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Provision For Income Taxes | 9 Months Ended
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Sep. 30, 2014
Notes to Financial Statements |
Note 10 - Provision For Income Taxes | The provision for income taxes consists of the following:
|  | For the Nine Months Ended |
|  | September 30, |
|  | 2014 |  |  | 2013 |
Current: |  |  |  |  |  |
Federal |  | $ | 1,697,412 |  |  | $ | 2,892,620 |
State and local |  |  | 593,429 |  |  |  | 597,526 |
Total current |  |  | 2,290,841 |  |  |  | 3,490,146 |
Deferred |  |  | (783,607 | ) |  |  | (231,218 | )
Provision for income taxes |  | $ | 1,507,234 |  |  | $ | 3,258,928 |
A reconciliation of the provision for income taxes and the income tax computed at the statutory rate is as follows:
|  | For the Nine Months Ended |
|  | September 30, |
|  | 2014 |  |  | 2013 |
|  | Amount |  |  | Percentage |  |  | Amount |  |  | Percentage |
Federal income tax expense computed at the statutory rate |  | $ | 1,457,752 |  |  |  | 34.0% |  |  | $ | 2,964,268 |  |  |  | 34.0% |
State and local tax expense, net |  |  | 268,827 |  |  |  | 6.3% |  |  |  | 828,251 |  |  |  | 9.5% |
U.S. domestic manufacturers’ deduction & other permanent differences |  |  | (311,715 | ) |  |  | (7.3)% |  |  |  | (444,711 | ) |  |  | (5.1)% |
Change in tax estimate |  |  | 92,370 |  |  |  | 2.2% |  |  |  | (88,880 | ) |  |  | (1.0)% |
Provision for income taxes |  | $ | 1,507,234 |  |  |  | 35.2% |  |  | $ | 3,258,928 |  |  |  | 37.4% |
Amounts for deferred tax assets and liabilities are as follows:
|  | September 30, |  |  | December 31, |
|  | 2014 |  |  | 2013 |  |  | 2013 |
Non-current deferred tax assets (liabilities) arising from: Temporary differences - |  |  |  |  |  |  |  |  |
Accumulated depreciation and amortization |  |  |  |  |  |  |  |  |
from purchase accounting adjustments |  | $ | (2,098,017 | ) |  | $ | (3,002,058 | ) |  | $ | (2,896,058 | )
Capital loss carry-forwards |  |  | 32,796 |  |  |  | 84,845 |  |  |  | 52,632 |
Total non-current net deferred tax liabilities |  |  | (2,065,221 | ) |  |  | (2,917,213 | ) |  |  | (2,843,426 | )
Current deferred tax assets arising from: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized losses (gain) on investments |  |  | 25,704 |  |  |  | (1,583 | ) |  |  | (7,589 | )
Inventory |  |  | 294,791 |  |  |  | 374,110 |  |  |  | 307,910 |
Allowance for doubtful accounts and discounts |  |  | 40,270 |  |  |  | 21,750 |  |  |  | 21,750 |
Total current deferred tax assets |  |  | 360,765 |  |  |  | 394,277 |  |  |  | 322,071 |
Net deferred tax liability |  | $ | (1,704,456 | ) |  | $ | (2,522,936 | ) |  | $ | (2,521,355 | )

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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