Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 118

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 118
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   40,279   (289,480)
 State   7,839   (57,282)
 Total deferred income tax expense (benefit)   48,118   (346,762)
         
 Change in Valuation Allowance   —   — 
 Total income tax (benefit) expense  $60,855  $(335,780)

   Income tax provision differed from the amount computed by applying the U.S. federal income tax rate of 21% to income (loss) before taxes, as follows:

       December 31, 2024    December 31, 2023  
                 
 Taxes at federal statutory rate  $103,369   21% $1,370,497   21%
 State Taxes   48,564   10%  21,821   0%
 Deconsolidation adjustment   —   0%  (1,303,720)  -20%
 True Up Adjustment   (91,078)  -19%  (424,378)  -7%
                 
 Total income tax (benefit) expense  $60,855   12% $(335,780)  -5%

   The tax effects of temporary differences which give rise to significant portions of deferred tax assets are as follows as of  December 31:

       For The Years Ended  
   2024    2023  
 Deferred Tax Assets         
 Deferred Revenue  $—  $42,792 
 State Taxes   8   781 
 Fixed Asset   243,662   278,646 
 Start up costs   54,974   24,543 
 Total deferred tax asset   298,644   346,762 
         
 Deferred Tax Liabilities         
 Basis difference in investments   —   — 
 Net deferred tax assets   298,644   346,762 
         
 Valuation allowance   —   — 
 Net deferred tax assets (liability)  $298,644  $346,762 

        F-
       37

   Management assessed the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets.  A significant piece of objective positive evidence evaluated was the history of cumulative income for Model Homes Inc. incurred