Quarterly report pursuant to Section 13 or 15(d)

Note 8 - Subsequent Events

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Note 8 - Subsequent Events
9 Months Ended
Dec. 29, 2019
Notes to Financial Statements  
Subsequent Events [Text Block]
N
ote
8
– Subsequent Event
s
 
On
January 7, 2020,
the Company’s California consolidated income tax return for the fiscal year ended
March 29, 2015
became closed to examination or other adjustment. Accordingly, the Company intends to reverse the reserve for the unrecognized tax liability for that fiscal year, which will result in the recognition of a discrete income tax benefit of
$212,000
during the
three
-month period ending
March 29, 2020.
The Company also intends to reverse the accumulated interest expense and penalties that it has accrued in respect of the unrecognized tax liability for the fiscal year ended
March 29, 2015,
which will result in the recognition of a credit to interest expense of
$84,000
during the
three
-month period ending
March 29, 2020.
 
The Company has evaluated all other events which have occurred between
December 29, 2019
and the date that the accompanying consolidated financial statements were issued, and has determined that there are
no
other material subsequent events that require disclosure.