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EXCEL - IDEA: XBRL DOCUMENT - ALTEX INDUSTRIES INCFinancial_Report.xls
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EX-32 - SECTION 1350 CERTIFICATIONS - ALTEX INDUSTRIES INCaltex10kexh32.htm
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v2.4.0.6
Note 2 - Income Tax Disclosure
12 Months Ended
Sep. 30, 2012
Notes  
Note 2 - Income Tax Disclosure

Note 2 - Income Taxes. At September 30, 2012, the Company had a depletion carryforward of $860,000 and a net operating loss carryforward ("NOL") of $1,680,000, $274,000, $303,000, $317,000, $330,000, $272,000, and $184,000 of this NOL expire in the years 2027, 2028, 2029, 2030, 2031 and 2032, respectively. The approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax assets at September 30, 2012, computed in accordance with the Income Tax Topic (Topic 740) of the Codification, is as follows:

 

Deferred Tax Assets

 

 

  Depletion carryforward

$

301,000

  Net operating loss carryforward

 

588,000

  Accrued shareholder salary

 

62,000

Total Net Deferred Tax Assets

 

951,000

  Less valuation allowance

 

(951,000)

Net Deferred Tax Asset

$

      0

 

A valuation allowance has been provided because of the uncertainty of future realization. Income tax expense is different from amounts computed by applying the statutory Federal income tax rate for the following reasons:

 

 

 

2012

2011

Tax benefit at 35% of net earnings

$

(102,000)

(119,000)

State income tax, net of Federal benefit

 

    0

    0

Change in valuation allowance for net deferred tax assets

 

102,000

119,000

Income tax expense

$

    0

    0

 

As of September 30, 2012, the Company has no unrecognized tax benefit as a result of uncertain tax positions. As of September 30, 2012, the Company’s tax years that remain subject to examination are 2009 - 2012 (Federal jurisdiction) and 2008 - 2012 (state jurisdictions).