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v2.4.0.6
Income Taxes
12 Months Ended
Dec. 31, 2011
Income Taxes  
Income Taxes

Note H - Income Taxes

 

The components of income tax (benefit) expense for each of the years ended December 31, 2011 and 2010 and for the period from August 1, 2007 (date of bankruptcy settlement) through December 31, 2011 are as follows:

 

 

 

 

 

 

 

 

 

 

Period from

 

 

 

 

 

 

 

 

 

 

August 1, 2007

 

 

 

 

 

 

 

 

 

 

(date of

 

 

 

 

 

 

 

 

 

 

bankruptcy

 

 

 

 

 

 

 

 

 

 

settlement)

 

 

 

 

Year ended

 

 

Year ended

 

 

through

 

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

 

2011

 

 

2010

 

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal:

 

 

 

 

 

 

 

 

 

 

Current

 

$

-

 

 

$

-

 

 

$

-

 

 

Deferred

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

State:

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

-

 

 

 

-

 

 

 

-

 

 

Deferred

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

-

 

 

$

-

 

 

$

-

 

 

As of December 31, 2011, the Company has a net operating loss carryforward of approximately $88,000 to offset future taxable income.  The amount and availability of any net operating loss carryforwards will be subject to the limitations set forth in the Internal Revenue Code.  Such factors as the number of shares ultimately issued within a three year look-back period; whether there is a deemed more than 50 percent change in control; the applicable long-term tax exempt bond rate; continuity of historical business; and subsequent income of the Company all enter into the annual computation of allowable annual utilization of any net operating loss carry forward(s).

 

The Company's income tax expense (benefit) for each of the years ended December 31, 2011 and 2010 and for the period from August 1, 2007 (date of bankruptcy settlement) through December 31, 2011 varied from the statutory rate of 34% as follows:

 

 

 

 

 

 

 

 

 

Period from

 

 

 

 

 

 

 

 

 

August 1, 2007

 

 

 

 

 

 

 

 

 

(date of

 

 

 

 

 

 

 

 

 

bankruptcy

 

 

 

 

 

 

 

 

 

settlement)

 

 

 

Year ended

 

 

Year ended

 

 

through

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2011

 

 

2010

 

 

2011

 

 

 

 

 

 

 

 

 

 

 

Statutory rate applied to

 

 

 

 

 

 

 

 

 

income before income taxes

 

$

(4,300

)

 

$

(20,500

)

 

$

(30,000

)

Increase (decrease) in income

 

 

 

 

 

 

 

 

 

 

 

 

taxes resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

State income taxes

 

 

-

 

 

 

-

 

 

 

-

 

Other, including reserve for deferred tax asset

 

 

 

 

 

 

 

 

 

 

 

 

and application of net operating loss carryforward

 

 

4,300

 

 

 

20,500

 

 

 

30,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

$

-

 

 

$

-

 

 

$

-

 

 

The Company’s only temporary difference as of December 31, 2011 and 2010, respectively, relates to the Company’s net operating loss pursuant to the applicable Federal Tax Law.  As of December 31, 2011 and 2010, respectively, the deferred tax asset is as follows:

 

 

 

 

December 31,

 

 

December 31,

 

 

 

 

2011

 

 

2010

 

 

Deferred tax assets

 

 

 

 

 

 

 

Net operating loss carryforwards

 

$

30,000

 

 

$

25,700

 

 

Less valuation allowance

 

 

(30,000

)

 

 

(25,700

)

 

 

 

 

 

 

 

 

 

 

 

Net Deferred Tax Asset

 

$

-

 

 

$

-

 

 

During the years ended December 31, 2011 and 2010, respectively, the valuation allowance against the deferred tax asset increased by approximately $4,300 and $20,500.