Gladstone Land Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Reconciliation between U.S. Statutory Federal Income Tax Rate and Effective Income Tax Rate

A reconciliation between the U.S. statutory federal income tax rate and our effective income tax rate for the years ended December 31, 2016, 2015 and 2014 is provided in the following table:



	2016		2015		2014
Effective U.S. statutory federal income tax rate⁽¹⁾	—	%	—	%	—	%
State taxes, net of U.S. federal income tax benefit⁽²⁾	—	%	—	%	26.9	%
Other adjustments	—	%	—	%	—	%
Effective tax rate	—	%	—	%	26.9	%


⁽¹⁾	Net of the effect of the the dividends paid deduction.


⁽²⁾	State tax adjustments made to the 2014 income tax provision related to taxes owed to the state of California as a result of prior-year land transfers.

Retrospective Adjustment and Overall Impact on Previously-Reported Consolidated Financial Statements

The following table summarizes the retrospective adjustment and the overall impact on the previously-reported consolidated financial statements:



	As of December 31, 2015
	As Previously Reported		Retrospective Application
Deferred financing costs related to mortgage notes and bonds payable⁽¹⁾	$	1,054,222	$	—
Mortgage notes and bonds payable, net	142,633,157		141,578,935


⁽¹⁾	Included as part of Deferred financing costs, net, as reported on the Consolidated Balance Sheet in the Form 10-K.