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Annual report pursuant to Section 13 and 15(d)

Note 6 - Income Taxes

v3.3.1.900
Note 6 - Income Taxes
 12 Months Ended
Dec. 31, 2015
Notes to Financial Statements Ìý
Income Tax Disclosure [Text Block]
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6
)
Income
Taxes
Ìý
The income tax provision charged to operations for the years ended December 31, 2015, 2014 and 2013 was as follows:
Ìý
Ìý
Ìý
Ìý
2015
Ìý
Ìý
2014
Ìý
Ìý
2013
Ìý
Current:
 Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý
U.S. Federal
 Ìý $ 25,029,693 Ìý Ìý $ 17,243,130 Ìý Ìý $ 13,381,265 Ìý
State and local
 Ìý Ìý 400,689 Ìý Ìý Ìý 398,401 Ìý Ìý Ìý 327,730 Ìý
Ìý Ìý Ìý 25,430,382 Ìý Ìý Ìý 17,641,531 Ìý Ìý Ìý 13,708,995 Ìý
Deferred expense
 Ìý Ìý (185,867 ) Ìý Ìý (974,997 ) Ìý Ìý (784,925 )
Ìý Ìý $ 25,244,515 Ìý Ìý $ 16,666,534 Ìý Ìý $ 12,924,070 Ìý
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
2015
Ìý
Ìý
2014
Ìý
Ìý
2013
Ìý
Computed tax expense at the statutory rate
 Ìý $ 26,349,057 Ìý Ìý $ 18,001,044 Ìý Ìý $ 14,049,902 Ìý
Reduction in income taxes resulting from:
 Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý
Statutory depletion
 Ìý Ìý (1,320,605 ) Ìý Ìý (1,569,762 ) Ìý Ìý (1,317,177 )
State taxes
 Ìý Ìý 256,876 Ìý Ìý Ìý 246,534 Ìý Ìý Ìý 203,021 Ìý
Other, net
 Ìý Ìý (40,813 ) Ìý Ìý (11,282 ) Ìý Ìý (11,676 )
Ìý Ìý $ 25,244,515 Ìý Ìý $ 16,666,534 Ìý Ìý $ 12,924,070 Ìý
Ìý
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2015 and 2014 are as follows:
Ìý
Ìý
Ìý
2015
Ìý
Ìý
2014
Ìý
Basis difference in pension plan liability
 Ìý $ 118,967 Ìý Ìý $ 269,271 Ìý
Total deferred tax asset
 Ìý Ìý 118,967 Ìý Ìý Ìý 269,271 Ìý
Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý Ìý
Basis differences in real estate acquired through foreclosure
 Ìý Ìý 235,130 Ìý Ìý Ìý 237,697 Ìý
Deferred installment revenue on land sales for tax purposes
 Ìý Ìý 47,050 Ìý Ìý Ìý 324,714 Ìý
Total deferred tax liability
 Ìý Ìý 282,180 Ìý Ìý Ìý 562,411 Ìý
Net deferred tax liability
 Ìý $ 163,213 Ìý Ìý $ 293,140 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 2012.