Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 199

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 13
Chunk 199
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 interest or penalties for tax positions by any tax jurisdictions.

        F-
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     Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

   The provision (benefit) for income taxes related to our TRS entities consists of the following for the years ended  December 31, 2024 and 2023:

       December 31, 2024    December 31, 2023  
 Current income tax expense (benefit)         
 Federal  $(17,835) $100,036 
 State   30,572   (89,054)
 Total current income tax expense (benefit)   12,737   10,982 
         
 Deferred income tax expense (benefit)         
 Federal   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