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<br />SBLM ARCHITECTS, P.C. <br />(AN S CORPORATION) <br /> <br />NOTES TO FINANCIAL STATEMENT <br /> <br />DECEMBER 31, 2009 <br /> <br />NOTE 8 -INCOME TAXES <br /> <br />Deferred income taxes reflect the net tax effects of temporary differences between <br />the carrying amount of assets and liabilities for financial reporting purposes and the <br />amounts used for income tax purposes using the enacted tax rates in effect in the <br />years in which the differences are expected to reverse. Deferred taxes are reported <br />as noncurrent since the Company does not expect these items to reverse within a <br />period of one year or less. The deferred income tax liability relates predominately to <br />the filing of the Company's income tax return on a cash basis. Deferred income tax <br />liability at December 31,2009 is comprised as follows: <br /> <br />Differences due to cash basis tax filing <br />Depreciation <br /> <br />$111,573 <br />98,192 <br /> <br />$209,765 <br /> <br />Deferred tax liability <br /> <br />The Company's income tax expense consists of the following: <br /> <br />Year Ended December 31. 2009 <br /> <br />Current: <br />Federal <br />State and local <br /> <br />$ <br />35,299 <br /> <br />Deferred: <br />Federal <br />State and local <br /> <br />l129.789} <br />$ { 94.490> <br /> <br />Provision for income taxes <br />