Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Summary of Provisions for Income Tax Benefit (Expense)

The provisions for income tax benefit (expense) are summarized as follows:

	2013					2012					2011
	Current			Deferred		Current		Deferred			Current		Deferred
Federal	$	(1,817,112	)	$	264,121	$	58,443	$	(269,712	)	$	394,305	$	2,597,799
State		(354,061	)		15,372		335,361		(95,370	)		326,844		413,705
Total	$	(2,171,173	)	$	279,493	$	393,804	$	(365,082	)	$	721,149	$	3,011,504

Summary of Deferred Income Tax Assets (Liabilities)

The sources of these differences and the related deferred income tax assets (liabilities) are summarized as follows:

	Deferred Tax
	2013			2012
Deferred Income Tax Assets
Depreciation	$	1,899,202		$	2,142,204
Deferred Compensation		147,588			319,786
Charitable Contributions Carryforward		—			252,619
Deferred Oil Lease Income		922,254			256,716
Deferred Lease Expense		1,288,555			1,428,121
Pension and Other Post Retirement Benefits		(48,342	)		593,489
Stock Options		837,156			766,042
Impairment Reserves		1,688,979			1,688,979
Other - Net		40,259			95,856
Gross Deferred Income Tax Assets		6,775,651			7,543,812
Less - Valuation Allowance		(415,453	)		(621,528	)
Net Deferred Income Tax Assets		6,360,198			6,922,284
Deferred Income Tax Liabilities
Sales of Real Estate	$	(37,810,005	)	$	(38,937,151	)
Commercial Mortgage Purchase Discount		(504,886	)		—
Basis Difference in Joint Venture		(342,015	)		(342,638	)
Other - Net		(255,360	)		—
Total Deferred Income Tax Liabilities		(38,912,266	)		(39,279,789	)
Net Deferred Income Tax Liabilities	$	(32,552,068	)	$	(32,357,505	)

Reconciliation of Income Tax Computed at Federal Statutory Rate

Following is a reconciliation of the income tax computed at the federal statutory rate of 35% for 2013, 2012, and 2011:

	Year ended December 31,
	2013			2012		2011
Income Tax (Expense) Benefit Computed at Federal Statutory Rate	$	(1,558,626	)	$	10,158	$	3,335,956
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		(149,791	)		8,360		335,779
Tax Exempt Interest Income		—			—		55,922
Adjustment to Valuation Allowance		—			—		(28,810	)
Other Reconciling Items		(183,263	)		10,204		33,806
Benefit (Expense) for Income Taxes	$	(1,891,680	)	$	28,722	$	3,732,653