Note 7 - Income Taxes (Tables)

12 Months Ended

Jul. 02, 2017

Notes Tables

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	July 2,			July 3,
	2017			2016
Deferred tax assets:
Other	$	8,162		$	-
Total deferred tax assets		8,162			-
Deferred tax liabilities:
Land, buildings, and equipment	$	521,818		$	596,688
Unrealized gain on available-for-sale securities		1,529,585			1,840,861
Prepaid expenses and other		(15,582	)		(24,725	)
Total deferred tax liabilities		2,035,821			2,412,824
Net deferred income taxes	$	2,027,659		$	2,412,824

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	For the Years Ended
	20 1 7			2016
Taxes computed at statutory rate		34.0	%		34.0	%
State income taxes, net of Federal income tax benefit		3.2			4.1
Dividends received exclusion		(1.8	)		(2.1	)
All other net		(1.0	)		(1.0	)
Net effective rate		34.4	%		35.0	%