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Income Taxes
6 Months Ended
Jun. 29, 2013
Income Tax Disclosure [Abstract]  
Income Taxes

(8) Income Taxes

At December 29, 2012, the Company had approximately $3,303,000 of net operating loss carryforwards available to offset future income for U.S. Federal income tax purpose.

 

The Company recorded a tax expense of $82,000 and $83,340 for federal income taxes and a tax expense of $24,000 and $24,380 for state income taxes during the three and six months ended June 29, 2013, respectively. The Company recorded a tax benefit of $227,000 and $467,000 for federal income taxes and a tax benefit of $58,000 and $132,000 for state income taxes during the three and six months ended June 30, 2012, respectively.

 

The Company has a current and non-current deferred tax asset aggregating $2,797 thousand and $2,787 thousand on the Company`s balance sheet at June 29, 2013 and December 29, 2012, respectively. The Company believes that it will generate sufficient future taxable income to realize the tax benefits related to the remaining deferred tax assets and as such no valuation allowance has been provided against the deferred tax asset.