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TAXES (Tables)

12 Months Ended

Dec. 31, 2017

TAXES [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

A breakdown of our income tax expense is as follows:






		Years Ended December 31,
		2017		2016		2015
Federal:
Current	$	3,387,046	$	(1,192,764)	$	2,656,870
Deferred		(3,764,882)		(296,045)		287,755
Total Federal		(377,836)		(1,488,809)		2,944,625

State & local:
Current		64,675		151,728		81,433
Deferred		125,329		(349,284)		86,863
Total State & local		190,004		(197,556)		168,296

Foreign
Current		(37,517)		164,950		13,391
Deferred		(13)		42,337		(41,969)
Total Foreign		(37,530)		207,287		(28,578)

Total	$	(225,362)	$	(1,479,078)	$	3,084,343



Reconciliation of Federal Income Tax Expense

A reconciliation of recorded Federal income tax expense to the expected expense computed by applying the applicable Federal statutory rate for all periods to income before income taxes follows:






		Years Ended December 31,
		2017		2016		2015
Expected expense at statutory rate	$	3,272,159	$	(1,270,003)	$	3,404,159

Increase (decrease) in income taxes resulting from:
Change in Statutory Tax Rate		(4,490,916)		-		-
Toll tax on CFC accumulated earnings and profits		2,792,683		-		-
Exempt income from Dominican Republic operations due to tax holiday		(1,802,186)		(2,367,810)		(2,816,963)
Tax on repatriated earnings from Dominican Republic operations		-		2,050,314		2,556,940
Impact of Canadian deemed dividend		-		7,353		-
State and local income taxes		137,336		(99,699)		67,886
Section 199 manufacturing deduction		(260,035)		-		(194,498)
Meals and entertainment		80,316		100,288		98,082
Nondeductible penalties		130		3,847		5,998
Provision to return filing adjustments and other		45,151		96,632		(37,261)
Total	$	(225,362)	$	(1,479,078)	$	3,084,343



Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes recorded in the Consolidated Balance Sheets at December 31, 2017 and 2016 consist of the following:






		December 31,
		2017		2016
Deferred tax assets:
  Asset valuation allowances and accrued expenses		-	$	242,916
  Inventories	$	333,012		491,371
  State and local income taxes		208,076		302,929
  Pension and deferred compensation		32,406		63,214
  Net operating losses		580,706		736,519
    Total deferred tax assets		1,154,200		1,836,949
  Valuation allowances		(480,127)		(471,159)
    Total deferred tax assets		674,073		1,365,790

Deferred tax liabilities:
  Asset valuation allowances and accrued expenses		247,230		-
  Fixed assets		784,051		1,676,813
  Intangible assets		6,917,331		10,337,533
  Other assets		224,132		337,972
  Tollgate tax on Lifestyle earnings		227,563		379,271
    Total deferred tax liabilities		8,400,307		12,731,589

Net deferred tax liability	$	7,726,234	$	11,365,800



Schedule of Income Tax Examinations

We are subject to tax examinations in various taxing jurisdictions. The earliest exam years open for examination are as follows:






		Earliest Exam Year
Taxing Authority Jurisdiction:
U.S. Federal		2014
Various U.S. States		2013
Puerto Rico (U.S. Territory)		2012
Canada		2012



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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.

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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.

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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.

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Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded.

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