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10-K - 10 - K TIRELESS STEPS, INC - META GOLD, INC.f10ksept302012v3.htm
EXCEL - IDEA: XBRL DOCUMENT - META GOLD, INC.Financial_Report.xls
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EX-31 - RULE 13(A)-14(A)/15(D)-14(A) CERTIFICATION OF CHIEF EXECUTIVE OFFICER - META GOLD, INC.exhibit31.htm
EX-32 - SECTION 1350 CERTIFICATION OF CHIEF EXECUTIVE OFFICER - META GOLD, INC.exhibit32.htm
EX-23 - CONSENT OF PLS CPA - META GOLD, INC.exhibit231.htm
v2.4.0.6
Note 7 - Income Taxes
12 Months Ended
Sep. 30, 2012
Notes  
Note 7 - Income Taxes

 

NOTE 7 – 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. Accounting for Uncertainty in 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 carry forwards, 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 carry forward period.

The components of the Company’s deferred tax asset and reconciliation of income taxes computed at the statutory rate to the income tax amount recorded as of September 30, 2012 and September 30, 2011 are as follows:

 

 

September 30, 2012

September 30, 2011

Net operating loss carry forward

37,325

20,763

Effective tax rate

35%

35%

Deferred tax assets

13,064

7,267

Less: Valuation allowance

(13,064)

(7,267)

Net deferred tax asset

0

0

 

$      0

$      0

 

 

The net federal operating loss carry forward will expire between 2030 and 2032.  This carry forward may be limited upon the consummation of a business combination under IRC Section 381.