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v2.4.0.6
Note 4 - Income Taxes
12 Months Ended
Oct. 31, 2012
Notes  
Note 4 - Income Taxes

Note 4 - Income Taxes

 

We did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception. Under ACS 740 “Income Taxes,” when it is more likely than not that a tax asset cannot be realized through future income the Company must allow for this future tax benefit.  We provided a full valuation allowance on the net deferred tax asset, consisting of net operating loss carryforwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carryforward period.

 

The Company has not taken a tax position that, if challenged, would have a material effect on the financial statements for the periods ended October 31, 2012 or 2011, applicable under ACS 740.  As a result of the adoption of ACS 740, we did not recognize any adjustment to the liability for uncertain tax position and therefore did not record any adjustment to the beginning balance of accumulated deficit on the balance sheet.

 

The component of the Company’s deferred tax asset as of October 31, 2012 and 2011 is as follows:

 

2012

2011

Net operating loss carry forward

14,444

$

586

Valuation allowance

(14,444)

(586)

Net deferred tax asset

$

-

$

-

 

A reconciliation of income taxes computed at the 35% statutory rate to the income tax recorded is as follows:

 

2012

2011

Net operating loss carry forward

5,055

$

205

Valuation allowance

(5,055)

(205)

Net deferred tax asset

$

-

$

-

 

The Company did not pay any income taxes during the periods ended October 31, 2012 or 2011

 

The net federal operating loss carry forward will expire in 2029.  This carry forward may be limited upon the consummation of a business combination under IRC Section 381.