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. |