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Income Taxes | 12 Months Ended
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Sep. 30, 2012
Income Taxes | 6. Income Taxes: Deferred tax assets (liabilities) are comprised of the following at September 30:
| 2012 | 2011
| Current | Long Term | Current | Long Term
Deferred assets (liabilities): |  |  |  |
Tax effect of net operating loss carry-forward (includes $13,000 of charitable carry-forward) | $ – | $ 2,666,000 | $– | $ 3,128,000
Partnership basis difference | – | 148,000 | – | 147,000
Deferred revenue | – | 117,000 | – | 126,000
Property and equipment basis differences | – | 387,000 | – | 339,000
Other accrued liability difference | 68,000 | 57,000 | 63,000 | 43,000
Net deferred tax assets | 68,000 | 3,375,000 | 63,000 | 3,783,000
Less valuation allowance* | (68,000) | (3,375,000) | (63,000) | (3,783,000)
Net deferred tax assets | $ – | $ – | $ – | $ –
* The valuation allowance decreased by $403,000 during the year ended September 30, 2012. The Company has net operating loss carry-forwards available for future periods, as discussed below, of approximately $777,000 for 2012 and $3,200,000 from 2011 and prior for income tax purposes which expire from 2013 through 2032. Based on the change in control, which occurred in 2011, the utilization of the loss carry-forwards incurred for periods prior to 2012 is limited to approximately $160,000 per year. Total income tax expense for the years ended 2012 and 2011 differed from the amounts computed by applying the U.S. Federal statutory tax rates to pre-tax income as follows:
| 2012 | 2011
Total expense (benefit) computed by applying the U.S. Statutory rate (35%) | $ (272,000) | $ (355,000)
State income tax, net of federal tax benefit | (23,000) | (31,000)
Effect of change in valuation allowance | (403,000) | 49,000
Permanent differences | 13,000 | 22,000
Expiration of net operating loss carry-forward | 680,000 | 312,000
Other | 5,000 | 3,000
Provision for income taxes | $ – | $ –

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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 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 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 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: 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. Reference 6: 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 7: 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 8: 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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