Annual report pursuant to Section 13 and 15(d)

4 Income Taxes (Tables)

v2.4.0.8
4 Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2013
Income Tax Disclosure [Abstract]  
Provision for taxes
Provision for taxes            
    2013     2012  
Current:            
Federal   $ (1,270 )   $ 3,910  
State     -       1,267  
     Total current     (1,270 )     5,177  
Deferred:                
Federal     885       (105 )
State     233       (29 )
     Total deferred     1,118       (134 )
                 
Income tax expense (benefit)   $ (152 )   $ 5,043  
Deferred taxes components
Deferred taxes consists of:            
    December 31,  
    2013     2012  
 Deferred tax assets:            
             
 Prepaid Expenses   $ (110 )   $ (16 )
 Fixed Assets     (780 )     1,591  
 Unrealized Losses     1,347       -  
 Total deferred tax asset net     457       1,575  
                 
 Total deferred tax assets     457       1,575  
 Valuation allowance     -       -  
 Net deferred tax assets   $ 457     $ 1,575  
Reconciliation tax benefit
                 
The expense or benefit for income taxes differs from the amount computed by applying the U.S. federal  
income tax rate of 35% to income or loss before income taxes as follows for the years ended:        
                 
      2013       2012  
                 
 U.S. federal income tax expense\(benefit) at statutory rates     885       3,999  
 Permanent differences     -       2  
 State income tax expense\(benefit), net of federal impact     233       1,048  
 Other     (1,270 )     (6 )
      -       -  
      (152 )     5,043  
Reconciliation of change in the net deferred tax assets and liabilities
                 
Reconciliation of change in the net deferred tax assets and liabilities:                
                 
              2013  
Net change in deferred income tax assets and liabilities from the preceeding table:     $ 1,118  
Net change in deferred income tax assets and liabilities associated with Other Comprehensive Income     -  
                 
Deferred income tax benefit for the period           $ 1,118