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v2.4.0.6
Income Taxes
12 Months Ended
Jan. 31, 2012
Income Taxes  
Income Taxes

Note 9.  Income Taxes

 

Deferred tax assets of the Company are as follows:

 

 

 

2012

 

 

2011

 

Loss carry-forwards

 

$

787,000

 

 

$

768,000

 

Less:  Valuation allowance

 

 

(787,000

)

 

 

(768,000

)

Deferred tax asset recognized

 

$

-

 

 

$

-

 

 

A valuation allowance has been recorded to reduce the net benefit recorded in the financial statements related to these deferred tax assets.  The valuation allowance is deemed necessary as a result of the uncertainty associated with the ultimate realization of these deferred tax assets.

  

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate of 34% (2010 – 34%) to net loss for the year.  The sources and tax effect of the differences are as follows:

 

 

20121

 

 

2011

 

Computed “expected” tax benefit

 

$

19,380

 

 

$

3,740

 

Permanent differences

 

 

(380

 )

 

 

260

 

Change in Valuation Allowance

 

 

(19,000

)

 

 

(4,000

)

Income tax provision

 

$

-

 

 

$

-

 

 

As at January 31, 2012, the Company has net operating loss carry-forwards of approximately $2,315,000 (2010 - $2,258,000), which expire between 2022 and 2031.

 

With few exceptions, the company is generally no longer subject to U.S. federal, state, local or non-U.S. income tax examinations by tax authorities for years before 2007. The following describes the open tax years, by major tax jurisdiction, as of February 1, 2012:

 

United States (a)

 

2008 – Present

 

(a) Includes federal as well as state or similar local jurisdictions, as applicable.