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Provision For Income Taxes (Tables)

9 Months Ended

Sep. 30, 2014

Provision For Income Taxes Tables

Summary Of The 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

Reconciliation Of The Provision For Income Taxes At Statutory Rate

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%

Schedule Of Deferred Tax Assets And Liabilities

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

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