XML 57 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Provision For Income Taxes
 12 Months Ended
Dec. 31, 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 Years Ended
  
   
December 31,
  
   
2012
    
2011
  
Current:
            
Federal
   $ 2,757,332     $ 1,059,336  
State and local
     882,640       850,284  
Total current
     3,639,972       1,909,620  
Deferred
     (434,896 )     68,217  
Provision for income taxes
   $ 3,205,076     $ 1,977,837  
 
 
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,
  
   
2012
    
2011
  
   
Amount
    
Percentage
    
Amount
    
Percentage
  
Federal income tax expense
computed at the statutory rate
   $ 3,000,457       34.0 %   $ 1,643,308       34.0 %
State and local tax expense, net
     838,363       9.5 %     561,187       11.6 %
U.S. domestic manufacturers' deduction
& other permanent differences
     (427,525 )     (4.9 )%     (122,837 )     (2.5 )%
Change in tax estimate
     (206,219 )     (2.2 )%     (103,821 )     (2.2 )%
Provision for income taxes
   $ 3,205,076       36.4 %   $ 1,977,837       40.9 %

 
 
Amounts for deferred tax assets and liabilities are as follows:
                 
       
   
December 31,
  
   
2012
    
2011
  
Non-current deferred tax assets (liabilities)
arising from:
Temporary differences -
            
Accumulated depreciation and amortization
            
from purchase accounting adjustments
   $ (3,164,716 )   $ (3,671,285 )
Capital loss carry-forwards
     136,198       167,690  
Total non-current net deferred tax liabilities
     (3,028,518 )     (3,503,595 )
Current deferred tax assets arising from:
                
Unrealized losses (gain) on investments
     (41,260 )     6,890  
Impairment of investments
     0       15,673  
Inventory
     265,072       220,408  
Allowance for doubtful accounts and discounts
     10,875       4,350  
Capital loss carry-back
     0       91,369  
Total current deferred tax assets
     234,687       338,690  
Net deferred tax liability
   $ (2,793,831 )   $ (3,164,905 )