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EXCEL - IDEA: XBRL DOCUMENT - B4MC GOLD MINES INCFinancial_Report.xls
10-K - DECEMBER 31, 2011 10-K - B4MC GOLD MINES INCf123111_10k.htm
EX-32.1 - EXHIBIT 32.1 SECTION 906 CERTIFICATIONS - B4MC GOLD MINES INCf123111k_ex32z1.htm
EX-31.1 - EXHIBIT 31 SECTION 302 CERTIFICATIONS - B4MC GOLD MINES INCf123111k_ex31z1.htm
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INCOME TAXES
12 Months Ended
Dec. 31, 2011
INCOME TAXES  
INCOME TAXES

NOTE 2 - INCOME TAXES

 

The Company accounts for income taxes in accordance with ASC Topic No. 740, “Income Taxes.” ASC Topic No. 740, requires the Company to provide a net deferred tax asset/liability equal to the expected future tax benefit/expense of temporary reporting differences between book and tax accounting methods and any available operating loss or tax credit carryforwards.

 

The Company has available at December 31, 2011, unused operating loss carryforwards of approximately $98,400, which may be applied against future taxable income and which expire in various years through 2031. However, if certain substantial changes in the Company’s ownership should occur, there could be an annual limitation on the amount of net operating loss carryforward which can be utilized. The amount of and ultimate realization of the benefits from the operating loss carryforwards for income tax purposes is dependent, in part, upon the tax laws in effect, the future earnings of the Company and other future events, the effects of which cannot be determined.  Because of the uncertainty surrounding the realization of the loss carryforwards the Company has established a valuation allowance equal to the tax effect of the loss carryforwards (approximately $14,800 and $12,200, respectively) at December 31, 2011 and 2010 and, therefore, no deferred tax asset has been recognized for the loss carryforwards.  The change in the valuation allowance is approximately $2,600 for the year ended December 31, 2011.