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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2018

Income Tax Disclosure [Abstract]

Provision for Income Tax Expense

The provision for income tax expense consists of:

		Year Ended September 30,
		2018				2017
Current:
Federal		$	1,441,000			$	2,381,000
State			127,000				50,000
Total current			1,568,000				2,431,000
Deferred:
Federal			631,000				1,238,000
State			126,000				91,000
Total deferred			757,000				1,329,000
Income tax expense		$	2,325,000			$	3,760,000

Reconciliation of the Federal Statutory Tax Rate to the Total Tax Provision

A reconciliation of the federal statutory tax rate to the total tax provision is as follows:

		Year Ended September 30,
		2018				2017
Federal income taxes computed at the statutory rate			24.3	%			34.0	%
State income taxes, net of federal benefit			1.4	%			1.2	%
Change in current tax rate			(3.0	%)			—
Change in deferred tax rate			(2.3	%)			—
Research & development tax refunds & credits			(1.8	%)			(2.1	%)
Dividend received deduction			(0.9	%)			(0.9	%)
Domestic production activities deduction			(1.2	%)			(2.8	%)
Incentive stock options			(1.0	%)			—
Other, net			0.1	%			1.5	%
Effective income tax rate			15.6	%			30.9	%

Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities consist of the following:

		September 30,
		2018				2017
Deferred Tax Assets:
Accrued liabilities and reserves		$	218,000			$	351,000
Allowance for doubtful accounts			71,000				73,000
Inventory			494,000				778,000
R&D tax credits carryforwards			87,000				155,000
Stock-based compensation			104,000				95,000
Net operating losses carryforwards			57,000				58,000
Other			—				48,000
Gross Deferred Income Tax Assets			1,031,000				1,558,000
Deferred and Other Tax Liabilities:
Domestic international sales corporation			(543,000	)			(839,000	)
Percentage of completion			(1,717,000	)			(1,114,000	)
Property and equipment			(904,000	)			(694,000	)
Unrealized gain on investments			(75,000	)			(332,000	)
Unrecognized tax benefits			(150,000	)			(150,000	)
Other			—				(30,000	)
Gross Deferred and Other Income Tax Liabilities			(3,389,000	)			(3,159,000	)
Net Deferred and Other Income Tax Assets (Liabilities)		$	(2,358,000	)		$	(1,601,000	)

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- Definition

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

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-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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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