Provision For Income Taxes

6 Months Ended

Jun. 30, 2013

Provision For Income Taxes [Abstract]

Provision For Income Taxes

Note 10 – PROVISION FOR INCOME TAXES

The provision for income taxes consists of the following:

	For the Six Months Ended
	June 30,
	2013			2012
Current:
Federal	$	1,937,370		$	1,680,072
State and local		723,434			625,759
Total current		2,660,804			2,305,831
Deferred		(104,133	)		(480,311	)
Provision for income taxes	$	2,556,671		$	1,825,520

A reconciliation of the provision for income taxes and the income tax computed at the statutory rate is as follows:

	For the Six Months Ended
	June 30,
	2013						2012
	Amount			Percentage			Amount			Percentage
Federal income tax expense computed at the statutory rate	$	2,150,925			34.0	%	$	1,689,676			34.0	%
State and local tax expense, net		766,896			12.1	%		413,001			8.3	%
U.S. domestic manufacturers' deduction & other permanent differences		(361,150	)		(5.7)	%		(277,157	)		(5.6)	%
Provision for income taxes	$	2,556,671			40.4	%	$	1,825,520			36.7	%

Amounts for deferred tax assets and liabilities are as follows:

	June 30,						December 31,
	2013			2012			2012
Non-current deferred tax assets (liabilities) arising from: Temporary differences -
Accumulated depreciation and amortization
from purchase accounting adjustments	$	(3,102,071	)	$	(3,408,516	)	$	(3,164,716	)
Capital loss carry-forwards		83,442			167,690			136,198
Total non-current net deferred tax liabilities		(3,018,629	)		(3,240,826	)		(3,028,518	)
Current deferred tax assets arising from:
Unrealized losses (gain) on investments		20,948			(21,407	)		(41,260	)
Inventory		348,441			242,200			265,072
Allowance for doubtful accounts and discounts		21,750			200,098			10,875
Allowance for promotions		0			0			0
Capital loss carry-back		0			91,369			0
Total current deferred tax assets		391,139			512,260			234,687
Net deferred tax liability	$	(2,627,490	)	$	(2,728,566	)	$	(2,793,831	)