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EXCEL - IDEA: XBRL DOCUMENT - Classic Rules Judo Championships, Inc.Financial_Report.xls
10-Q - FORM 10-Q - Classic Rules Judo Championships, Inc.f10q-judo.htm
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EX-21.1 - SUBSIDIARIES - Classic Rules Judo Championships, Inc.f10q_211-judo.htm
EX-31.1 - RULE 13A-14(A) / 15D-14(A) CERTIFICATION OF CHIEF EXECUTIVE OFFICER - Classic Rules Judo Championships, Inc.f10q_311-judo.htm
EX-32.1 - SECTION 1350 CERTIFICATIONS OF CEO - Classic Rules Judo Championships, Inc.f10q_321-judo.htm
EX-32.2 - SECTION 1350 CERTIFICATIONS OF CFO - Classic Rules Judo Championships, Inc.f10q_322-judo.htm
EX-31.2 - RULE 13A-14(A) / 15D-14(A) CERTIFICATION OF CHIEF FINANCIAL OFFICER - Classic Rules Judo Championships, Inc.f10q_312-judo.htm
v2.4.0.6
Note C - Summary of Significant Accounting Policies: Income Taxes (Policies)
9 Months Ended
Sep. 30, 2012
Policies  
Income Taxes

Income Taxes

 

The Company accounts for income taxes in accordance with ASC Topic No. 740, Income Taxes (“Topic No. 740”) which requires the use of the liability method of accounting for income taxes.  The liability method measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences between the tax basis of assets and liabilities and their reported amounts on the financial statements.   The resulting deferred tax assets or liabilities are adjusted to reflect changes in tax laws as they occur.  A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized.  At September 30, 2012 and December 31, 2011, the entire deferred tax asset, which arises from our net operating losses, has been fully reserved because management has determined that it is not more likely than not that the net operating loss carry forwards will be realized in the future.

 

The Company recognizes and measures uncertain tax positions and records tax benefits when it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties as a component of income tax expense.  At September 30, 2012 and 2011 the Company did not have any unrecognized tax benefits and has not accrued any liability for the payment of tax related interest or penalties.  The Company currently has no federal or state tax examinations in progress nor has it had any federal or state tax examinations since inception.