Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.7.0.1
Income Taxes
3 Months Ended
Mar. 31, 2017
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
As discussed in Note 1, the Partnership was converted into a limited liability company on October 12, 2016 and the membership interests in the limited liability company were contributed to the Company. As a result, the Company will file a consolidated return for the period October 12, 2016 through December 31, 2016. Prior to the conversion, the Partnership, other than Lodging, was not subject to corporate income taxes.

The components of income tax expense (benefit) attributable to the Company for the three months ended March 31, 2017 and 2016, are as follows:
 
 
Three Months Ended March 31,
 
 
2017
 
2016
U.S. deferred income tax benefit
 
$
(3,685,381
)
 
$

Foreign current income tax expense
 
585,467

 
894,360

Foreign deferred income tax benefit
 
(6,151
)
 

Total
 
$
(3,106,065
)
 
$
894,360



A reconciliation of the statutory federal income tax amount to the recorded expense is as follows:
 
 
Three Months Ended March 31,
 
 
2017
 
2016
Loss before income taxes
 
$
(8,042,579
)
 
$
(20,236,074
)
Statutory income tax rate
 
35
%
 
35
%
Expected income tax benefit
 
(2,814,903
)
 
(7,082,626
)
Non-taxable entity
 

 
8,260,791

Other permanent differences
 
14,063

 
6,793

State tax benefit
 
(452,372
)
 
(2,055
)
Foreign tax credit
 
(698,289
)
 

Foreign earnings not in book income
 
1,046,248

 

Foreign income tax rate differential
 
(174,511
)
 
(270,813
)
Other
 
(26,301
)
 
(17,730
)
Total
 
$
(3,106,065
)
 
$
894,360



Deferred tax assets and liabilities attributable to the Company consisted of the following:
 
 
March 31,
 
December 31,
 
 
2017
 
2016
Deferred tax assets:
 
 
 
 
Allowance for doubtful accounts
 
$
1,891,392

 
$
1,892,761

Net operating loss carryforward
 
2,280,696

 

Deferred stock compensation
 
1,697,536

 
1,686,671

Accrued liabilities
 
601,449

 
746,132

Other
 
1,765,362

 
1,785,999

Deferred tax assets
 
8,236,435

 
6,111,563

 
 
 
 
 
Deferred tax liabilities:
 
 
 
 
Property and equipment
 
$
(40,901,822
)
 
$
(42,525,793
)
Intangible assets
 
(6,890,355
)
 
(7,662,590
)
Unrepatriated foreign earnings
 
(4,244,437
)
 
(3,451,110
)
Other
 
(80,833
)
 
(142,859
)
Deferred tax liabilities
 
(52,117,447
)
 
(53,782,352
)
Net deferred tax liability
 
$
(43,881,012
)
 
$
(47,670,789
)
 
 
 
 
 
Reflected in accompanying balance sheet as:
 
 
 
 
Deferred income taxes
 
$
(43,881,012
)
 
$
(47,670,789
)