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INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2014

INCOME TAXES

Schedule of provision for income taxes

		Three Months Ended March 31, 2014
Current expense
Federal		$	5,366,975
State and local		1,805,512
Total current expense		7,172,487
Deferred expense/(benefit)
Federal		(1,521,455		)
State and local		(361,815		)
Total deferred expense/(benefit)		(1,883,270		)
Provision for income tax expense		$	5,289,217

Schedule of reconciliation between the U.S. federal statutory income tax rate and the effective tax rate

		Three Months Ended March 31, 2014
US statutory tax rate		35.00	%
Increase due to state and local taxes		4.65	%
Benefit of partnership income not subject to taxation		-17.32	%
Effective income tax rate		22.33	%

Schedule of components of the Company's deferred tax assets and liabilities

		As of March 31, 2014
Deferred Tax Assets
Depreciation		$	933,065
Equity based compensation		950,204
Unrealized gains and losses		297,344
Total Deferred Tax Assets		$	2,180,613
Deferred Tax Liabilities
Unrealized gains and losses		603,294
Total Deferred Tax Assets		$	603,294
Net Deferred Tax Assets/(Liabilities)		$	1,577,319

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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