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Income Taxes (Tables)
9 Months Ended
Sep. 30, 2019
Income Tax Disclosure [Abstract]  
Components of Income Tax (Benefit) Provision

The components of the income tax (benefit) provision for the three and nine months ended September 30, 2019 and 2018 are as follows:

 

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

Nine Months Ended

 

 

 

 

September 30, 2019

 

 

September 30, 2018

 

 

September 30, 2019

 

 

September 30, 2018

 

 

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

$

(33,254

)

 

$

 

 

$

(125,587

)

 

$

 

State

 

 

 

41,839

 

 

 

24,266

 

 

 

112,741

 

 

 

131,306

 

 

 

 

 

8,585

 

 

 

24,266

 

 

 

(12,846

)

 

 

131,306

 

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

 

(569,928

)

 

 

(612,703

)

 

 

356,590

 

 

 

591,917

 

State

 

 

 

(132,847

)

 

 

(158,487

)

 

 

95,579

 

 

 

158,822

 

 

 

 

 

(702,775

)

 

 

(771,190

)

 

 

452,169

 

 

 

750,739

 

 

 

 

$

(694,190

)

 

$

(746,924

)

 

$

439,323

 

 

$

882,045

 

Reconciliation of Statutory Federal Income Tax Provision

A reconciliation of the statutory federal income tax provision to the Company’s income tax provision is as follows:

 

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

Nine Months Ended

 

 

 

 

September 30, 2019

 

 

September 30, 2018

 

 

September 30, 2019

 

 

September 30, 2018

 

 

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

Statutory federal income tax provision

 

 

$

290,535

 

 

$

(573,028

)

 

$

687,986

 

 

$

639,311

 

Effect of non-taxable REIT loss

 

 

 

(893,717

)

 

 

(39,675

)

 

 

(456,983

)

 

 

(47,394

)

State income tax provision

 

 

 

(91,008

)

 

 

(134,221

)

 

 

208,320

 

 

 

290,128

 

 

 

 

$

(694,190

)

 

$

(746,924

)

 

$

439,323

 

 

$

882,045