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Current tax expense Federal $ 728,000 $ - $ - State and local 2,253,000 8,000 - Total current tax expense 2,981,000 8,000 - Deferred tax expense Federal 7,885,000 - - State and local 273,000 - - Income tax benefit from termination of REIT 10,884,000 - - status Reduction in valuation allowance on deferred 3,358,000 - - tax asset Total deferred tax benefit 6,084,000 - - Total income tax benefit expense $ 3,103,000 $ 8,000 $ - F-20 Income tax benefit/expense for the years ended December 31, 2003, 2002, and 2001 differs from the amounts expected by applying the federal statutory rate of 35% to earnings loss before income taxes as shown below. For the sake of long-term organizational and operating stability it is often desirable to build a reserve of cash to accommodate the following situations. It is lethal if ingested in amounts around two tablespoons, and tastes pretty good, to boot. Robert then goes on to say that the things you need to become even a basic level investor are the Three E's.
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