XML 25 R14.htm IDEA: XBRL DOCUMENT

Note 8 - Income Taxes

6 Months Ended

Mar. 28, 2021

8	INCOME TAXES

We recorded an income tax benefit of $571,000 related to a loss before taxes of $1,179,000 for the 13 weeks ended March 28, 2021, and income tax expense of $5,740,000 related to income before taxes of $21,535,000 for the 26 weeks ended March 28, 2021. We recorded an income tax benefit of $2,331,000 related to a loss before taxes of $7,321,000 for the 13 weeks ended March 29, 2020, and income tax benefit of $460,000 related to income before taxes of $268,000 for the 26 weeks ended March 29, 2020. The effective income tax rates for the 13 weeks and 26 weeks ended March 28, 2021 was 48.4% and 26.7%, respectively. The effective income tax rate for the 13 and 26 weeks ended March 29^th, 2020 was 31.8% and negative 171.6%.

The primary differences between these rates and the U.S. federal statutory rate of 21% are due to the effect of state taxes, non-deductible expenses, adjustments to reserves for uncertain tax positions, including any related interest, and mark-to-market adjustments to value stock warrants.

We file a consolidated federal tax return, as well as combined and separate tax returns in approximately 27 state and local jurisdictions. We do not currently have any federal or material state income tax examinations in progress. Our income tax returns have generally been audited or closed to audit through 2013.

At September 27, 2020, we had approximately $46,066,000 of state net operating loss benefits.

- 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 + Details