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10-K - ANNUAL REPORT - Modern Mobility Aids, Inc.v327622_10k.htm
v2.4.0.6
Income Taxes
12 Months Ended
Jun. 30, 2012
Income Tax Disclosure [Abstract]  
Income Taxes
4. Income Taxes

 

The provision (benefit) for income taxes for the years ended June 30, 2012 and 2011, were as follows (assuming a 15 percent effective tax rate):

 

    Year Ended  
    June 30,  
    2012     2011  
             
Current Tax Provision                
Federal                
Taxable income   $ -     $ -  
                 
Total current tax provision   $ -     $ -  
                 
Deferred Tax Provision                
Federal                
Loss carryforwards   $ 54,542     $ 25,323  
Change in valuation allowance     (54,542 )     (25,323 )
                 
Total deferred tax provision   $ -     $ -  

 

The Company had deferred income tax assets as of June 30, 2012 and 2011 as follows:

 

    Year Ended  
    June 30,  
    2012     2011  
             
Loss carryforwards   $ 532,438     $ 168,819  
Less - valuation allowance     (532,438 )     (168,819 )
                 
Total net deferred tax assets   $ 532,438     $ -  

  

As of June 30, 2012, the Company had approximately $532,438 in tax loss carry forwards that can be utilized in future periods to reduce taxable income, and begin to expire in the year 2028.

 

The Company provided a valuation allowance equal to the deferred income tax assets for the years ended June 30, 2012 and 2011 because it is not presently known whether future taxable income will be sufficient to utilize the loss carry forwards.