Note 10 - Income Taxes

9 Months Ended

Aug. 31, 2018

Notes to Financial Statements

Income Tax Disclosure [Text Block]

10 ) Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating losses.

On

December 22, 2017,

the Tax Cuts and Job Act of

2017

was enacted, which reduced the top corporate income tax rate from

35%

to

21%.

This law is generally effective for tax years beginning after

December 31, 2017.

The application of this new rate was recognized in the

first

quarter of fiscal

2018.

Tax expense from continuing operations includes an adjustment of approximately

$300,000

related to the revaluation of the Company’s net deferred tax asset at the new statutory rate.