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INCOME TAXES	9 Months Ended
Sep. 30, 2020
INCOME TAXES
INCOME TAXES	NOTE 20. INCOME TAXES If the Company were a C corporation for its taxable year ending December 31, 2020, the Company’s effective income tax rate for the nine months ended September 30, 2020 would be 25.9% and the Company’s results of operations are presented assuming such an effective tax rate. The effective income tax rate assumes a blended rate for estimated state and local taxes on its income and property. The Company’s effective income tax rate for the nine months ended September 30, 2019 was 25.2%. The provision for income taxes reflects the Company’s estimate of the effective rate expected to be applicable for the full fiscal year, adjusted for any discrete events, which are reported in the period that they occur. There were no discrete events during the nine months ended September 30, 2020 or 2019. For its taxable year ending December 31, 2020, the Company intends to file its U.S. federal income tax returns as a REIT. The Company has filed a consolidated income tax return in the United States Federal jurisdiction and the states of Alabama, Arizona, California, Colorado, Florida, Georgia, Maryland, Massachusetts, Nevada, New Mexico, New York, North Carolina, Oregon, Texas, Virginia, Washington, and Wisconsin for 2019. The Internal Revenue Service (“IRS”) has audited the federal tax returns through the year 2012, with all proposed adjustments settled. The Florida Department of Revenue has audited the Florida tax returns through the year 2014, with all proposed adjustments settled. The Company recognizes all potential accrued interest and penalties to unrecognized tax benefits in income tax expense.

INCOME TAXES

9 Months Ended

Sep. 30, 2020

NOTE 20. INCOME TAXES

If the Company were a C corporation for its taxable year ending December 31, 2020, the Company’s effective income tax rate for the nine months ended September 30, 2020 would be 25.9% and the Company’s results of operations are presented assuming such an effective tax rate. The effective income tax rate assumes a blended rate for estimated state and local taxes on its income and property. The Company’s effective income tax rate for the nine months ended September 30, 2019 was 25.2%. The provision for income taxes reflects the Company’s estimate of the effective rate expected to be applicable for the full fiscal year, adjusted for any discrete events, which are reported in the period that they occur. There were no discrete events during the nine months ended September 30, 2020 or 2019.

For its taxable year ending December 31, 2020, the Company intends to file its U.S. federal income tax returns as a REIT. The Company has filed a consolidated income tax return in the United States Federal jurisdiction and the states of Alabama, Arizona, California, Colorado, Florida, Georgia, Maryland, Massachusetts, Nevada, New Mexico, New York, North Carolina, Oregon, Texas, Virginia, Washington, and Wisconsin for 2019. The Internal Revenue Service (“IRS”) has audited the federal tax returns through the year 2012, with all proposed adjustments settled. The Florida Department of Revenue has audited the Florida tax returns through the year 2014, with all proposed adjustments settled. The Company recognizes all potential accrued interest and penalties to unrecognized tax benefits in income tax expense.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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