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INCOME TAXES

12 Months Ended

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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- References

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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

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