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8. INCOME TAXES (Tables)

12 Months Ended

Oct. 31, 2016

Income Taxes Tables

Schedule of income taxes

		2016				2015
Current
Federal		$	219,562			$	(73,407	)
State and local			155,083				36,610
			374,645				(36,797	)
Deferred
Federal			941,150				(657,500	)
State and local			50,125				(69,350	)
			991,275				(726,850	)
Income tax (benefit) expense		$	1,365,920			$	(763,647	)

Schedule of income tax reconciliation

		2016				2015
Tax at the federal statutory rate of 34%		$	1,263,427			$	(711,680	)
Other permanent differences			(32,944	)			(30,359	)
State and local tax, net of federal benefit			135,437				(21,608	)
Provision for income taxes		$	1,365,920			$	(763,647	)
Effective income tax rate			37	%			(37	%)

Schedule of tax effects of temporary differences

		2016				2015
Current deferred tax assets:
Accounts receivable		$	67,034			$	53,605
Net operating loss							714,150
Unrealized loss							180,112
Inventory			64,384				49,853
Total current deferred tax asset		$	131,418			$	997,720
Non-current deferred tax assets:
Deferred rent			107,635				82,666
Deferred compensation			227,947				179,614
Total non-current deferred tax asset		$	335,582			$	262,280
Total deferred tax asset		$	467,000			$	1,260,000
Current deferred tax liability:
Unrealized gain		$	49,873			$
Non-current deferred tax liability:
Fixed assets		$	503,052				354,650
Total deferred tax liabilities		$	552,925			$	354,650

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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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-Topic 740
-SubTopic 10
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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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-SubTopic 10
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