Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Summary of Provisions for Income Tax Benefit (Expense)

NOTE 18. INCOME TAXES (continued)

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

	2015					2014						2013
	Current		Deferred			Current			Deferred			Current			Deferred
Federal	$	479,671	$	(5,607,970	)	$	(2,233,512	)	$	(1,223,260	)	$	(1,817,112	)	$	264,121
State		185,584		(326,389	)		(302,896	)		(71,195	)		(354,061	)		15,372
Total	$	665,255	$	(5,934,359	)	$	(2,536,408	)	$	(1,294,455	)	$	(2,171,173	)	$	279,493

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
	2015			2014
Deferred Income Tax Assets
Depreciation	$	2,833,613		$	2,541,509
Intangible Lease Liabilities		12,336,115			—
Deferred Revenue on Land Sales		4,524,189			—
Deferred Oil Lease Income		405,313			545,179
Deferred Lease Expense		1,003,967			1,147,181
Pension and Other Post Retirement Benefits		—			55,083
Stock Options		1,020,855			621,489
Unrealized Loss on Investment Securities		432,677			—
Impairment Reserves		1,688,979			1,688,979
Other - Net		381,897			80,501
Gross Deferred Income Tax Assets		24,627,605			6,679,921
Less - Valuation Allowance		(415,453	)		(415,453	)
Net Deferred Income Tax Assets		24,212,152			6,264,468
Deferred Income Tax Liabilities
Sales of Real Estate	$	(62,067,529	)	$	(39,635,433	)
Discount on Equity Component of Convertible Debt		(1,150,507	)		—
Basis Difference in Joint Venture		(342,015	)		(342,015	)
Other - Net		(178,507	)		(325,462	)
Total Deferred Income Tax Liabilities		(63,738,558	)		(40,302,910	)
Net Deferred Income Tax Liabilities	$	(39,526,406	)	$	(34,038,442	)

Reconciliation of Income Tax Computed at Federal Statutory Rate

NOTE 18. INCOME TAXES (continued)

Following is a reconciliation of the income tax computed at the federal statutory rate of 35% for 2015, 2014, and 2013:

	Year ended December 31,
	2015			2014			2013
Income Tax (Expense) Benefit Computed at    Federal Statutory Rate	$	(4,481,029	)	$	(3,575,138	)	$	(1,558,626	)
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		(755,481	)		(349,334	)		(149,791	)
Other Reconciling Items		(32,594	)		93,609			(183,263	)
Benefit (Expense) for Income Taxes	$	(5,269,104	)	$	(3,830,863	)	$	(1,891,680	)