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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Table)

12 Months Ended

Dec. 29, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of Unrecognized Tax Benefits Roll Forward

		2019				2018
Tax provision (benefit) at statutory federal rate		$	(87,500	)		$	7,200
State income taxes (benefit), net of federal tax effect			(27,000	)			2,000
Change in valuation allowance on deferred tax items			54,000				-
Permanent and other items			12,000				4,525
		$	(48,500	)		$	13,725

Schedule of Deferred Tax Assets and Liabilities

		2019				2018
Deferred tax assets (liabilities):
Net operating loss		$	43,000			$	-
Property and equipment			11,000				(48,500	)
Valuation allowance on deferred tax items			(54,000	)			-
Deferred income tax liability			-			$	(48,500	)

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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Tabular disclosure of the change in unrecognized tax benefits.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=117331294&loc=d3e36027-109320

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