|9 Months Ended|
Jul. 31, 2020
|Income Tax Disclosure [Abstract]|
NOTE 15 – INCOME TAXES
The Company’s effective tax rate for the three months ended July 31, 2020 and 2019 was 19.1% and 17.8%, respectively. The increase in the effective tax rate for the nine months ended July 31, 2020, as compared to July 31, 2019 resulted from a decrease in our AMT tax refund percentage from 5.2% in 2019 to 1.9% in 2020.
As of July 31, 2020, we had U.S. federal net operating losses (“NOL”) carryforwards of $1,651,804, which expire in 2029.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef