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v2.4.0.6
NOTE I - INCOME TAXES
3 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
NOTE I - INCOME TAXES

NOTE I—INCOME TAXES

 

Due to the operating loss and the inability to recognize an income tax benefit, there is no provision for current or deferred federal or state income taxes for the period from inception through September 30, 2012.

 

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount used for federal and state income tax purposes.

 

The Company’s total deferred tax asset, calculated using federal and state effective tax rates, as of September 30, 2012 is as follows:

 

Total Deferred Tax Asset  $(20,750)
Valuation Allowance   20,750 
Net Deferred Tax Asset  $—   

 

The reconciliation of income taxes computed at the federal statutory income tax rate to total income taxes for the years ended September 30, 2012 and 2011 is as follows:

 

    2011    2010 
Income tax computed at the federal statutory rate   34.0%   34.0%
State income tax, net of federal tax benefit   0.0%   0.0%
Total   34.0%   34.0%
Valuation allowance   -34.0%   -34.0%
Total deferred tax asset   0.0%   0.0%

 

Because of the Company’s lack of earnings history, the deferred tax asset has been fully offset by a valuation allowance. The valuation allowance increased (decreased) by approximately $4,220 and $1,860 in the six months ended September 30, 2012 and 2011, respectively.

 

As of September 30, 2012, the Company had a federal and state net operating loss carry forward in the amount of approximately $61,049 which expires in the year 2032.