Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
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:
Deferred Tax Assets and Liabilities
 
 
December 31, 2014
 
December 31, 2013
Deferred Tax Assets:
 
 
 
 
Net operating loss carryforwards
 
$
(679,692
)
 
$
(65,248
)
Cost recovery of leased and fixed assets
 
(1,042,207
)
 
(966,914
)
Sub-total
 
$
(1,721,899
)
 
$
(1,032,162
)
Deferred Tax Liabilities:
 
 
 
 
Basis reduction of investment in partnerships
 
$
2,842,332

 
$
6,335,805

Net unrealized gain on investment securities
 
142,154

 
28,444

Sub-total
 
2,984,486

 
6,364,249

Total net deferred tax liability
 
$
1,262,587

 
$
5,332,087

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:
Income Tax Expense (Benefit)
 
 
For the Years Ended
 
For the One-Month Transition Period Ended
 
 
December 31, 2014
 
December 31, 2013
 
November 30, 2012
 
December 31, 2012
Application of statutory income tax rate
 
$
2,375,903

 
$
2,608,151

 
$
6,852,179

 
$
(848,239
)
State income taxes, net of federal tax benefit
 
(47,731
)
 
273,174

 
442,455

 
(64,771
)
Dividends received deduction
 

 

 
(1,221
)
 
(7,133
)
Income of Real Estate Investment Trust not subject to tax
 
(2,607,207
)
 
(927,254
)
 

 

Other
 
53,472

 
995,447

 
(64,479
)
 

Total income tax expense
 
$
(225,563
)
 
$
2,949,518

 
$
7,228,934

 
$
(920,143
)
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:
Components of Income Tax Expense (Benefit)
 
 
For the Years Ended
 
For the One-Month Transition Period Ended
 
 
December 31, 2014
 
December 31, 2013
 
November 30, 2012
 
December 31, 2012
Current tax expense (benefit)
 
 
 
 
 
 
 
 
Federal
 
$
3,456,858

 
$
(7,139
)
 
$

 
$
3,610,165

State (net of federal tax benefit)
 
387,079

 
20,613

 
38,107

 
245,782

AMT benefit
 

 

 
(8,842
)
 

Total current tax expense (benefit)
 
$
3,843,937

 
$
13,474

 
$
29,265

 
$
3,855,947

Deferred tax expense (benefit)
 
 
 
 
 

 
 
Federal
 
(3,634,689
)
 
2,683,483

 
6,762,974

 
(4,465,104
)
State (net of federal tax benefit)
 
(434,811
)
 
252,561

 
436,695

 
(310,986
)
Total deferred tax expense (benefit)
 
(4,069,500
)
 
2,936,044

 
7,199,669

 
(4,776,090
)
Total income tax expense (benefit), net
 
$
(225,563
)
 
$
2,949,518

 
$
7,228,934

 
$
(920,143
)

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:
Aggregate Cost of Securities for Income Tax Purposes
 
 
December 31, 2014
 
December 31, 2013
Aggregate cost for federal income tax purposes
 
$
4,218,986

 
$
6,604,636

Gross unrealized appreciation
 
7,436,696

 
16,699,686

Gross unrealized depreciation
 

 

Net unrealized appreciation
 
$
7,436,696

 
$
16,699,686

Schedule of Dividends Payable
The per share characterization by quarter is reflected in the following table:
2014 Common Stock Tax Information (unaudited)
Record Date
 
Ex-Dividend Date
 
Payable Date
 
Total Distribution per Share
 
Total Ordinary Dividends
 
Qualified Dividends
 
Capital Gain Distributions
 
Nondividend Distributions
01/03/2014
 
01/13/2014
 
1/23/2014
 
$
0.1250

 
$
0.0928

 
$
0.0450

 
$

 
$
0.0322

04/30/2014
 
05/14/2015
 
05/22/2014
 
0.1290

 
0.0958

 
0.0464

 

 
0.0332

07/31/2014
 
08/15/2014
 
08/29/2014
 
0.1300

 
0.0965

 
0.0467

 

 
0.0335

10/31/2014
 
11/14/2014
 
11/28/2014
 
0.1300

 
0.0965

 
0.0467

 

 
0.0335

Total 2014 Distributions
 
$
0.5140

 
$
0.3816

 
$
0.1848

 
$

 
$
0.1324

2013 Common Stock Tax Information (unaudited)
Record Date
 
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

2012 Common Stock Tax Information (unaudited)
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