The provision (benefit) for income taxes consists of:
| 2017 | 2016 | ||
| Current Federal income taxes | $49,999 | $80,000 | |
| Current State income taxes | 350,313 | 180,915 | |
| Deferred Federal income taxes | 1,265,977 | 551,708 | |
| Deferred State income taxes | 193,652 | 119,524 | |
| $1,859,941 | $932,147 |
The components of the net deferred income tax asset follow:
| Tax effect of net operating loss carry-forwards | $449,642 | $1,426,572 | |
| Basis in fixed assets | 250,042 | 368,442 | |
| AMT credits | 311,917 | 261,054 | |
| Rent receivable | (381,301) | -0- | |
| Other | 40,847 | 74,708 | |
| Subtotal | 671,147 | 2,130,776 | |
| Less: Valuation allowance | -0- | -0- | |
| $671,147 | $2,130,776 |
A reconciliation of the provision (benefit) for income taxes with amounts determined by applying the statutory U.S. Federal income tax rate before income taxes is as follows:
| 2017 | 2016 | ||
| Federal statutory rate (34%) | $2,155,367 | $875,682 | |
| State tax – net of Federal effect | 350,313 | 180,915 | |
| Losses (income) attributable to noncontrolling interests in pass-through entities |
(506,988) | 42,343 | |
| Other | (138,751) | (166,793) | |
| Provision (benefit) for income taxes | $1,859,941 | $932,147 |