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Income Taxes | 12 Months Ended
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Sep. 30, 2014
Income Taxes [Abstract] |
Income Taxes | Note 13. Income Taxes The provision for income tax (benefit) for the years ended September 30, 2014, 2013 and 2012 consists of the following:
(in thousands) |  | Fiscal Year Ended September 30,
|  | 2014 |  | 2013 |  | 2012
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal income tax |  | $ | 4,035 |  |  | $ | 2,508 |  |  | $ | 3,696 |
State income tax |  |  | 543 |  |  |  | 458 |  |  |  | 1,298 |
Total current |  |  | 4,578 |  |  |  | 2,966 |  |  |  | 4,994 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal income tax |  |  | (590 | ) |  |  | 7,921 |  |  |  | 5,617 |
State income tax |  |  | (255 | ) |  |  | 1,142 |  |  |  | 362 |
Total deferred |  |  | (845 | ) |  |  | 9,063 |  |  |  | 5,979 |
Total provision for income taxes |  | $ | 3,733 |  |  | $ | 12,029 |  |  | $ | 10,973 |
Income tax provision (benefit) attributable to income from continuing operations differed from the amount computed by applying the statutory federal income tax rate of 35% to pre-tax income as a result of the following:
(in thousands) |  | Fiscal Year Ended September 30,
|  | 2014 |  | 2013 |  | 2012
Tax at the statutory federal rate |  | $ | 4,099 |  |  | $ | 11,086 |  |  | $ | 10,312 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal benefit |  |  | 183 |  |  |  | 1,067 |  |  |  | 1,051 |
Federal impacts from IRS exam and tax return amendments |  |  | - |  |  |  | 19 |  |  |  | (444 | )
Permanent and other reconciling items, net |  |  | (549 | ) |  |  | (143 | ) |  |  | 54 |
Total provision for income taxes |  | $ | 3,733 |  |  | $ | 12,029 |  |  | $ | 10,973 |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of September 30, 2014 and 2013 are presented below:
(in thousands) |  | September 30,
|  | 2014 |  | 2013
Deferred tax assets: |  |  |  |  |  |  |  |
Deferred retirement benefits |  | $ | 1,619 |  |  | $ | 1,686 |
Inventories |  |  | 95 |  |  |  | 144 |
Restricted stock compensation |  |  | - |  |  |  | 31 |
Alico-Agri, Ltd. outside basis differences |  |  | 3,196 |  |  |  | 3,196 |
Capital loss carry forward |  |  | 10,492 |  |  |  | 10,502 |
Other |  |  | 1,118 |  |  |  | 159 |
Total deferred tax assets |  |  | 16,520 |  |  |  | 15,718 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Revenue recognized from citrus and sugarcane |  |  | 99 |  |  |  | 302 |
Property and Equipment |  |  | 21,535 |  |  |  | 21,550 |
Investment in Magnolia |  |  | 415 |  |  |  | 450 |
Other |  |  | 210 |  |  |  | - |
Total deferred tax liabilities |  |  | 22,259 |  |  |  | 22,302 |
Net deferred income tax (liability) |  | $ | (5,739 | ) |  | $ | (6,584 | )
The Company applies a “more likely than not” threshold to the recognition and non-recognition of tax positions. A change in judgment related to prior years' tax positions is recognized in the quarter of such change. The Company had no reserve for uncertain tax positions at September 30, 2014 or September 30, 2013. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense and in the liability for uncertain tax positions. On May 16, 2012, the Company reached a settlement with the IRS related to its examination of the returns of Alico, Agri-Insurance, Ltd., (a former subsidiary of the Company) and Alico-Agri for the tax years 2005 through 2007. As a result of the settlement, the Company paid Federal taxes of $613,000 and interest of $225,000. On October 9, 2012, the Company paid the State of Florida $318,000 for taxes and $5,000 for interest as a result of the IRS settlement. The Company accrued $149,000 at September 30, 2012, for additional state interest and penalties. The actual amount paid was $135,000 for state interest. No amount was due for state penalties, and the remaining accrual was reversed during the second quarter of fiscal year 2013.

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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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