XML 28 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Provision For Income Taxes
 12 Months Ended
Dec. 31, 2011
Provision For Income Taxes [Abstract]  
Provision For Income Taxes
Note 11 – PROVISION FOR INCOME TAXES

The provision for income taxes consists of the following:
 
   
For the Years Ended
December 31,
  
   
2011
    
2010
  
Current:                
        Federal
   $ 1,059,336     $ 2,269,819  
        State and local
     850,284       651,085  
Total current
     1,909,620       2,920,904  
Deferred
     68,217       (96,918 )
Provision for income taxes
   $ 1,977,837     $ 2,823,986  

A reconciliation of the provision for income taxes and the income tax computed at the statutory rate is as follows:
 
    For the Years Ended
December 31,
  
   
2011
    
2010
  
   
Amount
    
Percentage
    
Amount
    
Percentage
  
    Federal income tax expense computed at the statutory rate
   $ 1,643,308       34.0%     $ 2,180,228       34.0%  
State and local tax expense, net
     561,187       11.6%       429,716       6.7%  
Permanent differences
     (122,837 )     (2.5%)       (117,247 )     (1.8%)  
Change in tax estimate
     (103,821 )     (2.2%)       331,289       5.1%  
Provision for income taxes
   $ 1,977,837       40.9%     $ 2,823,986       44.0%  
 
 

Amounts for deferred tax assets and liabilities are as follows:
 
   
December 31,
  
   
2011
    
2010
  
Non-current deferred tax assets (liabilities) arising from:
Temporary differences -
            
    Accumulated depreciation and amortization from purchase accounting adjustments
  
$
(3,671,285)
    
$
(3,673,296)
  
Capital loss carry-forwards
    
167,690
      
271,568
  
Total non-current net deferred tax liabilities
    
(3,503,595)
      
(3,401,728)
  
Current deferred tax assets arising from:
                
Unrealized losses on investments
    
6,890
      
30,320
  
Impairment of investments
    
15,673
      
4,232
  
Inventory
    
220,408
      
168,875
  
Allowance for doubtful accounts and discounts
    
4,350
      
125,043
  
Capital loss carry-back
    
91,369
      
—
  
Total current deferred tax assets
    
338,690
      
328,470
  
Net deferred tax liability
  
$
(3,164,905)
    
$
(3,073,258)