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EX-32.1 - EXHIBIT 32.1 - Service Team Inc.ex32x1.htm
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EX-31.2 - EXHIBIT 31.2 - Service Team Inc.ex31x2.htm
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EX-31.1 - EXHIBIT 31.1 - Service Team Inc.ex31x1.htm
v2.4.0.6
INCOME TAXES
12 Months Ended
Aug. 31, 2012
INCOME TAXES  
INCOME TAXES

NOTE 5 – INCOME TAXES

 

The Company accounts for income taxes under standards issued by the FASB. Under those standards, deferred tax assets and liabilities are recognized for future tax benefits or consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided for significant deferred tax assets when it is more likely than not that such assets will not be realized through future operations.

 

No provision for federal income taxes has been recorded due to the net operating loss carry forwards totaling approximately $314,172 as of August 31, 2012 that will be offset against future taxable income.  The available net operating loss carry forwards of approximately $314,172 will expire in various years through 2031. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the future tax loss carry forwards.

 

Deferred tax asset and the valuation account are as follows:

 

 

 

 

August 31, 2012

 

 

August 31, 2011

 

Deferred tax asset:

 

 

 

 

 

 

NOL carry forward

 

$

106,818

 

 

$

17,339

 

Valuation allowance

 

 

(106,818

)

 

 

(17,339

)

Total:

 

 

-

 

 

 

-

 

 

    

The components of income tax expense are as follows:

 

 

 

 

August 31, 2012

 

 

August 31, 2011

 

Current federal tax

 

$

-

 

 

$

-

 

Current state tax

 

 

-

 

 

 

-

 

Change in NOL benefit

 

 

106,818

 

 

 

17,339

 

Change in valuation allowance

 

 

(106,818

)

 

 

(17,339

)

Total:

 

$

-

 

 

 

-