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EX-32.1 - SECTION 906 CERTIFICATION - Your Event, Inc.ex321sec906.htm
EX-31.1 - SECTION 302 CERTIFICATION - Your Event, Inc.ex311sec302.htm
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EX-23.1 - CONSENT OF AUDITOR - Your Event, Inc.ex231consent.htm
v2.4.0.6
Provision for Income Taxes
12 Months Ended
Aug. 31, 2012
Notes to Financial Statements  
Provision for Income Taxes

NOTE 7. PROVISION FOR INCOME TAXES

 

The Company accounts for income taxes under ASC 740, "Accounting for Income Taxes", which requires use of the liability method. ASC 740 provides that deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as temporary differences. Deferred tax assets and liabilities at the end of each period are determined using the currently enacted tax rates applied to taxable income in the periods in which the deferred tax assets and liabilities are expected to be settled or realized.

 

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences are as follows:

 

U.S federal statutory rate (34.0%)

Valuation reserve 34.0%

Total 0%

 

Income tax benefits as of August 31, 2012 and August 31, 2011, are calculated

as follows:

  Year ended August 31,
  2012   2011
Book loss $          (486,339)   $            (80,944)
Less: book depreciation -   -
Add: tax depreciation -   -
Net loss (486,339)   (80,944)
Effective tax rate 35%   35%
Tax benefit 170,219   28,330  
Valuation allowance (170,219)   (28,330)  
  $                        -   $                        -

 

During the year ended August 31, 2012, the Company recorded a valuation allowance of $(170,219), as compared to $(28,330) for the previous year, on the deferred tax assets to reduce the total to an amount that management believes will ultimately be realized. Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income. There was no other activity in the valuation allowance account during the years ended August 31, 2012 and 2011. The net operating loss (the “NOL”) for the year ended August 31, 2012 will expire in 2032 and for the year ended August 31, 2011 will expire in 2031.

 

However, due to the ownership changes that occurred during the year ended August 31, 2012, the ability to use the NOLs generated through the ownership change date could be limited. In general, the amount of NOLs the Company could use for any tax year after the date of the ownership change would be limited to the value of the stock (as of the ownership change date) multiplied by the long-term tax-exempt rate.