INCOME TAXES (Tables)

12 Months Ended

Jul. 31, 2013

Schedule of deferred tax assets and liabilities

Significant components of the Company's deferred tax assets and liabilities as of July 31, 2013 and 2012 are a result of temporary differences related to the items described as follows:

	2013						2012
	Deferred			Deferred			Deferred			Deferred
	Tax Assets			Tax Liabilities			Tax Assets			Tax Liabilities
Rental income received in advance		$	222,408		$	-		$	182,887		$	-
Unbilled receivables			-			976,652			-			995,691
Property and equipment			-			2,557,262			-			2,176,716
Unrealized gain on marketable securities			-			150,001			-			109,471
Other			453,536			-			416,246			-
		$	675,944		$	3,683,915		$	599,133		$	3,281,878

Schedule of income tax expense

Income taxes provided for the years ended July 31, 2013, 2012 and 2011 consist of the following:

Current:	2013		2012		2011
Federal	$	30,642	$	362,463	$	68,845
State and City		202,358		291,537		205,155
Deferred taxes:
Federal		267,000		408,000		198,000
State and City		18,000		469,000		-
Total provision	$	518,000	$	1,531,000	$	472,000

Schedule of income taxes

Income taxes provided for the years ended July 31, 2013, 2012 and 2011 consist of the following:

	2013		2012		2011
Continuing operations	$	518,000	$	1,531,000	$	572,000
Discontinued operations		-		-		(100,000	)
Total provision	$	518,000	$	1,531,000	$	472,000

Schedule of effective income tax rate reconciliation

Taxes provided for the years ended July 31, 2013, 2012 and 2011 differ from amounts which would result from applying the federal statutory tax rate to pre-tax income, as follows:

	2013			2012			2011
Income before income taxes	$	1,181,671		$	2,801,353		$	1,002,302
Dividends received deduction		(12,590	)		(7,992	)		(8,412	)
Other-net		10,567			8,023			9,792
Adjusted pre-tax income	$	1,179,648		$	2,801,384		$	1,003,682
Statutory rate		34	%		34	%		34	%
Income tax provision at statutory rate	$	366,444		$	869,586		$	336,598
State and City income taxes, net of federal income tax benefit		133,556			192,414			135,402
State and City deferred income taxes		18,000			469,000			-
Income tax provision	$	518,000		$	1,531,000		$	472,000