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INCOME TAXES (Tables)

12 Months Ended

Oct. 03, 2020

Income Tax Disclosure [Abstract]

Components of the provision for income taxes

The components of our provision for income taxes for our fiscal years 2020 and 2019 are as follows:

		2020				2019
Current:
Federal		$	(70,000	)		$	261,000
State			113,000				263,000
Deferred:			43,000				524,000
Federal			(88,000	)			301,000
State			(15,000	)			62,000
			(103,000	)			363,000
		$	(60,000	)		$	887,000

Reconciliation of income tax computed at the statutory federal rate to income tax expense

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

		2020				2019
Tax provision at the statutory rate		$	446,000			$	1,315,000
Non-controlling interests			(226,000	)			(363,000	)
State income taxes, net of federal income tax			43,000				231,000
FICA tip credit			(418,000	)			(463,000	)
True up adjustment			43,000				71,000
Tax effect of rate change due to Tax Reform			13,000				51,000
Other permanent items			39,000				45,000
		$	(60,000	)		$	887,000

Components of deferred tax assets

The components of our deferred tax assets at October 3, 2020 and September 28, 2019 were as follows:

		2020				2019
Long-Term:
Reversal of aged payables		$	18,000			$	19,000
Capitalized inventory costs			22,000				20,000
Accrued bonuses			166,000				251,000
Accruals for potential uninsured claims			27,000				23,000
Gift cards			162,000				143,000
Limited partnership management fees			(192,000	)			(325,000	)
Tip credit			7,000				—
Book/tax differences in property and equipment			(507,000	)			(205,000	)
Book/tax differences in operating leases			279,000				—
Limited partnership investments			307,000				254,000
Accrued limited retirement			63,000				69,000
Total Deferred Tax Assets		$	352,000			$	249,000

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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.

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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