|
11/23/2012 |
|
11/20/2012 |
|
11/30/2012 |
|
0.1100 |
|
|
— |
|
|
— |
|
|
— |
|
|
0.1100 |
|
Total 2012 Distributions |
|
$ |
0.4400 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.4400 |
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2011 Common Stock Tax Information |
Record Date |
|
Ex-Dividend Date |
|
Payable Date |
|
Total Distribution per Share |
|
Total Ordinary Dividends |
|
Qualified Dividends |
|
Capital Gain Distributions |
|
Nondividend Distributions |
02/18/2011 |
|
02/16/2011 |
|
03/01/2011 |
|
$ |
0.1000 |
|
|
$ |
0.1000 |
|
|
$ |
0.1000 |
|
|
$ |
— |
|
|
$ |
— |
|
05/24/2011 |
|
05/20/2011 |
|
06/01/2011 |
|
0.1000 |
|
|
0.1000 |
|
|
0.1000 |
|
|
— |
|
|
— |
|
08/24/2011 |
|
08/22/2011 |
|
09/01/2011 |
|
0.1000 |
|
|
0.1000 |
|
|
0.1000 |
|
|
— |
|
|
— |
|
11/22/2011 |
|
11/18/2011 |
|
11/30/2011 |
|
0.1100 |
|
|
0.1100 |
|
|
0.1100 |
|
|
— |
|
|
— |
|
Total 2011 Distributions |
|
$ |
0.4100 |
|
|
$ |
0.4100 |
|
|
$ |
0.4100 |
|
|
$ |
— |
|
|
$ |
— |
|
|