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EXCEL - IDEA: XBRL DOCUMENT - iWallet CorpFinancial_Report.xls
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EX-32.1 - EXHIBIT 32.1 - iWallet Corpex32_1.htm
EX-31.2 - EXHIBIT 31.2 - iWallet Corpex31_2.htm
EX-31.1 - EXHIBIT 31.1 - iWallet Corpex31_1.htm
EX-23.1 - EXHIBIT 23.1 - iWallet Corpex23_1.htm
v2.4.0.6
INCOME TAXES
12 Months Ended
Jun. 30, 2012
Income Tax Disclosure [Abstract]  
INCOME TAXES

 

From inception through the year ended June 30, 2012, the Company has incurred net losses and, therefore, has no tax liability. The net deferred tax asset generated by the loss carry-forward has been fully reserved. The cumulative net operating loss carry-forward is approximately $137,700 at June 30, 2011, and will expire beginning in the year 2030.

 

The provision for Federal income tax consists of the following as of June 30:

  2012   2011
Federal income tax benefit attributable to:              
Current operations $ 12,853     $ 30,044  
Less: valuation allowance   (12,853 )     (30,044 )
Net provision for Federal income tax $ 0     $ 0  

 

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows at June 30:

 

  2012   2011
Deferred tax asset attributable to:              
Net operating loss carryover $ 46,822     $ 33,969  
Valuation allowance   (46,822 )     (33,969 )
Net deferred tax asset $ 0     $ 0  

 

 

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years.