Income Tax Provision

3 Months Ended

Mar. 31, 2017

11. Income Tax Provision

The Partnership recognizes current income tax expense for federal, state, and local income taxes incurred by our taxable subsidiary, the Greens Hold Co, which owns all the MF Properties except the Suites on Paseo and Jade Park. The Partnership’s income tax expense fluctuates from period to period based on the timing of the taxable income. Deferred income tax expense is generally a function of the period’s temporary differences and the utilization of net operating losses generated in prior years that had been previously recognized as a deferred income tax asset.

The following represents income tax expense for the Greens Hold Co for the three months ended March 31, 2017 and 2016:

	For the Three Months Ended March 31,			For the Three Months Ended March 31,
	2017			2016
Current income tax expense	$	2,622,047		$	-
Deferred income tax benefit		(164,000	)		-
Total income tax expense	$	2,458,047		$	-