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v2.4.0.6
Income Taxes
12 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 6 INCOME TAXES

 

The provision for income taxes consists of the following:

 

  2012   2011
Current tax $ —    $ — 
Deferred tax benefit   (2,941)     (1,528)
Benefits of operating loss carryforwards   2,941      1,528 
Provision for Income Tax $ —    $ — 

 

Below is a summary of deferred tax asset calculations on net operating loss carry forward amounts as of September 30, 2012. Currently there is no reasonable assurance that the Company will be able to take advantage of a deferred tax asset. Thus, an offsetting allowance has been established for the deferred asset.

 

Description   NOL Balance   Tax   Rate  
Net Operating Loss   $ 93,445   $ 14,017    15 %
Valuation Allowance           (14,017)      
Deferred Tax Asset – 9/30/2012         $ —       

 

During the years ended September 30, 2012 and 2011, the valuation allowance increased $2,941 and $1,528, respectively.

 

The Company has the following operating loss carry forwards available at September 30, 2012:

 

Operating Losses
Expires   Amount
2020   992
2021   3,182
2022   2,733
2023   2,382
2024   2,170
2025   4,154
2026   11,386
2027   14,396
2028   8,433
2029   6,760
2030   7,066
2031   10,183
2032   19,608

 

Reconciliation between income taxes at the statutory tax rate (15%) and the actual income tax provision for continuing operations follows:

 

  2012   2011
Expected Tax Provision $ (2,941)   $ (1,528)
Effect of:          
Increase in Valuation Allowance   2,941      1,528 
Actual Tax Provision $ —    $ — 

 

 

Uncertain Tax Positions

 

The Company adopted the provisions of ASC 740 on October 1, 2007. As a result of this adoption, the Company has evaluated its uncertain tax positions as required by ASC 740 and determined that any required adjustments would not have a material impact on the Company’s balance sheet, income statement, or statement of cash flows.

 

A reconciliation of our unrecognized tax benefits for the financial years ending September 30, 2012 is presented in the table below:

 

  2012   2011
Beginning balance $   $
Additions based on tax positions related to the current year      
Reductions for tax positions of prior years      
Reductions due to expiration of statute of limitations      
Settlements with taxing authorities      
Ending balance $   $

 

All years prior to 2009 are closed by expiration of the statute of limitations. The tax year ended September 30, 2009, will close by expiration of the statute of limitations in December 2012. The years ended September 30, 2009, 2010, 2011 and 2012 are open for examination.