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EX-32 - EXHIBIT 32.1 - Brenham Oil & Gas Corp.ex32z1.htm
EXCEL - IDEA: XBRL DOCUMENT - Brenham Oil & Gas Corp.Financial_Report.xls
10-Q - BOG 10-Q 09-30-2012 - Brenham Oil & Gas Corp.bog032012_10q.htm
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EX-32 - EXHIBIT 32.2 - Brenham Oil & Gas Corp.ex32z2.htm
EX-31 - EXHIBIT 31.2 - Brenham Oil & Gas Corp.ex31z2.htm
EX-31 - EXHIBIT 31.1 - Brenham Oil & Gas Corp.ex31z1.htm
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v2.4.0.6
Note 1 - Summary of Significant Accounting Policies: Income Taxes (Policies)
9 Months Ended
Sep. 30, 2012
Policies  
Income Taxes

Income Taxes

 

Brenham is a taxable entity and recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to be in effect when the temporary differences reverse. The effect on the deferred tax assets and liabilities of a change in tax rates is recognized in income in the year that includes the enactment date of the rate change. A valuation allowance is used to reduce deferred tax assets to the amount that is more likely than not to be realized. Interest and penalties associated with income taxes are included in selling, general and administrative expense.

 

Brenham has adopted ASC 740-10 “Accounting for Uncertainty in Income Taxes” which prescribes a comprehensive model of how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. ASC 740-10 states that a tax benefit from an uncertain position may be recognized if it is "more likely than not" that the position is sustainable, based upon its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. As of September 30, 2012, Brenham had not recorded any tax benefits from uncertain tax positions.