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EXCEL - IDEA: XBRL DOCUMENT - OPT SCIENCES CORPFinancial_Report.xls
10-K - FORM 10-K FISCAL YEAR 2012 - OPT SCIENCES CORPopt_10-k_2012_final.htm
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EX-32 - EXHIBIT 32.1 CERTIFICATION - OPT SCIENCES CORPExhibit_32-1_10K_2012.htm
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v2.4.0.6
Income Taxes 2012
12 Months Ended
Oct. 27, 2012
Income Tax Disclosure [Abstract]  
Income Taxes 2012

NOTE 4 -   Income Taxes 2012

The income tax expense of the Company consists of the following:
2012   2011
Current tax expense:      
Federal $ 432,233   $ 400,081
State 119,335 104,644
Total 551,568   504,725
       
Deferred tax expense:  
Federal (3,989)   (43,387)
State (608) (1,212)
Total (4,597)   (44,599)
Total Income tax effect: $ 546,971   $ 460,126


At October 27, 2012, the Company had a deferred tax asset of $49,267 and a deferred tax liability of $156,418, resulting in a net deferred tax liability of $107,151.

At October 29, 2011, the Company had a deferred tax asset of $179,075 and a deferred tax liability of $136,314, resulting in a net deferred tax asset of $42,761.

Deferred income taxes result from significant temporary differences between income for financial reporting purposes and taxable income. These differences arose principally from the use of accelerated tax depreciation and the carry forward of capital losses.

At October 27, 2012, the Company had capital loss carry forwards of $114,574 expiring in 2014 through 2016. All of these losses are deemed to be usable before expiration.

All tax returns from fiscal years 2009 to 2012 are subject to potential IRS audit.