Gladstone Land Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2013

Summary of Significant Accounting Policies [Abstract]

Reconciliation between the United States, or the U.S, statutory federal income tax rate and effective income tax rate


	Three Months Ended March 31, 2013			Three Months Ended March 31, 2012^(A)
US statutory federal income tax rate		34.0	%		34.0	%
State taxes, net of US federal income tax benefit^(B)		21.4	%		10.2	%
Other adjustments		0.1	%		1.6	%

Effective tax rate		55.5	%		45.8	%

^(A)

Based on the effective tax rate for the year ended December 31, 2011, as that rate represents our best estimate of the effective tax rate in effect as of March 31, 2012, based on the information available at the time.

^(B)

Beginning in 2010, California state tax returns were filed on a unitary basis with our Adviser. In 2011, we began filing state tax returns in Florida, and starting in 2013, we will also begin filing state tax returns in Michigan.

The state tax rate is higher due to the deferred intercompany gain mentioned above, which is a fixed amount due to the state of California and is not based on the amount of income apportioned to the state.