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Income Taxes (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Income Tax Disclosure [Abstract] |
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| Components of deferred tax assets and liabilities |
Components of the Company’s deferred tax assets and liabilities as of December 31, 2014 and December 31, 2013 are as follows:
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Deferred Tax Assets and Liabilities |
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December 31, 2014 |
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December 31, 2013 |
Deferred Tax Assets: |
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Net operating loss carryforwards |
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$ |
(679,692 |
) |
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$ |
(65,248 |
) |
Cost recovery of leased and fixed assets |
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(1,042,207 |
) |
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(966,914 |
) |
Sub-total |
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$ |
(1,721,899 |
) |
|
$ |
(1,032,162 |
) |
Deferred Tax Liabilities: |
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Basis reduction of investment in partnerships |
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$ |
2,842,332 |
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$ |
6,335,805 |
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Net unrealized gain on investment securities |
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142,154 |
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|
28,444 |
|
Sub-total |
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2,984,486 |
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6,364,249 |
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Total net deferred tax liability |
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$ |
1,262,587 |
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$ |
5,332,087 |
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| Total income tax expense |
Total income tax expense differs from the amount computed by applying the federal statutory income tax rate of 35 percent for the years ended December 31, 2014, December 31, 2013, November 30, 2012 and for the one-month transition period ended December 31, 2012 to income or loss from operations and other income and expense for the years presented, as follows:
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Income Tax Expense (Benefit) |
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For the Years Ended |
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For the One-Month Transition Period Ended |
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December 31, 2014 |
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December 31, 2013 |
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November 30, 2012 |
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December 31, 2012 |
Application of statutory income tax rate |
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$ |
2,375,903 |
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$ |
2,608,151 |
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$ |
6,852,179 |
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$ |
(848,239 |
) |
State income taxes, net of federal tax benefit |
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(47,731 |
) |
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273,174 |
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|
442,455 |
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(64,771 |
) |
Dividends received deduction |
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— |
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— |
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(1,221 |
) |
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(7,133 |
) |
Income of Real Estate Investment Trust not subject to tax |
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(2,607,207 |
) |
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(927,254 |
) |
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— |
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— |
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Other |
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53,472 |
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995,447 |
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(64,479 |
) |
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— |
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Total income tax expense |
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$ |
(225,563 |
) |
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$ |
2,949,518 |
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|
$ |
7,228,934 |
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$ |
(920,143 |
) |
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| Components of income tax expense |
or the year ended December 31, 2014, all of the income tax expense presented above relates to the assets and activities held in the Company's TRSs. The components of income tax expense include the following for the periods presented:
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Components of Income Tax Expense (Benefit) |
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For the Years Ended |
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For the One-Month Transition Period Ended |
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December 31, 2014 |
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December 31, 2013 |
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November 30, 2012 |
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December 31, 2012 |
Current tax expense (benefit) |
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Federal |
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$ |
3,456,858 |
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|
$ |
(7,139 |
) |
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$ |
— |
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$ |
3,610,165 |
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State (net of federal tax benefit) |
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387,079 |
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20,613 |
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38,107 |
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245,782 |
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AMT benefit |
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— |
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— |
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(8,842 |
) |
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— |
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Total current tax expense (benefit) |
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$ |
3,843,937 |
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$ |
13,474 |
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$ |
29,265 |
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|
$ |
3,855,947 |
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Deferred tax expense (benefit) |
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Federal |
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(3,634,689 |
) |
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2,683,483 |
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6,762,974 |
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(4,465,104 |
) |
State (net of federal tax benefit) |
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(434,811 |
) |
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252,561 |
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|
436,695 |
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(310,986 |
) |
Total deferred tax expense (benefit) |
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(4,069,500 |
) |
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2,936,044 |
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7,199,669 |
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(4,776,090 |
) |
Total income tax expense (benefit), net |
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$ |
(225,563 |
) |
|
$ |
2,949,518 |
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$ |
7,228,934 |
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|
$ |
(920,143 |
) |
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| Aggregate cost of securities for federal income tax purposes and securities with unrealized appreciation and depreciation |
The aggregate cost of securities for federal income tax purposes and securities with unrealized appreciation and depreciation, were as follows:
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Aggregate Cost of Securities for Income Tax Purposes |
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December 31, 2014 |
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December 31, 2013 |
Aggregate cost for federal income tax purposes |
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$ |
4,218,986 |
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$ |
6,604,636 |
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Gross unrealized appreciation |
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7,436,696 |
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16,699,686 |
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Gross unrealized depreciation |
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— |
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— |
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Net unrealized appreciation |
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$ |
7,436,696 |
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$ |
16,699,686 |
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| Schedule of Dividends Payable |
The per share characterization by quarter is reflected in the following table:
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2014 Common Stock Tax Information (unaudited) |
Record Date |
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Ex-Dividend Date |
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Payable Date |
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Total Distribution per Share |
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Total Ordinary Dividends |
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Qualified Dividends |
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Capital Gain Distributions |
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Nondividend Distributions |
01/03/2014 |
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01/13/2014 |
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1/23/2014 |
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$ |
0.1250 |
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$ |
0.0928 |
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$ |
0.0450 |
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$ |
— |
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$ |
0.0322 |
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04/30/2014 |
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05/14/2015 |
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05/22/2014 |
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0.1290 |
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0.0958 |
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0.0464 |
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— |
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0.0332 |
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07/31/2014 |
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08/15/2014 |
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08/29/2014 |
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0.1300 |
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0.0965 |
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0.0467 |
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— |
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0.0335 |
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10/31/2014 |
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11/14/2014 |
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11/28/2014 |
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0.1300 |
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0.0965 |
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0.0467 |
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— |
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0.0335 |
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Total 2014 Distributions |
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$ |
0.5140 |
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$ |
0.3816 |
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$ |
0.1848 |
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$ |
— |
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$ |
0.1324 |
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2013 Common Stock Tax Information (unaudited) |
Record Date |
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Ex-Dividend Date |
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Payable Date |
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Total Distribution per Share |
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Total Ordinary Dividends |
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Qualified Dividends |
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Capital Gain Distributions |
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Nondividend Distributions |
03/08/2013 |
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03/06/2013 |
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03/19/2013 |
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$ |
0.1250 |
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$ |
0.1250 |
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$ |
0.1250 |
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$ |
— |
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$ |
— |
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06/28/2013 |
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06/26/2013 |
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07/05/2013 |
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0.1250 |
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0.0367 |
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0.0367 |
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— |
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0.0883 |
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09/30/2013 |
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09/26/2013 |
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10/04/2013 |
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0.1250 |
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— |
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— |
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— |
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0.1250 |
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Total 2013 Distributions |
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$ |
0.3750 |
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$ |
0.1617 |
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$ |
0.1617 |
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$ |
— |
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$ |
0.2133 |
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2012 Common Stock Tax Information (unaudited) |
Record Date |
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Ex-Dividend Date |
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Payable Date |
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Total Distribution per Share |
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Total Ordinary Dividends |
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Qualified Dividends |
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Capital Gain Distributions |
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Nondividend Distributions |
02/22/2012 |
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02/17/2012 |
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03/01/2012 |
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$ |
0.1100 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
0.1100 |
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05/23/2012 |
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05/21/2012 |
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06/01/2012 |
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0.1100 |
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— |
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— |
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— |
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0.1100 |
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08/24/2012 |
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08/22/2012 |
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09/04/2012 |
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0.1100 |
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— |
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— |
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— |
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0.1100 |
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11/23/2012 |
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11/20/2012 |
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11/30/2012 |
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0.1100 |
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— |
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— |
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— |
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0.1100 |
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Total 2012 Distributions |
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$ |
0.4400 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
0.4400 |
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