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Annual report pursuant to Section 13 and 15(d)

Note 6 - Income Taxes

v2.4.1.9
Note 6 - Income Taxes
12 Months Ended
Dec. 31, 2014
Notes to Financial Statements Ìý
Income Tax Disclosure [Text Block]
(
6
)
Income
Taxes
Ìý
The income tax provision charged to operations for the years ended December 31, 2014, 2013 and 2012 was as follows:
Ìý
Ìý
Ìý
Ìý
2014
Ìý
Ìý
2013
Ìý
Ìý
2012
Ìý
Current:
Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý
U.S. Federal
Ìý $ 17,243,130 Ìý Ìý $ 13,381,265 Ìý Ìý $ 10,046,442 Ìý
State and local
Ìý Ìý 398,401 Ìý Ìý Ìý 327,730 Ìý Ìý Ìý 241,402 Ìý
Ìý Ìý Ìý 17,641,531 Ìý Ìý Ìý 13,708,995 Ìý Ìý Ìý 10,287,844 Ìý
Deferred expense
Ìý Ìý (974,997 ) Ìý Ìý (784,925 ) Ìý Ìý (612,776 )
Ìý Ìý $ 16,666,534 Ìý Ìý $ 12,924,070 Ìý Ìý $ 9,675,068 Ìý
Ìý
The Trust is taxed as if it were a corporation. Total income tax expense differed from the amounts computed by applying the U.S. Federal income tax rate of 35% to income before Federal income taxes as a result of the following:
Ìý
Ìý
Ìý
2014
Ìý
Ìý
2013
Ìý
Ìý
2012
Ìý
Computed tax expense at the statutory rate
Ìý $ 18,001,044 Ìý Ìý $ 14,049,902 Ìý Ìý $ 10,263,010 Ìý
Reduction in income taxes resulting from:
Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý
Statutory depletion
Ìý Ìý (1,569,762 ) Ìý Ìý (1,317,177 ) Ìý Ìý (799,957 )
State taxes
Ìý Ìý 379,283 Ìý Ìý Ìý 312,340 Ìý Ìý Ìý 227,718 Ìý
Other, net
Ìý Ìý (144,031 ) Ìý Ìý (120,995 ) Ìý Ìý (15,703 )
Ìý Ìý $ 16,666,534 Ìý Ìý $ 12,924,070 Ìý Ìý $ 9,675,068 Ìý
Ìý
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2014 and 2013 are as follows:
Ìý
Ìý
Ìý
2014
Ìý
Ìý
2013
Ìý
Basis difference in pension plan liability
Ìý $ 269,271 Ìý Ìý $ (69,659 )
Total deferred tax asset (liability)
Ìý Ìý 269,271 Ìý Ìý Ìý (69,659 )
Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý
Basis differences in real estate acquired through foreclosure
Ìý Ìý 237,697 Ìý Ìý Ìý 237,697 Ìý
Deferred installment revenue on land sales for tax purposes
Ìý Ìý 324,714 Ìý Ìý Ìý 1,366,519 Ìý
Total deferred tax liability
Ìý Ìý 562,411 Ìý Ìý Ìý 1,604,216 Ìý
Net deferred tax liability
Ìý $ 293,140 Ìý Ìý $ 1,673,875 Ìý
Ìý
The Trust files a U. S. Federal income tax return. With few exceptions, the Trust is no longer subject to U. S. Federal income tax examination by tax authorities for years before 2011.