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ValleyCrest Holding Co. and Subsidiaries <br />Notes to Consolidated Financial Statements (continued) <br />11. Income Taxes <br />Components of income tax expense for fiscal year 2008 are as follows: <br />Current Deferred Total <br />Federal $ 9,083,000 $ (7,069,000) $ 2,014,000 <br />State 2,816,000 (163,000) 2,653,000 <br />$ 11,899,000 $ (7,232,000) $ 4,667,000 <br />Total income tax expense differs from the amount computed by applying the U.S. federal income <br />tax rate of 35% for 2008 to earnings before income taxes as follows: <br />Computed "expected" tax expense <br />State income taxes, net of federal income tax benefit <br />Permanent differences <br />Tax credits <br />Contingent reserves <br />Impact resulting from changes in various state rates <br />Provision to return true -up <br />Other, net <br />2008 <br />$ 2,322,000 <br />655,000 <br />212,000 <br />(121,000) <br />(158,000) <br />1,073,000 <br />239,000 <br />445,000 <br />$ 4,667,000 <br />10 -lt-ol <br />fl-ob <br />Va11cyCr62st Lcndsc ape Mainr. 18 <br />16400 Nvv, 127ih Ave., <br />Mcami, FL 33018 -1051 <br />