Income Taxes |
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Jun. 30, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes |
The provision (benefit) for income taxes on continuing operations are as follows:
Net deferred income tax assets recorded in the consolidated balance sheets are as follows:
The differences between income taxes on continuing operations at the Federal statutory rate and the effective tax rate were as follows:
The Company provided a $2,564 deferred tax valuation allowance as of June 30, 2015 so that the net deferred income tax assets were $6,852 as of June 30, 2015. Based upon management’s assessment, the Company determined that it was more likely than not that a portion of its deferred tax asset would not be recovered. The increase in the valuation allowance during the fiscal year ended June 30, 2014 resulted from reserving for certain state net operating loss carryforwards. It is more likely than not that these net operating loss carryforwards will not be realized in future years. The Company provided a $2,577 deferred tax valuation allowance as of June 30, 2014 so that the net deferred tax assets were $7,410 as June 30, 2014. The net operating loss carryforwards expire in 2023. The Company’s tax returns for periods prior to the fiscal year ended June 30, 2012 are no longer subject to potential federal and state income tax examination. |