XML 47 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Provision For Income Taxes
 6 Months Ended
Jun. 30, 2012
Provision For Income Taxes [Abstract]  
Provision For Income Taxes
Note 10 – PROVISION FOR INCOME TAXES

The provision for income taxes consists of the following:
                   
   
For the Six Months Ended
    
   
June 30,
    
   
2012
    
2011
    
Current:
              
Federal
  
$
1,680,072
    
$
1,173,349
    
State and local
    
625,759
      
656,067
    
Total current
    
2,305,831
      
1,829,416
    
Deferred
    
(480,311)
      
(156,040)
    
Provision for income taxes
  
$
1,825,520
    
$
1,673,376
    


A reconciliation of the provision for income taxes and the income tax computed at the statutory rate is as follows:

                                 
   
For the Six Months Ended
June 30,
  
   
2012
    
2011
  
   
Amount
    
Percentage
    
Amount
    
Percentage
  
    Federal income tax expense computed at the statutory rate
  
$
1,689,676
      
34.0%
    
$
1,313,994
      
34.0%
  
State and local tax expense, net
    
413,001
      
8.3%
      
367,146
      
9.5%
  
Permanent differences
    
(277,157)
      
(5.6)%
      
(73,711
)
    
(1.9)%
  
Change in tax estimate
    
0
      
0.0%
      
65,947
      
1.7%
  
Provision for income taxes
  
$
1,825,520
      
36.7%
    
$
1,673,376
      
43.3%
  

Amounts for deferred tax assets and liabilities are as follows:

                         
   
June 30,
    
December 31,
  
   
2012
    
2011
    
2011
  
Non-current deferred tax assets (liabilities) arising from:
                  
Temporary differences -
                  
Accumulated depreciation and amortization from purchase accounting adjustments
  
$
(3,408,516
)
  
$
(3,601,105
)
  
$
(3,671,285
)
Capital loss carry-forwards
    
167,690
      
271,568
      
167,690
  
Total non-current net deferred tax liabilities
    
(3,240,826
)
    
(3,329,537)
      
(3,503,595
)
Current deferred tax assets arising from:
                        
Unrealized losses (gain) on investments
    
(21,407)
      
12,377
      
6,890
  
Impairment of investments
    
0
      
0
      
15,673
  
Inventory
    
242,200
      
250,297
      
220,408
  
Allowance for doubtful accounts and discounts
    
200,098
      
131,702
      
4,350
  
Allowance for promotions
    
0
      
0
          
Capital loss carry-back
    
91,369
      
0
      
91,369
  
Total current deferred tax assets
    
512,260
      
394,376
      
338,690
  
Net deferred tax liability
  
$
(2,728,566
)
  
$
(2,935,161
)
  
$
(3,164,905
)