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v2.4.0.6
Income Taxes
12 Months Ended
Oct. 31, 2012
Income Tax Disclosure [Abstract]  
Income Taxes

(8) Income Taxes

 

Income tax benefit attributable to income from continuing operations consists of:

 

      2012   2011
Current income tax provision:      
  Federal  $ 547,619 $  21,076
  State   93,741   3,115
      641,360   24,191
           
Deferred income tax provision:    
  Federal 34,056   349,485
  State   5,830   59,824
    39,886   409,309
    $ 681,246 $  433,500

 

 

The differences between income taxes as provided at the federal statutory tax rate of 34% and the Company’s actual income taxes are as follows:

        2012   2011
Expected federal income tax expense at        
  Statutory rate $ 642,150  $ 379,835
State income tax expense, net federal        
  income tax effect   69,256   41,000
Other - meals and entertainment   6,530   4,753
Other     (36,690)   7,912
             
Income tax provision $ 681,246 $  433,500

 

Tax assets are recognized in the balance sheet if it is more likely than not that they will be realized on future tax returns. As of October 31, 2012 and 2011, the net deferred tax assets were $151,501 and $191,387, respectively. The Company determined it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets of October 31, 2012 and 2011 and no valuation allowance is deemed necessary. The realization of deferred tax assets will depend on the Company’s ability to continue to generate taxable income in the future.

 

The significant components of the net deferred income taxes at October 31, 2012 and 2011 are as follows:

 

        2012   2011
Deferred tax assets    
  Inventory Reserve $ 76,765 $ 76,765
  Other Reserves and allowences   100,844   117,165
  Section 263A   104,038   84,634
  Alternative minimum tax credit carryforwards   0   37,685
           
    Total deferred tax assets   281,647   316,249
             
Deferred tax liabilities        
  Property, plant, and equipment   (130,146)   (124,862)
    Total gross deferred tax liabilities   (130,146)   (124,862)
             
  Net deferred income taxes $ 151,501 $  191,387

 

 

Net federal operating loss carryforwards for income tax purposes were used in their entirety in fiscal 2011. The Company has applied an alternative minimum tax credit carryforward of $37,685 in fiscal 2012. 

For the years ended October 31, 2012 and 2011, the Company did not have any unrecognized tax benefits as a result of tax positions taken during a prior period or during the current period. No interest or penalties have been recorded as a result of tax uncertainties. Our evaluation was performed for the tax years ended October 31, 2005 through October 31, 2012, the tax years which remain subject to examination by tax jurisdictions as of October 31, 2012.