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10-K - iTalk Inc.g6419.txt
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EX-32.1 - iTalk Inc.ex32-1.txt
EX-31.2 - iTalk Inc.ex31-2.txt
EX-32.2 - iTalk Inc.ex32-2.txt
EX-31.1 - iTalk Inc.ex31-1.txt
v2.4.0.6
Note 6 - Income Taxes
12 Months Ended
Aug. 31, 2012
Notes  
Note 6 - Income Taxes

NOTE 6 - INCOME TAXES

 

 

August 31, 2012

 

August 31, 2011

 

 

 

 

 

 

 

 

Loss

   $                (26,656)

 

$                  (11,809)

Deferred Tax Asset (30%)

   $                  7,997

 

$                    3,543

Impairment of Deferred Tax Asset

   $                 (7,997)

 

$                   (3,543)

 

 

 

 

Net Deferred Tax Asset

   $                    -0-

 

$                      -0-

 

The Company provides for income taxes under ASC No. 740, “Accounting for Income Taxes.” ASC No. 740 requires the use of an asset and liability approach in accounting for income taxes.

 

ASC No. 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.  No provision for income taxes is included in the statement due to its immaterial amount, net of the allowance account, based on the likelihood of the Company to utilize the loss carry-forward.