Income Taxes |
3 Months Ended |
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Dec. 31, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
Note 8. Income Taxes
The Company’s effective tax rate for the three months ended December 31, 2024 was a benefit of 19.1%. The rate for the three months ended December 31, 2024 differed from the Federal Statutory rate of 21.0%, primarily due to a change in the valuation allowance. Based on both positive and negative evidence, management determined that it was not “more likely than not” the deferred tax assets will be realized. This is primarily due to the planned accelerated book depreciation on the
citrus producing assets, which is anticipated to result in a cumulative three-year loss during fiscal year ending September 30, 2025.
The Company’s effective tax rate for the three months ended December 31, 2023 was a provision of 26.8%. The rate for the three months ended December 31, 2023 differed from the Federal Statutory rate of 21.0%, primarily due to state income taxes.
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- References No definition available.
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- Definition The entire disclosure for income tax. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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