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Income Taxes | 9 Months Ended
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Sep. 30, 2015
Income Tax Disclosure [Abstract] |
Income Taxes | 13. Income Taxes The components of the income tax benefit for the three and nine months ended September 30, 2015 and 2014 are as follows:
|  | Three Months Ended |  |  | Three Months Ended |  |  | Nine Months Ended |  |  | Nine Months Ended |
|  | September 30, 2015 |  |  | September 30, 2014 |  |  | September 30, 2015 |  |  | September 30, 2014 |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Current: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 67,708 |  |  | $ | 9,285 |  |  | $ | 67,708 |  |  | $ | 32,285 |
State |  |  | 311,468 |  |  |  | 93,890 |  |  |  | 419,424 |  |  |  | 209,379 |
|  |  | 379,176 |  |  |  | 103,175 |  |  |  | 487,132 |  |  |  | 241,664 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (774,207 | ) |  |  | (659,931 | ) |  |  | (424,111 | ) |  |  | (917,792 | )
State |  |  | (118,474 | ) |  |  | (165,414 | ) |  |  | (59,766 | ) |  |  | (217,578 | )
|  |  | (892,681 | ) |  |  | (825,345 | ) |  |  | (483,877 | ) |  |  | (1,135,370 | )
|  | $ | (513,505 | ) |  | $ | (722,170 | ) |  | $ | 3,255 |  |  | $ | (893,706 | )
A reconciliation of the statutory federal income tax benefit to the Company’s income tax benefit is as follows:
|  | Three Months Ended |  |  | Three Months Ended |  |  | Nine Months Ended |  |  | Nine Months Ended |
|  | September 30, 2015 |  |  | September 30, 2014 |  |  | September 30, 2015 |  |  | September 30, 2014 |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Statutory federal income tax expense |  | $ | 1,536,869 |  |  | $ | (340,744 | ) |  | $ | 2,553,376 |  |  | $ | 877,590 |
Effect of non-taxable REIT income |  |  | (2,243,368 | ) |  |  | (309,902 | ) |  |  | (2,909,779 | ) |  |  | (1,763,096 | )
State income tax benefit |  |  | 192,994 |  |  |  | (71,524 | ) |  |  | 359,658 |  |  |  | (8,200 | )
|  | $ | (513,505 | ) |  | $ | (722,170 | ) |  | $ | 3,255 |  |  | $ | (893,706 | )
As of September 30, 2015 and December 31, 2014, we had a net deferred tax asset of approximately $4.0 million and $3.5 million, respectively, of which, approximately $3.1 million and $2.7 million, respectively, are due to accumulated net operating losses. These loss carryforwards will begin to expire in 2028 if not utilized by such time. As of both September 30, 2015 and December 31, 2014, approximately $0.2 million of the net deferred tax asset is attributable to our share of start-up expenses related to the Crowne Plaza Hollywood Beach Resort, start-up expenses related to the opening of the Sheraton Louisville Riverside and the Crowne Plaza Tampa Westshore that were not deductible in the year incurred, but are being amortized over 15 years. The remainder of the net deferred tax asset is attributable to year-to-year timing differences including accrued, but not deductible, employee performance awards, vacation and sick pay, bad debt allowance and depreciation. We believe that it is more likely than not that the deferred tax asset will be realized and that no valuation allowance is required.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: 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 Reference 5: 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 + Details
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