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9. INCOME TAXES | 12 Months Ended
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Dec. 31, 2013
Notes to Financial Statements |
NOTE 9. INCOME TAXES | The provision for income taxes consists of:
|  | Year Ended December 31, |
|  | 2013 |  |  | 2012 |
Current tax expense |  |  |  |  |  |
Federal |  | $ | 406,889 |  |  | $ | 581,483 |
State |  |  | 114,820 |  |  |  | 123,458 |
|  |  | 521,709 |  |  |  | 704,941 |
Deferred tax expense (benefit) |  |  |  |  |  |  |  |
Federal |  |  | 331,796 |  |  |  | (45,512 | )
State |  |  | 51,204 |  |  |  | (5,488 | )
|  |  | 383,000 |  |  |  | (51,000 | )
Total |  | $ | 904,709 |  |  | $ | 653,941 |
The effective income tax rate differs from the federal statutory rate as follows:
|  | Year Ended December 31, |
|  | 2013 |  |  | 2012 |
Federal statutory rate |  |  | 34.00 | % |  |  | 34.00 | %
State taxes, net of federal benefit |  |  | 5.25 | % |  |  | 4.10 | %
Permanent differences |  |  | -1.36 | % |  |  | -1.96 | %
Other, primarily prior years |  |  | 0.97 | % |  |  | -0.94 | %
|  |  | 38.9 | % |  |  | 35.2 | %
Permanent differences consist primarily of tax deductions for domestic production activities and a revaluation of beginning deferred tax assets to reflect a change in state tax rate. Deferred tax assets and (liabilities) at December 31 consist of:
|  | 2013 |  |  | 2012 |
Accounts receivable |  | $ | 6,000 |  |  | $ | 5,000 |
Deferred gain on sale-leaseback |  |  | 73,000 |  |  |  | 83,000 |
Stock compensation |  |  | - |  |  |  | 11,000 |
Other |  |  | 95,000 |  |  |  | 53,000 |
Net current deferred tax assets |  |  | 174,000 |  |  |  | 152,000 |
Prepaids |  |  | (38,000 | ) |  |  | (34,000 | )
Depreciation |  |  | (1,066,000 | ) |  |  | (883,000 | )
Inventory |  |  | (507,000 | ) |  |  | (289,000 | )
Net noncurrent deferred tax liability |  |  | (1,611,000 | ) |  |  | (1,206,000 | )
Net deferred tax liability |  | $ | (1,437,000 | ) |  | $ | (1,054,000 | )

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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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