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EXCEL - IDEA: XBRL DOCUMENT - Thunder Energies CorpFinancial_Report.xls
10-K/A - FORM 10-K/A - Thunder Energies Corpccj_10ka.htm
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EX-31.1 - CERTIFICATION - Thunder Energies Corpccj_ex311.htm
EX-32.1 - CERTIFICATION - Thunder Energies Corpccj_ex321.htm
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v2.4.0.6
Note 3 - Income Taxes
12 Months Ended
May 31, 2012
Note 3 - Income Taxes  
Note 3 - Income Taxes

At May 31, 2012, the Company had a net operating loss carry–forward for Federal income tax purposes of $1,765 that may be offset against future taxable income that will start phasing out in 2031  No tax benefit has been reported with respect to these net operating loss carry-forwards in the accompanying financial statements because the Company believes that the realization of the Company’s net deferred tax assets of $600, calculated at an effective tax rate of 34%, was not considered more likely than not and accordingly, the potential tax benefits of the net loss carry-forwards are fully offset by a valuation allowance of $600.

 

Deferred tax assets consist primarily of the tax effect of NOL carry-forwards.  The Company has provided a full valuation allowance on the deferred tax assets because of the uncertainty regarding its realizability.