| Income Tax Disclosure [Text Block] |
The income tax provision charged to operations for the years ended December 31, 2013, 2012, and 2011 was 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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U.S. federal
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$
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13,381,265
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$
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10,046,442
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$
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11,053,133
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State and local
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327,730
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241,402
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Ìý
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265,498
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13,708,995
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10,287,844
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Ìý
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11,318,631
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Deferred expense
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(784,925
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)
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(612,776
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)
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(1,157,482
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)
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$
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12,924,070
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$
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9,675,068
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$
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10,161,149
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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:
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2013
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2012
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2011
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Computed tax expense at the statutory rate
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$
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14,049,902
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$
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10,263,010
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$
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10,764,571
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Reduction in income taxes resulting from:
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Ìý
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Ìý
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Statutory depletion
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(1,317,177
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)
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(799,957
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)
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Ìý
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(802,104
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)
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State taxes
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312,340
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227,718
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Ìý
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238,860
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Other, net
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(120,995
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)
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(15,703
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)
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(40,178
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)
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$
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12,924,070
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$
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9,675,068
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Ìý
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$
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10,161,149
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The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2013 and 2012 are as follows:
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2013
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2012
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Basis difference in pension plan liability
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$
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(69,659
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)
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$
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311,868
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Total deferred tax asset (liability)
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(69,659
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)
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311,868
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Ìý
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Ìý
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Ìý
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Ìý
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Ìý
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Ìý
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Ìý
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Ìý
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Basis differences in real estate acquired through foreclosure
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Ìý
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237,697
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Ìý
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Ìý
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237,697
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Deferred installment revenue on land sales for tax purposes
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1,366,519
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2,348,667
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Total deferred tax liability
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1,604,216
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2,586,364
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Net deferred tax liability
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$
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1,673,875
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$
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2,274,496
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The Trust files a United States 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 2010.
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