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EX-32.1 - CERTIFICATION - Source Gold Corp.srgl_ex321.htm
EX-10.5 - PROMISSORY NOTE - Source Gold Corp.srgl_ex105.htm
EX-10.6 - STOCK PURCHASE AGREEMENT - Source Gold Corp.srgl_ex106.htm
EX-31.1 - CERTIFICATION - Source Gold Corp.srgl_ex311.htm
EX-31.2 - CERTIFICATION - Source Gold Corp.srgl_ex312.htm
v2.4.0.6
Income Taxes
12 Months Ended
Jul. 31, 2012
Notes  
Income Taxes

Note 9 Income Taxes

 

The following table presents income before taxes and income tax expense as well as the taxes charged to stockholders equity:

 

 

Year Ended

Year Ended

 

July 31,

July 31,

 

2011

2011

 

 

 

 

 

Loss before income taxes

$

(298,289)

$

(6,304,842)

 

A reconciliation of the expected consolidated income expense, computed by applying a 35% U.S. Federal corporate income tax rate to income before taxes to income tax expense is as follows:

 

Expected approximate tax recovery on net loss, before income tax

$

(104,400)

$

(2,206,695)

Share-based compensation

 

-

 

1,397,400 

Mineral property acquisition and exploration

 

-

 

728,470

Changes in valuation allowance

 

104,400

 

80,823

 

 

 

 

 

Deferred income tax recovery

$

-

$

-

 

At July 31, 2012, and 2011 the Company incurred net operating losses carry forward for U.S. Federal tax purposes of approximately $837,000 and $538,000, respectively which may be applied against future taxable income, if any, at various times through 2032. Certain significant changes in ownership of the Company may restrict future utilization of these tax loss carry-forwards. The total deferred tax asset is as follows:

 

Deferred tax asset

 

 

 

 

 

   NOL Carryforward

$

292,800

 

$

188,400

Changes in valuation allowance

 

(292,800)

 

 

(188,400)

 

 

 

 

 

 

Deferred income tax recovery

$

-

 

$

-

 

The amount taken into income as deferred tax assets must reflect that portion of the income tax loss carry-forwards that is more-likely-than-not to be realized from future operations.  The Company has chosen to provide an allowance of 100% against all available income tax loss carry-forwards, regardless of their time of expiry.

 

Uncertain Tax Positions

 

The Company files income tax returns in the U.S. federal jurisdiction, various state and foreign jurisdictions.  The Company’s tax returns are subject to tax examinations by U.S. federal and state tax authorities, or examinations by foreign tax authorities until respective statute of limitation.  It is subject to tax examinations by tax authorities for all taxation years commencing on or after 2008.

 

Provision has not been made for U.S. or additional foreign taxes on undistributed earnings of foreign subsidiaries. Such earnings have been and will continue to be reinvested but could become subject to additional tax if they were remitted as dividends, or were loaned to the Company affiliate. It is not practicable to determine the amount of additional tax, if any, that might be payable on the undistributed foreign earnings.