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EXCEL - IDEA: XBRL DOCUMENT - WHOLEHEALTH PRODUCTS, INC.Financial_Report.xls
10-K - FORM 10-K - WHOLEHEALTH PRODUCTS, INC.gwpc10k8312012_v2.htm
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EX-32 - EXHIBIT 32 - WHOLEHEALTH PRODUCTS, INC.exhibit32.htm
EX-31 - EXHIBIT 31 - WHOLEHEALTH PRODUCTS, INC.exhibit31.htm
v2.4.0.6
NOTE 5 - INCOME TAXES
12 Months Ended
Aug. 31, 2012
Income Tax Disclosure [Abstract]  
NOTE 5 - INCOME TAXES

 

 

 

NOTE 5 INCOME TAX


Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

Net deferred tax assets consist of the following components as of August 31, 2012 and 2011:


             

 

 

 

August 31,

2012


 
August 31, 2011
Deferred Tax Assets Non-current:
 

 

 

 

 

 

 

 

 

 

 

 

 
NOL Carryover
 

 
$ (13,944,283)
 
$(13,944,283)

 

 

 

 

 

 
 - 
Less valuation allowance
 

 

 
13,944,283 
 
13,944,283 

 

 

 

 

 

 

 
 
 
 
 

 

 
Deferred tax assets, net of valuation allowance
 

 
$
 
$                -


The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the period ended August 31, 2012 and 2011 due to the following:



         

 
2012
 
2010

 

 

 

 

 
Book Income
 
(46,822,000)
 
-
Meals and Entertainment
 
-
 
-
Stock for Services
 
46,810,000 
 
-
Accrued Payroll
 
12,000 
 
-
Valuation allowance
 
-
 
-

 

 

$

-


 

$

-


At August 31, 2012, the Company had net operating loss carry forwards of approximately $13,944,283 that may be offset against future taxable income from the year 2013 to 2033. No tax benefit has been reported in the August 31, 2012 financial statements since the potential tax benefit is offset by a valuation allowance of the same amount.


Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for Federal Income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years.