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Income Taxes | 12 Months Ended
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Jun. 30, 2013
Income Taxes |
Income Taxes | NOTE E - INCOME TAXES: Provision for income taxes from continuing operations consists of the following (in thousands):
|  | Year Ended |
|  | June 30, |  |  | June 24, |
|  | 2013 |  |  | 2012 |
Current - Federal |  | $ | - |  |  | $ | 310 |
Current - State |  |  | 33 |  |  |  | 26 |
Deferred - Federal |  |  | (555 | ) |  |  | 67 |
Deferred - State |  |  | (4 | ) |  |  | 16 |
Provision for income taxes |  | $ | (526 | ) |  | $ | 419 |
Included in loss from discontinued operations is $72,000 and $32,000 of tax benefit for the fiscal years ended June 30, 2013 and June 24, 2012, respectively. The effective income tax rate varied from the statutory rate for the years ended June 30, 2013 and June 24, 2012 as reflected below (in thousands):
|  | June 30, |  |  | June 24, |
|  | 2013 |  |  | 2012 |
Federal income taxes based on 34% |  |  |  |  |  |
of pre-tax income |  | $ | (560 | ) |  | $ | 269 |
State income tax, net of federal effect |  |  | 22 |  |  |  | 28 |
Permanent adjustments |  |  | 13 |  |  |  | 127 |
Other |  |  | (1 | ) |  |  | (5 | )
|  | $ | (526 | ) |  | $ | 419 |
The tax effects of temporary differences that give rise to the net deferred tax assets consisted of the following (in thousands):
|  | June 30, |  |  | June 24, |
|  | 2013 |  |  | 2012 |
Current |  |  |  |  |  |
Reserve for bad debt |  | $ | 81 |  |  | $ | 88 |
Deferred fees |  |  | 52 |  |  |  | 62 |
Other reserves and accruals |  |  | 749 |  |  |  | 625 |
Credit carryforwards |  |  | - |  |  |  | 26 |
Net operating loss carryforwards |  |  | - |  |  |  | 277 |
|  |  | 882 |  |  |  | 1,078 |
Non Current |  |  |  |  |  |  |  |
Credit carryforwards |  |  | 129 |  |  |  | - |
Net operating loss carryforwards |  |  | 300 |  |  |  | - |
Depreciable assets |  |  | (261 | ) |  |  | (699 | )
Total gross deferred tax asset |  |  | 1,050 |  |  |  | 379 |
Valuation allowance |  |  | - |  |  |  | - |
Net deferred tax asset |  | $ | 1,050 |  |  | $ | 379 |
At the end of fiscal 2013 the Company had net operating loss carryforwards totaling $0.9 million that are available to reduce future taxable income and will begin to expire in 2013. Management believes that future operations will generate sufficient taxable income, along with the reversal of temporary differences, to fully realize the net deferred tax asset.

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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 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: 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=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: 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 5: 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 6: 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 + Details
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