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XML - IDEA: XBRL DOCUMENT - INTERNET INFINITY, INC.R2.htm
EXCEL - IDEA: XBRL DOCUMENT - INTERNET INFINITY, INC.Financial_Report.xls
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EX-31.1 - INTERNET INFINITY, INC.ex31-1.htm
EX-32.1 - INTERNET INFINITY, INC.ex32-1.htm
EX-31.2 - INTERNET INFINITY, INC.ex31-2.htm
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10-K - ANNUAL REPORT - INTERNET INFINITY, INC.form10k.htm
v2.4.0.6
Income Taxes
12 Months Ended
Mar. 31, 2012
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE6               INCOME TAXES

 

No provision was made for federal income tax for the year ended March 31, 2011 and 2010, since the Company had significant net operating loss. The net operating loss carryforwards may be used to reduce taxable income through the year 2028. The availability of the Company’s net operating loss carryforwards are subject to limitation if there is a 50% or more positive change in the ownership of the Company’s stock. The provision for income taxes consists of the state minimum tax imposed on corporations.

 

The net operating loss carryforward for federal and state income tax purposes of approximately

$ 2,218,000 and $2,173,000 as of March 31, 2012 and 2011 respectively. The net operating losses will begin to expire in 2015, unless utilized beforehand.

 

The Company has recorded a 100% valuation allowance for the deferred tax asset since it is “more-likely- than-not” that the deferred tax assets will not be realized.

 

The components of the net deferred tax asset are summarized below. The valuation allowance increased by $18,000 in 2012 as a result of the increase in net operating loss.

 

    03/31/2012     03/31/2011  
Deferred tax asset – net operating loss   $ 887,000     $ 869,000  
Less valuation allowance     (887,000 )     (869,200 )
                 
     Net deferred tax asset   $ 0     $ 0