v2.4.0.8

Income Taxes (Tables)

12 Months Ended

Dec. 28, 2013

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

The components of the provision for income taxes are as follows:

		2013				2012
Current income taxes		$	196,466			$	108,772
Deferred income taxes			332,080				(146,728	)
(Benefit)/Provision for income taxes		$	528,546			$	(37,956	)

Summary of Federal Statutory Rate and Provision for Income Taxes

The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes are as follows:

		2013								2012
		Amount				Impact on Rate				Amount				Impact on Rate
Income tax at federal rate		$	456,885				34.00	%		$	272,394				34.00	%
State tax, net of Federal effect			56,788				4.23	%			33,857				4.23	%
Permanent Differences:
Meals & Entertainment			20,792				1.55	%			19,207				2.40	%
Officers Life Insurance			1,337				0.10	%			1,337				0.17	%
Derivative expense			—				0.00	%			(13,175	)			-1.64	%
Charitable Contribution C/F			(646	)			-0.05	%			—				0.00	%
Domestic Production Activities Deduction			(25,954	)			-1.94	%			—				0.00	%
Total Permanent Differences			(4,471	)			-0.34	%			7,369				0.93	%
Deferred Tax Valuation Allowance			—				0.00	%			(402,617	)			-50.25	%
True Up to Tax Return - Deferred Assets			—				0.00	%			51,041				6.37	%
NOL Deduction			(27,192	)			-2.02	%			—				0.00	%
Total Tax Credits			(20,068	)			-1.49	%			—				0.00	%
Prior Period over/under accrual			66,612				4.95	%			—				0.00	%
Rounding			(8	)			0.00	%			—				0.00	%
Total (Benefit) Provision		$	528,546				39.33	%		$	(37,956	)			-4.72	%

Components of Net Deferred Income Taxes

Significant components of the Company’s net deferred income taxes are as follows:

		2013				2012
Current Deferred Tax Assets:
Warranty Reserve		$	452,978			$	447,243
Repurchase Reserve			58,298				40,627
Allowance for Loan Losses			77,201				125,955
Allowance for Doubtful Accounts			5,734				5,734
Inventory Reserve			5,531				5,708
Accrued Legal Fees			3,823				3,823
Total Current Deferred Tax Asset			603,565				629,090
Non-Current Deferred Tax Assets:
Goodwill Impairment			1,706,420				1,950,130
Valuation Allowance			—				—
Total Non-Current Deferred Tax Assets			1,706,420				1,950,130
Current Deferred Tax Liabilities:
Prepaid insurance			(35,872	)			—
Total Current Deferred Tax Liabilities			(35,872	)			—
Non-Current Deferred Tax Liability:
Accelerated Depreciation			(93,709	)			(65,799	)
Sale of Assets			8,468				7,530
Total Non-Current Deferred Tax Liability			(85,241	)			(58,269	)
Total Deferred Tax Assets (Net)		$	2,188,872			$	2,520,951

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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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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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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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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

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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