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INCOME TAXES

12 Months Ended

Sep. 29, 2018

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 9.      INCOME TAXES

The components of our provision for income taxes for our fiscal years 2018 and 2017 are as follows:

		2018				2017
Current:
Federal		$	428,000			$	1,125,000
State			257,000				300,000
Deferred:			685,000				1,425,000
Federal			582,000				(50,000	)
State			104,000				(5,000	)
			686,000				(55,000	)
		$	1,371,000			$	1,370,000

A reconciliation of income tax computed at the statutory federal rate to income tax expense is as follows:

		2018				2017
Tax provision at the statutory rate		$	1,588,000			$	1,959,000
Non-controlling interests			(402,000	)			(466,000	)
State income taxes, net of federal income tax			248,000				185,000
FICA tip credit			(440,000	)			(361,000	)
True up adjustment			(7,000	)			(2,000	)
Tax effect of rate change due to Tax Reform			336,000				—
Other permanent items			48,000				55,000
		$	1,371,000			$	1,370,000

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 29, 2018 and September 30, 2017 were as follows:

		2018				2017
Reversal of aged payables		$	20,000			$	27,000
Capitalized inventory costs			23,000				28,000
Accrued bonuses			270,000				319,000
Accruals for potential uninsured claims			22,000				20,000
Gift cards			106,000				160,000
Limited partnership management fees			(267,000	)			(255,000	)
Book/tax differences in property and equipment			154,000				552,000
Limited partnership investments			217,000				357,000
Accrued limited retirement			67,000				90,000
Total Deferred Tax Assets		$	612,000			$	1,298,000

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

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