| Summary of Provisions for Income Tax Benefit (Expense) |
The provisions for income tax benefit (expense) are summarized as
follows:
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2013 |
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2012 |
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2011 |
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Current |
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Deferred |
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Current |
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Deferred |
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Current |
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Deferred |
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Federal
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$ |
(1,817,112 |
) |
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$ |
264,121 |
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$ |
58,443 |
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$ |
(269,712 |
) |
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$ |
394,305 |
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$ |
2,597,799 |
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State
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|
(354,061 |
) |
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15,372 |
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335,361 |
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(95,370 |
) |
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326,844 |
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413,705 |
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Total
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$ |
(2,171,173 |
) |
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$ |
279,493 |
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$ |
393,804 |
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$ |
(365,082 |
) |
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$ |
721,149 |
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$ |
3,011,504 |
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| Summary of Deferred Income Tax Assets (Liabilities) |
The sources of these differences and the related deferred income
tax assets (liabilities) are summarized as follows:
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Deferred Tax |
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2013 |
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2012 |
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Deferred Income Tax Assets
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Depreciation
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$ |
1,899,202 |
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$ |
2,142,204 |
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Deferred Compensation
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147,588 |
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319,786 |
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Charitable Contributions Carryforward
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— |
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252,619 |
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Deferred Oil Lease Income
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922,254 |
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256,716 |
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Deferred Lease Expense
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1,288,555 |
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1,428,121 |
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Pension and Other Post Retirement Benefits
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(48,342 |
) |
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593,489 |
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Stock Options
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837,156 |
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766,042 |
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Impairment Reserves
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1,688,979 |
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1,688,979 |
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Other - Net
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40,259 |
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95,856 |
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Gross Deferred Income Tax Assets
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6,775,651 |
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7,543,812 |
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Less - Valuation Allowance
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(415,453 |
) |
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(621,528 |
) |
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Net Deferred Income Tax Assets
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6,360,198 |
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6,922,284 |
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Deferred Income Tax Liabilities
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Sales of Real Estate
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$ |
(37,810,005 |
) |
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$ |
(38,937,151 |
) |
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Commercial Mortgage Purchase Discount
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(504,886 |
) |
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— |
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Basis Difference in Joint Venture
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(342,015 |
) |
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(342,638 |
) |
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Other - Net
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(255,360 |
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— |
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Total Deferred Income Tax Liabilities
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(38,912,266 |
) |
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(39,279,789 |
) |
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Net Deferred Income Tax Liabilities
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$ |
(32,552,068 |
) |
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$ |
(32,357,505 |
) |
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| 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:
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Year ended
December 31, |
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2013 |
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2012 |
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2011 |
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Income Tax (Expense) Benefit Computed at Federal Statutory
Rate
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$ |
(1,558,626 |
) |
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$ |
10,158 |
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$ |
3,335,956 |
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Increase (Decrease) Resulting from:
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State Income Tax, Net of Federal Income Tax Benefit
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(149,791 |
) |
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8,360 |
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335,779 |
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Tax Exempt Interest Income
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— |
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— |
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55,922 |
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Adjustment to Valuation Allowance
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— |
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— |
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(28,810 |
) |
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Other Reconciling Items
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(183,263 |
) |
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10,204 |
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33,806 |
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Benefit (Expense) for Income Taxes
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$ |
(1,891,680 |
) |
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$ |
28,722 |
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$ |
3,732,653 |
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