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EXCEL - IDEA: XBRL DOCUMENT - Delaine CorpFinancial_Report.xls
10-K - FORM 10-K - Delaine Corpdlne_10k.htm
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EX-32.2 - CERTIFICATION - Delaine Corpdlne_ex322.htm
EX-31.1 - CERTIFICATION - Delaine Corpdlne_ex311.htm
EX-31.2 - CERTIFICATION - Delaine Corpdlne_ex312.htm
EX-32.1 - CERTIFICATION - Delaine Corpdlne_ex321.htm
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v2.4.0.6
PROVISION FOR INCOME TAXES
12 Months Ended
Jun. 30, 2012
Income Tax Disclosure [Abstract]  
Note 6 - PROVISION FOR INCOME TAXES

We did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception.  When it is more likely than not that a tax asset cannot be realized through future income the Company must allow for this future tax benefit.  We provided a full valuation allowance on the net deferred tax asset, consisting of net operating loss carryforwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carryforward period.

 

The Company has not taken a tax position that, if challenged, would have a material effect on the financial statements for the years ended June 30, 2012 and 2011, respectively, under FASB ASC 740.  We did not recognize any adjustment to the liability for uncertain tax position and therefore did not record any adjustment to the beginning balance of accumulated deficit on the consolidated balance sheet.

 

Operating loss carry forwards totaled $71,272 and $6,634 as of June 30, 2012 and 2011, respectively, and will begin to expire in 2030.  Accordingly deferred Federal and State tax assets of approximately $28,509 and $2,654, respectively, were offset by a valuation allowance.