Income Tax Disclosure [Text Block] |
The income tax provision charged to operations for the years ended December 31, 2016, 2015 and 2014 was as follows: Ìý | Ìý |
| Ìý | Ìý |
| Ìý | Ìý |
| Ìý |
| Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý |
| Ìý | $ | 21,665,130 | Ìý | Ìý | $ | 25,029,693 | Ìý | Ìý | $ | 17,243,130 | Ìý |
| Ìý | Ìý | 376,041 | Ìý | Ìý | Ìý | 400,689 | Ìý | Ìý | Ìý | 398,401 | Ìý | Ìý | Ìý | Ìý | 22,041,171 | Ìý | Ìý | Ìý | 25,430,382 | Ìý | Ìý | Ìý | 17,641,531 | Ìý |
| Ìý | Ìý | (4,193,801 | ) | Ìý | Ìý | (185,867 | ) | Ìý | Ìý | (974,997 | ) | Ìý | Ìý | $ | 17,847,370 | Ìý | Ìý | $ | 25,244,515 | Ìý | Ìý | $ | 16,666,534 | 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 | Ìý |
| Ìý | Ìý |
| Ìý | Computed tax expense at the statutory rate
| Ìý | $ | 19,280,422 | Ìý | Ìý | $ | 26,349,057 | Ìý | Ìý | $ | 18,001,044 | Ìý | Reduction in income taxes resulting from:
| Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý |
| Ìý | Ìý | (1,608,961 | ) | Ìý | Ìý | (1,320,605 | ) | Ìý | Ìý | (1,569,762 | ) |
| Ìý | Ìý | 204,776 | Ìý | Ìý | Ìý | 256,876 | Ìý | Ìý | Ìý | 246,534 | Ìý |
| Ìý | Ìý | (28,867 | ) | Ìý | Ìý | (40,813 | ) | Ìý | Ìý | (11,282 | ) | Ìý | Ìý | $ | 17,847,370 | Ìý | Ìý | $ | 25,244,515 | Ìý | Ìý | $ | 16,666,534 | Ìý | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2016 and 2015 are as follows: Ìý | Ìý |
| Ìý | Ìý |
| Ìý |
| Ìý | $ | 4,177,130 | Ìý | Ìý | $ | — | Ìý | Basis difference in pension plan liability
| Ìý | Ìý | (36,363 | ) | Ìý | Ìý | 118,967 | Ìý | Total deferred tax assets
| Ìý | Ìý | 4,140,767 | Ìý | Ìý | Ìý | 118,967 | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Basis differences in real estate acquired through foreclosure
| Ìý | Ìý | 233,977 | Ìý | Ìý | Ìý | 235,130 | Ìý | Deferred installment revenue on land sales for tax purposes
| Ìý | Ìý | 32,002 | Ìý | Ìý | Ìý | 47,050 | Ìý | Total deferred tax liability
| Ìý | Ìý | 265,979 | Ìý | Ìý | Ìý | 282,180 | Ìý | Net deferred tax asset (liability)
| Ìý | $ | 3,874,788 | Ìý | Ìý | $ | (163,213 | ) | 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 2013.
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