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Income Taxes | 12 Months Ended
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Jun. 30, 2013
Income Tax Disclosure [Abstract] |
Income Taxes | Note 13. Income Taxes The Company and its subsidiaries file a consolidated federal income tax return. Provisions for income taxes include deferred taxes for temporary differences in the bases of assets and liabilities for financial and tax purposes, resulting from the use of the liability method of accounting for income taxes. At June 30, 2013, the current deferred tax asset primarily consists of temporary differences in the deductibility of prepaid expenses, accrued liabilities and stock-based compensation, as well as unrealized gains on trading securities. The long-term deferred tax asset is composed primarily of unrealized losses and other than temporary impairments on available-for-sale securities and capital loss carryovers. For federal income tax purposes at June 30, 2013, the Company has capital loss carryovers of approximately $1.6 million expiring in fiscal year 2018. The Company also has charitable contribution carryovers of approximately $80,000 expiring in fiscal year 2018. A valuation allowance is provided when it is more likely than not that some portion of the deferred tax amount will not be realized. At June 30, 2013, a $27,286 valuation allowance was included related to the charitable contribution carryover. No valuation allowance was included at June 30, 2012, or 2011. The reconciliation of income tax computed at the U.S. federal statutory rates to income tax expense is:
|  | Year ended June 30, |
|  | 2013 |  |  | % of Pretax |  |  | 2012 |  |  | % of Pretax |  |  | 2011 |  |  | % of Pretax |
Tax expense (benefit) at statutory rate |  | $ | (60,856) |  |  |  | 34.0% |  |  | $ | 849,792 |  |  |  | 34.0% |  |  | $ | 4,090,206 |  |  |  | 34.0% |
Nondeductible membership dues |  |  | 26,853 |  |  |  | -15.0% |  |  |  | 27,491 |  |  |  | 1.1% |  |  |  | 27,929 |  |  |  | 0.2% |
Nondeductible meals and entertainment |  |  | 44,294 |  |  |  | -24.7% |  |  |  | 40,720 |  |  |  | 1.7% |  |  |  | 42,959 |  |  |  | 0.4% |
Other |  |  | 4,933 |  |  |  | -2.8% |  |  |  | 50,950 |  |  |  | 2.0% |  |  |  | 36,278 |  |  |  | 0.3% |
Total tax expense |  | $ | 15,224 |  |  |  | -8.5% |  |  | $ | 968,953 |  |  |  | 38.8% |  |  | $ | 4,197,372 |  |  |  | 34.9% |
Components of total tax expense (benefit) are as follows:
|  | Year ended June 30, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Current tax expense |  | $ | 6,612 |  |  | $ | 1,252,286 |  |  | $ | 3,876,255 |
Deferred tax expense (benefit) |  |  | 8,612 |  |  |  | (283,333 | ) |  |  | 321,117 |
Total tax expense |  | $ | 15,224 |  |  | $ | 968,953 |  |  | $ | 4,197,372 |
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred assets and liabilities using the effective statutory tax rate (34.0 percent for 2013 and 2012) are as follows:
|  | Year ended June 30, |
|  | 2013 |  |  | 2012 |
Book/tax differences in the balance sheet |
Trading securities |  | $ | 237,921 |  |  | $ | 253,128 |
Prepaid expenses |  |  | (152,391 | ) |  |  | (201,124 | )
Accumulated depreciation |  |  | 85,208 |  |  |  | 60,837 |
Available-for-sale securities & equity method |  |  | (74,070 | ) |  |  | 640,280 |
Accrued expenses |  |  | 110,341 |  |  |  | 110,564 |
Stock-based compensation expense |  |  | 117,372 |  |  |  | 114,129 |
Tax Carryovers |  |  |  |  |  |  |  |
Capital loss carryover |  |  | 549,029 |  |  |  | - |
Charitable contributions carryover |  |  | 27,286 |  |  |  | - |
Valuation Allowance |  |  | (27,286 | ) |  |  | - |
Net deferred tax asset |  | $ | 873,410 |  |  | $ | 977,814 |

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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=6881521&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 Reference 7: 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 8: 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. + Details
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