v2.4.1.9

Income Taxes (Tables)

12 Months Ended

Dec. 27, 2014

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

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

		2014				2013
Current income taxes		$	203,874			$	196,466
Deferred income taxes			170,404				332,080
Provision for income taxes		$	374,278			$	528,546

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:

		2014								2013
						Impact on								Impact on
		Amount				Rate				Amount				Rate
Income tax at federal rate		$	348,642				34.00	%		$	456,885				34.00	%
State tax, net of Federal effect			43,334				4.23	%			56,788				4.23	%
Permanent Differences:
Meals & Entertainment			21,722				2.12	%			20,792				1.55	%
Officers Life Insurance			1,337				0.13	%			1,337				0.10	%
Charitable Contribution C/F			—				0.00	%			(646	)			-0.05	%
Domestic Production Activities Deduction			(22,017	)			-2.15	%			(25,954	)			-1.94	%
Total Permanent Differences			1,042				0.10	%			(4,471	)			-0.34	%
NOL Deduction			—				0.00	%			(27,192	)			-2.02	%
Total Tax Credits			(27,214	)			-2.65	%			(20,068	)			-1.49	%
Prior Period over/under accrual			8,475				0.82	%			66,612				4.95	%
Rounding			(1	)			0.00	%			(8	)			0.00	%
Total Provision		$	374,278				36.50	%		$	528,546				39.33	%

Components of Net Deferred Income Taxes

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

		2014				2013
Current Deferred Tax Assets:
Warranty Reserve		$	475,914			$	452,978
Repurchase Reserve			68,449				58,298
Allowance for Loan Losses			35,030				77,201
Allowance for Doubtful Accounts			7,072				5,734
Inventory Reserve			9,552				5,531
Accrued Legal Fees			—				3,823
Total Current Deferred Tax Asset			596,017				603,565
Non-Current Deferred Tax Assets:
Goodwill Impairment			1,509,238				1,706,420
Total Non-Current Deferred Tax Assets			1,509,238				1,706,420
Current Deferred Tax Liabilities:
Prepaid insurance			(17,089	)			(35,872	)
Total Current Deferred Tax Liabilities			(17,089	)			(35,872	)
Non-Current Deferred Tax Liability:
Accelerated Depreciation			(78,168	)			(93,709	)
Sale of Assets			8,468				8,468
Total Non-Current Deferred Tax Liability			(69,700	)			(85,241	)
Total Deferred Tax Assets (Net)		$	2,018,466			$	2,188,872

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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.

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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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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.

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

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