CALM » Topics » Note 9 - Income Taxes

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.

EXCERPTS ON THIS PAGE:

8-K
Dec 28, 2005
10-K
Aug 11, 2005
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