Provision For Income Taxes

9 Months Ended

Sep. 30, 2011

Provision For Income Taxes [Abstract]

Provision For Income Taxes

Note 10 – PROVISION FOR INCOME TAXES

The provision for income taxes consists of the following:

	For the Nine Months Ended				For the Year Ended
	September 30,				December 31,
	2011		2010		2010
Current:
Federal	$	1,422,579	$	2,489,227	$         2,269,819
State and local		879,463		861,024	651,085
Total current		2,302,042		3,350,251	2,920,904
Deferred		(186,677)		(392,966)	(96,918)
Provision for income taxes	$	2,115,365	$	2,957,285	$        2,823,986

A reconciliation of the provision for income taxes and the income tax computed at the statutory rate is as follows:

					For the Year
	For the Nine Months Ended				Ended
	September 30,				December 31,
	2011		2010		2010
Federal income tax expense computed at the statutory rate	$	1,814,484	$	2,317,207	$        2,180,228
State and local tax expense, net		506,988		497,918	651,085
Permanent differences		(146,938)		(167,615)	(117,247)
Tax credits and other		(59,169)		309,775	109,920
Provision for income taxes	$	2,115,365	$	2,957,285	$        2,823,986

Amounts for deferred tax assets and liabilities are as follows:

	September 30,				December 31,
	2011		2010		2010
Non-current deferred tax assets (liabilities) arising from:  Temporary differences -
Accumulated depreciation and amortization from purchase accounting adjustments	$	(3,584,660)	$	(3,457,448)	$   (3,673,296)
Capital loss carry-forwards		271,568		337,016	271,568
Total non-current net deferred tax liabilities		(3,313,092)		(3,120,432)	(3,401,728)
Current deferred tax assets arising from:
Unrealized (gains) losses on investments		61,810		(35,509)	30,320
Impairment of investments		---		4,234	4,232
Inventory		257,963		190,958	168,875
Allowance for doubtful accounts and discounts		138,228		117,710	125,043
Total current deferred tax assets		458,001		277,393	328,470
Net deferred tax liability	$	(2,855,091)	$	(2,843,039)	$   (3,073,258)