9. Income Taxes

The items comprising the income tax provision are as follows:

	For the Years Ended December 31,
	2014			2013
				(As adjusted)
Current tax provision:
Federal	$	-		$	-
State		800			800
Foreign		-			7,100
Current tax provision		800			7,900
Deferred tax (benefit)/provision:
Federal		(5,854,400	)		4,478,800
State		(98,200	)		1,100
Decrease in valuation allowance		-			(158,600	)
Deferred tax (benefit)/provision		(5,952,600	)		4,321,300
Total income tax (benefit)/provision	$	(5,951,800	)	$	4,329,200

Total income tax expense differs from the amount that would be provided by applying the statutory federal income tax rate to pretax earnings as illustrated below:

	For the Years Ended December 31,
	2014			2013
				(As adjusted)

Income tax (benefit)/provision at statutory federal income tax rate	$	(5,863,600	)	$	4,308,900
State tax (benefit)/provision, net of federal benefit		(97,500	)		19,400
Prior year withholding tax adjustment		-			174,600
Decrease in valuation allowance		-			(158,600	)
Other		9,300			(15,100	)
Total income tax (benefit)/provision	$	(5,951,800	)	$	4,329,200

Temporary differences and carry-forwards that give rise to a significant portion of deferred tax assets and liabilities as of December 31, 2014 and 2013 were as follows:

	December 31,
	2014			2013
				(As adjusted)
Deferred tax assets:
Maintenance reserves	$	2,138,900		$	1,813,900
Foreign tax credit carryover		-			1,210,900
Alternative minimum tax credit		10,800			100,800
Bad debt allowance and other		961,100			490,100
Deferred tax assets		3,110,800			3,615,700
Deferred tax liabilities:
Accumulated depreciation on aircraft and aircraft engines		(10,450,000	)		(17,540,000	)
Minimum lease payments receivable		-			(649,500	)
Deferred income		(1,282,100	)		-
Net deferred tax liabilities	$	(8,621,300	)	$	(14,573,800	)

All foreign tax credit carryovers were used to offset federal tax expense in 2014. The foreign tax credit carryovers are expected to expire between 2016 and 2022. A significant portion of the alternative minimum tax credit was used to offset federal tax expense in the current year. The remaining alternative minimum tax credit will be available to offset federal tax expense in excess of the alternative minimum tax in future years and does not expire.

At December 31, 2014 and December 31, 2013, the Company had no material uncertain tax positions.

The Company accounts for interest related to uncertain tax positions as interest expense, and for income tax penalties as tax expense.

All of the Company's tax years remain open to examination other than as barred in the various jurisdictions by statutes of limitation.