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EX-10.4 - EXHIBIT 10.4 - IDS Industries, Inc.ex10_4.htm
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v2.4.0.6
INCOME TAXES
12 Months Ended
Aug. 31, 2012
Income Tax Disclosure [Abstract]  
INCOME TAXES

 

The provision for Federal income tax consists of the following:

 

    August 31,   August 31,
    2012   2011
Federal income tax benefit attributable to:                
Current operations   $ 24,064     $ 2,667  
Less: valuation allowance     (24,064 )     (2,667 )
Net provision for Federal income taxes   $     $  

 

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows:

 

    August 31   August 31
    2012   2011
Deferred tax asset attributable to:                
Net operating loss carryover   $ 26,731     $ 2,667  
Less: valuation allowance     (26,731 )     (2,667 )
Net deferred tax asset   $     $  

 

As of August 31, 2012, Step Out had an unused net operating loss carryover approximating $78,622 that is available to offset future taxable income; it expires beginning in 2031. Due to the change in ownership provisions of the Tax Reform Act of 1986, the use of net operating loss carry forwards for tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years.