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EXCEL - IDEA: XBRL DOCUMENT - Laredo Resources Corp.Financial_Report.xls
10-K - ANNUAL REPORT - Laredo Resources Corp.lrdo_10k.htm
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EX-31.2 - CERTIFICATION - Laredo Resources Corp.lrdo_ex312.htm
EX-32.1 - CERTIFICATION - Laredo Resources Corp.lrdo_ex321.htm
EX-10.2 - PROMISSORY NOTE ISSUED TO ROBERT GARDNER - Laredo Resources Corp.lrdo_ex102.htm
EX-31.1 - CERTIFICATION - Laredo Resources Corp.lrdo_ex311.htm
v2.4.0.6
Income Taxes
12 Months Ended
Aug. 31, 2012
Notes  
Income Taxes

Note 7  Income Taxes

 

A reconciliation of the income tax provision computed at statutory rates to the reported tax provision is as follows:

 

 

Year Ended

 

August 31,

 

2012

2011

 

 

 

Basic statutory and state income tax rate

 

35.0%

 

35.0%

 

 

 

 

 

Approximate loss before income taxes

$

56,356

$

56,789

 

 

 

 

 

Expected approximate tax recovery on net loss, before income tax

$

19,700

$

19,900

Valuation allowance

 

(19,700)

 

(19,900)

 

 

 

 

 

Deferred income tax recovery

$

-

$

-

 

Significant components of the Company’s deferred tax assets and liabilities are as follows:

 

 

 

 

 

 

 

 

Year Ended

Year Ended

 

August 31,

August 31,

 

2012

2011

 

 

 

Deferred income tax assets

 

 

 

 

  Non-capital losses carried forward

$

42,200

$

22,500

Less: valuation allowance

 

(42,200)

 

(22,500)

 

 

 

 

 

Deferred income tax assets

$

-

$

-

 

At August 31, 2012, the Company has incurred accumulated net operating losses in the United States of America totalling approximately $120,470 which are available to reduce taxable income in future years.

 

These losses expire as follows:

 

Year of Expiry

Amount

 

 

2030

$

7,325

2031

$

56,789

2032

$

56,356

 

The amount taken into income as deferred tax assets must reflect that portion of the income tax loss carryforwards that is more-likely-than-not to be realized from future operations.  The Company has chosen to provide an allowance of 100% against all available income tax loss carryforwards, regardless of their time of expiry.