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EXCEL - IDEA: XBRL DOCUMENT - SILVER STREAM MINING CORP.Financial_Report.xls
10-K - ANNUAL REPORT FOR FISCAL PERIOD ENDED AUGUST 31, 2012 - SILVER STREAM MINING CORP.wsindustries10k2012.htm
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EX-31.1 - CEO AND CFO SOX 302 CERTIFICATE - SILVER STREAM MINING CORP.exhibit311.htm
EX-32.1 - CEO AND CFO SOX 906 CERTIFICATE - SILVER STREAM MINING CORP.exhibit321.htm
v2.4.0.6
Income Taxes
12 Months Ended
Aug. 31, 2012
Income Taxes  
Income Taxes

Note 9

Income Taxes

 

The significant components of the Company’s deferred tax assets are as follows:

 

 

2012

2011

Deferred tax assets

 

 

Net operating losses carry forward

$        377,000

$          298,000

Less: valuation allowance

(377,000)

 (298,000)

Deferred tax assets

$                    -

$                      -

 

 

 

Statutory rate applied to loss before income taxes

$      (107,000)

$    (6,885,000)

Loss on extinguishment of debt

-

6,819,000

Permanent differences

28,000

-

Change in valuation allowance

79,000

66,000

Income tax expense

$                    -

$                    -

 

The Company evaluates its valuation allowance requirements based on projected future operations.  When circumstances change and this causes a change in management’s judgment about the recoverability of deferred tax assets, the impact of the change on the valuation allowance is reflected in current income.  As management of the Company does not currently believe that it is more likely-than-not that the Company will receive the benefit of this asset, a valuation allowance equal to the deferred tax asset has been established at both August 31, 2012 and 2011.

 

At August 31, 2012, the Company has incurred accumulated net operating losses totaling approximately $1,111,000 (2011 - $877,000) which are available to reduce taxable income in future taxation years.

 

These losses expire as follows:

 

 

Year of Expiry

Amount

 

 

 

2024

 

$11,000

2025

 

31,000

2026

 

36,000

2027

 

53,000

2028

 

43,000

2029

 

91,000

2030

 

42,000

2031

 

570,000

2032

 

234,000

 

 

$1,111,000

 

Uncertain Tax Positions

 

The Company has adopted FASB ASC 740-10, "Accounting for Uncertainty in Income Taxes" ("ASC 740-10"). ASC 740-10 prescribes a recognition threshold and measurement attribute for the recognition and measurement of tax positions taken or expected to be taken in income tax returns. ASC 740-10 also provides guidance on de-recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, and accounting for interest and penalties associated with tax positions.

 

All of the Company’s tax returns are subject to tax examinations until respective statute of limitation.  The Company currently has no tax years under examination.  The Company’s tax filings are delinquent for all tax years since inception and are subject to audit by taxing authorities in jurisdictions where it conducts business.  These audits may result in significant assessments of additional taxes, penalties and interest that are subsequently resolved with the authorities or potentially through the courts.  During the year ended August 31, 2012, the Company has accrued and expensed $25,652 (2011 - $nil) in penalties and interest to delinquent tax returns. Management believes the Company has adequately provided for any ultimate amounts that are likely to result from these audits; however, final assessments, if any, could be significantly different than the amounts recorded in the financial statements.

 

Based on the management’s assessment of ASC 740-10, it was concluded that the adoption of ASC 740-10, as of September 1, 2007, had no significant impact on the Company’s results of operations or financial position, and required no adjustment to the opening balance sheet accounts.  The year-end analysis supports the same conclusion, and the Company does not have an accrual for uncertain tax positions as of August 31, 2012.  As a result, tabular reconciliation of beginning and ending balances would not be meaningful. If interest and penalties were to be assessed, we would charge interest to interest expense, and penalties to other operating expense. It is not anticipated that unrecognized tax benefits would significantly increase or decrease within 12 months of the reporting date.