Income Taxes Income Taxes (Tables)

3 Months Ended

Mar. 31, 2014

Summary of the provision for income tax expense (benefit)

Income tax expense for the three months ended March 31, 2014 and 2013 consists of the following:



	Three Months Ended March 31,
	2014		2013
Current:
Federal	$	84,213	$	(64	)
State	160		(170		)
Total	84,373		(234		)
Deferred:
Federal	12,045		211
State	10,487		23
Total	22,532		234
Income tax expense	$	106,905	$	—

Schedule of effective income tax rate reconciliation

Income tax expense attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 35% to pre-tax income as a result of the following:



	Three Months Ended March 31,
	2014			2013
Tax at the statutory federal rate	$	178,465		$	(866	)
State income taxes (net of federal benefit)	17,846			(87		)
(Decrease) increase in valuation allowance	(89,300		)	807
Other	(106		)	146
Total income tax expense	$	106,905		$	—

Schedule of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of March 31, 2014 and December 31, 2013 are presented below:



	March 31,			December 31,
	2014			2013
Deferred tax assets:
Federal net operating carryforwards	$	—		$	26,884
State net operating loss carryforwards	9,763			20,759
Impairment losses	150,858			151,050
Prepaid income from land sales	5,522			10,210
Other	2,168			7,592
Total gross deferred tax assets	168,311			216,495
Valuation allowance	(6,653		)	(95,953		)
Total net deferred tax assets	161,658			120,542
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	767			1,726
Deferred gain on land sales and involuntary conversions	30,884			31,385
Prepaid pension asset	13,238			15,596
Installment sale	127,822			58,969
Total gross deferred tax liabilities	172,711			107,676
Total net deferred tax (liability) asset	$	(11,053	)	$	12,866