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10-K - FORM 10-K - Innovative Wireless Technologies, Inc.v309295_10k.htm
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EX-32.1 - EXHIBIT 32.1 - Innovative Wireless Technologies, Inc.v309295_ex32-1.htm
EX-31.1 - EXHIBIT 31.1 - Innovative Wireless Technologies, Inc.v309295_ex31-1.htm
EX-10.1 - EXHIBIT 10.1 - Innovative Wireless Technologies, Inc.v309295_ex10-1.htm
EX-32.2 - EXHIBIT 32.2 - Innovative Wireless Technologies, Inc.v309295_ex32-2.htm
EX-31.2 - EXHIBIT 31.2 - Innovative Wireless Technologies, Inc.v309295_ex31-2.htm
EX-23.1 - EXHIBIT 23.1 - Innovative Wireless Technologies, Inc.v309295_ex23-1.htm
v2.4.0.6
INCOME TAX
12 Months Ended
Dec. 31, 2011
INCOME TAX

NOTE 6. INCOME TAX

 

At December 31, 2011, deferred tax assets consist of:      
Net operating loss carry forward – net of  tax   $ 181,305  
Start-up costs capitalized for tax purposes     -0-  
Gross deferred tax assets     181,305  
Valuation allowance     (181,305 )
Net deferred tax assets   $ -  

 

Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and net operating loss carry forwards are expected to be available to reduce taxable income. As the achievement of required future taxable income is uncertain, the Company recorded a full valuation allowance. The Company’s valuation allowance increased by $120,943 during 2011.

 

The difference between the statutory tax rate of 35% and the effective tax rate of 0% is due to the valuation allowance for deferred income tax assets.