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INCOME TAXES | 12 Months Ended
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Jun. 24, 2012
INCOME TAXES |
INCOME TAXES | NOTE E - INCOME TAXES: Provision for income taxes from continuing operations consists of the following (in thousands):
|  | Year Ended |
|  | June 24, |  |  | June 26, |
|  | 2012 |  |  | 2011 |
Current - Federal |  | $ | 310 |  |  | $ | 267 |
Current - State |  |  | 26 |  |  |  | 40 |
Deferred - Federal |  |  | 67 |  |  |  | 287 |
Deferred - State |  |  | 16 |  |  |  | 27 |
Provision for income taxes |  | $ | 419 |  |  | $ | 621 |
Included in loss from discontinued operations is $32,000 of tax benefit for each of the fiscal years ended June 24, 2012 and June 26, 2011. The effective income tax rate varied from the statutory rate for the years ended June 24, 2012 and June 26, 2011 as reflected below (in thousands):
|  | June 24, |  |  | June 26, |
|  | 2012 |  |  | 2011 |
Federal income taxes based on 34% |  |  |  |  |  |
of pre-tax income |  | $ | 269 |  |  | $ | 667 |
State income tax, net of federal effect |  |  | 28 |  |  |  | 44 |
Permanent adjustments |  |  | 127 |  |  |  | 84 |
Foreign tax credits |  |  | - |  |  |  | (45 | )
Other |  |  | (5 | ) |  |  | (129 | )
|  | $ | 419 |  |  | $ | 621 |
The tax effects of temporary differences that give rise to the net deferred tax assets consisted of the following (in thousands):
|  | June 24, |  |  | June 26, |
|  | 2012 |  |  | 2011 |
Current |  |  |  |  |  |
Reserve for bad debt |  | $ | 88 |  |  | $ | 58 |
Deferred fees |  |  | 62 |  |  |  | 67 |
Other reserves and accruals |  |  | 625 |  |  |  | 668 |
Credit carryforwards |  |  | 26 |  |  |  | 29 |
Net operating loss carryforwards |  |  | 277 |  |  |  | - |
|  |  | 1,078 |  |  |  | 822 |
Non Current |  |  |  |  |  |  |  |
Depreciable assets |  |  | (699 | ) |  |  | (360 | )
Total gross deferred tax asset |  |  | 379 |  |  |  | 462 |
Valuation allowance |  |  | - |  |  |  | - |
Net deferred tax asset |  | $ | 379 |  |  | $ | 462 |

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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 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 + Details
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