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Income Taxes: (Tables)
12 Months Ended
Dec. 27, 2014
Income Taxes:  
Schedule of reconciliation of the expected federal income tax expense based on the federal statutory tax rate to the actual income tax expense

 

 

 

Year Ended

 

 

 

December 27, 2014

 

December 28, 2013

 

December 29, 2012

 

Federal income tax expense at statutory rate (35%)

 

$

11,406,100

 

$

10,356,500

 

$

8,104,400

 

Valuation allowance

 

(25,800

)

7,300

 

1,413,600

 

State and local income taxes, net of federal benefit

 

897,800

 

886,200

 

677,700

 

Permanent differences, including stock option expenses

 

144,500

 

113,000

 

60,200

 

Other, net

 

99,700

 

(4,700

)

(38,300

)

Actual income tax expense

 

$

12,522,300

 

$

11,358,300

 

$

10,217,600

 

 

Schedule of components of the provision for income taxes

 

 

 

Year Ended

 

 

 

December 27, 2014

 

December 28, 2013

 

December 29, 2012

 

Current:

 

 

 

 

 

 

 

Federal

 

$

10,567,100

 

$

10,013,500

 

$

8,332,400

 

State

 

1,456,400

 

1,468,600

 

1,186,000

 

Foreign

 

386,900

 

375,400

 

374,900

 

Current provision

 

12,410,400

 

11,857,500

 

9,893,300

 

Deferred:

 

 

 

 

 

 

 

Federal

 

134,200

 

(449,300

)

435,300

 

State

 

(22,300

)

(49,900

)

(111,000

)

Deferred provision

 

111,900

 

(499,200

)

324,300

 

Total provision for income taxes

 

$

12,522,300

 

$

11,358,300

 

$

10,217,600

 

 

 

Schedule of tax effects of temporary differences that give rise to the net deferred income tax assets and liabilities

 

 

 

December 27, 2014

 

December 28, 2013

 

Deferred tax assets:

 

 

 

 

 

Accounts receivable and lease reserves

 

$

169,600

 

$

376,900

 

Accrued restructuring charge

 

64,200

 

64,600

 

Non-qualified stock option expense

 

1,382,400

 

946,000

 

Deferred franchise and software license fees

 

720,900

 

606,600

 

Trademarks

 

91,100

 

95,600

 

Lease deposits

 

1,228,300

 

1,263,600

 

Loss from and impairment of equity and note investments

 

4,055,800

 

4,081,600

 

Valuation allowance

 

(4,055,800

)

(4,081,600

)

Other

 

420,100

 

328,200

 

Total deferred tax assets

 

4,076,600

 

3,681,500

 

Deferred tax liabilities:

 

 

 

 

 

Lease revenue and initial direct costs

 

(9,579,400

)

(9,101,900

)

Depreciation and amortization

 

(254,100

)

(224,600

)

Total deferred tax liabilities

 

(9,833,500

)

(9,326,500

)

Total net deferred tax liabilities

 

$

(5,756,900

)

$

(5,645,000

)

 

Summary of activity related to the Company's unrecognized tax benefits

 

 

 

Total

 

Balance at December 29, 2012

 

$

312,300

 

Increases related to current year tax positions

 

111,500

 

Additions for tax positions of prior years

 

17,700

 

Expiration of the statute of limitations for the assessment of taxes

 

(57,800

)

Balance at December 28, 2013

 

383,700

 

Increases related to current year tax positions

 

136,500

 

Additions for tax positions of prior years

 

1,600

 

Expiration of the statute of limitations for the assessment of taxes

 

(72,800

)

Balance at December 27, 2014

 

$

449,000