INCOME TAX

12 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

INCOME TAX

NOTE 5 INCOME TAX

The income tax positions taken for open years are appropriately stated and supported for all open years. The Company’s federal tax returns for the fiscal years ended 2012, 2013, and 2014 are subject to examination by the IRS taxing authority.

The sources of deferred income tax assets and liability at June 30, 2015 and 2014 are as follows: 

	2015			2014
Deferred Income Tax Assets:
Inventories	$	1,075		$	753
Trade Receivables		6,213			6,294
Deferred Income		4,828			5,323
Total Deferred Income Tax Assets		12,116			12,370
Deferred Income Tax Liability:
Property and Equipment		(103,694	)		(84,499	)
NET DEFERRED INCOME TAX LIABILITY	$	(91,578	)	$	(72,129	)

The net deferred income tax asset (liability) is presented in the accompanying June 30, 2015 and 2014 consolidated balance sheets as follows:

	2015			2014
Current Deferred Income Tax Asset	$	7,288		$	7,047
Noncurrent Deferred Income Tax Liability		(98,866	)		(79,176	)
NET DEFERRED INCOME TAX LIABILITY	$	(91,578	)	$	(72,129	)

The provision (credit) for income taxes for the years ended June 30, 2015 and 2014 consists of the following:

	2015		2014
Current Income Tax Expense	$	41,400	$	21,657
Deferred Income Tax Expense (Credit)		19,449		(14,981	)
	$	60,849	$	6,676

The income tax provision differs from the amount of income tax determined by applying the statutory federal income tax rate to pretax income for the years ended June 30, 2015 and 2014 due to the following:

	2015			2014
Computed at Federal Statutory Rate of 34%	$	68,623		$	19,367
Increase (Decrease) in Income Taxes Resulting from:
Statutory Rate Adjustment		(10,129	)		(11,750	)
Other		(3,681	)		(2,902	)
State Income Taxes		6,036			1,961
	$	60,849		$	6,676