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INCOME TAXES | 12 Months Ended
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Sep. 30, 2017
Income Tax Disclosure [Abstract] |
INCOME TAXES |
NOTE 9. | INCOME TAXES
The components of our provision for income taxes for our fiscal years 2017 and 2016 are as follows:
|  | 2017 |  |  | 2016 |
Current: |  |  |  |  |  |
Federal |  | $ | 1,125,000 |  |  | $ | 1,078,000 |
State |  |  | 300,000 |  |  |  | 254,000 |
Deferred: |  |  | 1,425,000 |  |  |  | 1,332,000 |
Federal |  |  | (50,000 | ) |  |  | 32,000 |
State |  |  | (5,000 | ) |  |  | 3,000 |
|  |  | (55,000 | ) |  |  | 35,000 |
|  | $ | 1,370,000 |  |  | $ | 1,367,000 |
A reconciliation of income tax computed at the statutory federal rate to income tax expense is as follows:
|  | 2017 |  |  | 2016 |
Tax provision at the statutory rate of 34% |  | $ | 1,959,000 |  |  | $ | 2,154,000 |
Non-controlling interests |  |  | (466,000 | ) |  |  | (656,000 | )
State income taxes, net of federal income tax |  |  | 185,000 |  |  |  | 186,000 |
FICA tip credit |  |  | (361,000 | ) |  |  | (343,000 | )
True up adjustment |  |  | (2,000 | ) |  |  | (26,000 | )
Other permanent items |  |  | 55,000 |  |  |  | 52,000 |
|  | $ | 1,370,000 |  |  | $ | 1,367,000 |
We have deferred tax assets which arise primarily due to depreciation recorded at different rates for tax and book purposes offset by cost basis differences in depreciable assets due to the deferral of the recognition of insurance recoveries on casualty losses for tax purposes, investments in and management fees paid by limited partnerships, accruals for potential uninsured claims, bonuses accrued for book purposes but not paid within two and a half months for tax purposes, the capitalization of certain inventory costs for tax purposes not recognized for financial reporting purposes, the recognition of revenue from gift cards not redeemed within twelve months of issuance, allowances for uncollectable receivables, unfunded limited retirement commitments and tax credit carryforwards generated as a result of the application of alternative minimum taxes. The components of our deferred tax assets at September 30, 2017 and October 1, 2016 were as follows:
|  | 2017 |  |  | 2016 |
Current: |  |  |  |  |  |
Reversal of aged payables |  | $ | 27,000 |  |  | $ | 27,000 |
Capitalized inventory costs |  |  | 28,000 |  |  |  | 26,000 |
Accrued bonuses |  |  | 319,000 |  |  |  | 342,000 |
Accruals for potential uninsured claims |  |  | 20,000 |  |  |  | 41,000 |
Gift cards |  |  | 160,000 |  |  |  | 178,000 |
Limited partnership management fees |  |  | (255,000 | ) |  |  | (233,000 | )
|  | $ | 299,000 |  |  | $ | 381,000 |
Long-Term: |  |  |  |  |  |
Book/tax differences in property and equipment |  | $ | 552,000 |  |  | $ | 628,000 |
Limited partnership investments |  |  | 357,000 |  |  |  | 197,000 |
Accrued limited retirement |  |  | 90,000 |  |  |  | 37,000 |
|  | $ | 999,000 |  |  | $ | 862,000 |

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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 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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