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EXCEL - IDEA: XBRL DOCUMENT - IMPERIAL PETROLEUM RECOVERY CORPFinancial_Report.xls
10-K - IMPERIAL PETROLEUM RECOVERY CORPORATION FORM 10-K FOR THE FISCAL YEAR ENDED OCTOBER 31, 2011 - IMPERIAL PETROLEUM RECOVERY CORPimperialpetroleum10k103111.htm
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EX-32.1 - IMPERIAL PETROLEUM RECOVERY CORPex32-1.htm
EX-10.6 - TECHNICAL SERVICES AGREEMENT - IMPERIAL PETROLEUM RECOVERY CORPex10-6.htm
EX-32.2 - IMPERIAL PETROLEUM RECOVERY CORPex32-2.htm
EX-31.1 - IMPERIAL PETROLEUM RECOVERY CORPex31-1.htm
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INCOME TAXES
12 Months Ended
Oct. 31, 2011
INCOME TAXES [Abstract]  
INCOME TAXES
NOTE G - INCOME TAXES

The Company adopted the provisions of ASC Topic 740, "Income Taxes." Implementation of ASC Topic 740 did not have a material cumulative effect on prior periods nor did it result in a change to the current year's provision. The Company has fully reserved the deferred tax asset resulting from the net operating loss carry forwards.

Net deferred tax assets consist of the following components as of October 31 consisted of the following:

   
2011
   
2010
 
             
Deferred tax assets:
           
Net operating loss carryforward
 
$
6,375,000

 
$
6,055,000
 
Valuation allowance
   
(6,375,000)
     
(6,055,000)
 
Net deferred tax asset
 
$
-
   
$
-
 

The income tax provision differs from the amount of income tax determined by applying the U.S. federal and state income tax rate of 34% to pretax income/loss from operations as of October 31 consisted of the following:


   
2011
   
2010
 
             
Computed expected tax expense (benefit)
 
$
320,000

 
$
264,000
 
Change in valuation allowance
   
(320,000)
     
(264,000)
 
Income tax expense
 
$
-
   
$
-
 


The Company has determined that a valuation allowance of approximately $6,375,000 at October 31, 2011, is necessary to reduce the deferred tax assets to the amount that will more than likely than not be realized. The change in valuation allowance for 2011 was approximately $320,000. As of October 31, 2011, the Company has a net operating loss carry-forward of approximately $18,700,000, which is available to offset future federal taxable income, if any, with expiration beginning 2013 and ending 2031.