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INCOME TAXES (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2015
Dec. 31, 2014
Income Taxes Tables    
Provision (benefit) for income taxes

The provision (benefit) for income taxes from continued operations for the period ended June 30, 2015 and the year ended December 31, 2014 consist of the following:

 

    June 30,     December 31,  
    2015     2014  
Current:            
Federal AMT   $ 5,000     $ 24,354  
State     24,758       147,000  
      29,758       171,354  
Deferred:                
Federal   $ 89,760     $ 626,280  
State     -       -  
      89,760       626,280  
Change in valuation allowance     (89,760 )     (626,280 )
Provision (benefit) for income taxes, net   $ 29,758     $ 171,354  

 

    December 31,  
    2014     2013  
Current:            
Federal AMT   $ 24,354     $ 26,250  
State     147,000       64,250  
      171,354       90,500  
Deferred:                
Federal   $ 626,280     $ 455,000  
State     -       38,000  
      626,280         493,000  
Change in valuation allowance     (626,280 )     (493,000 )
Provision (benefit) for income taxes, net   $ 171,354     $ 90,500  
Federal statutory tax rate  
  December 31,  
  2014     2013  
Statutory federal income tax rate     34.00 %     34.00 %
State income taxes and other     7.09 %     6.29 %
Federal AMT     1.30 %     1.90 %
Temporary differences     0.22%       - -
Permanent differences     0.60%       -  
Valuation allowance     (34.00) %     (35.65 %
Effective tax rate     9.21 %     6.54  
Deferred tax assets

Deferred income taxes result from temporary differences in the recognition of income and expenses for the financial reporting purposes and for tax purposes. The components of deferred tax assets consist principally from the following:

 

  June 30,   December 31,  
  2015   2014  
         
Net operating loss carryforwards   $ 6,492,000     $ 6,602,000  
Valuation allowance     (5,803,000 )     (5,913,000 )
                 
Deferred income tax asset   $ 689,000     $ 689,000  
  December 31,  
  2014   2013  
Net operating loss carryforwards     6,602,000       7,272,000  
Valuation allowance     (5,913,000 )     (6,583,000  
                 
Deferred income tax asset   $ 689,000     $ 689,000