This excerpt taken from the CALM 8-K filed Dec 28, 2005.
Note 9 Income
Taxes
The
components of federal income tax expense are as follows:
2005
2004
2003
Current provision:
Federal
$
846
$
--
$
23,500
State
--
258
--
Total current portion
846
258
23,000
Net change in deferred taxes:
Federal
17,233
84,043
(224,452
)
State
3,041
13,754
(36,132
)
Total net change in deferred taxes
20,274
97,797
(260,584
)
Provision for income taxes
$
21,120
$
98,055
$
(237,084
)
10
Notes to Financial
Statements Hillandale Farms of Fla., Inc. July 2, 2005 Lake City, Florida (Continued)
This excerpt taken from the CALM 10-K filed Aug 11, 2005.
Income Taxes
Income taxes have been provided using
the liability method. Deferred income taxes reflect the net tax effects of temporary
differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for income tax purposes.