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EX-32.1 - CERTIFICATION PURSUANT TO 18 U.S.C. 1350 AS ADOPTED - Tuffnell Ltd.ex32-1.htm
v2.4.0.6
Income Taxes
12 Months Ended
Sep. 30, 2011
Notes to Financial Statements  
Income Taxes

Note 6    Income Taxes

 

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial statement purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax liabilities and assets as of September 30, 2011 and 2010 are as follows:

 

Deferred tax assets:  2011  2010
Net operating loss carryforwards  $1,266,976   $497,086 
 Income tax rate   34%   34%
    430,772    169,009 
Less valuation allowance   (430,772)   (169,009)
   $—     $—   

 

The change in the valuation allowance for 2011 was $261,763

Through September 30, 2010, a valuation allowance has been recorded to offset the deferred tax assets, including those related to the net operating losses carryforwards. At September 30, 2011, the Company had $1,266,976 of federal and state net operating losses carryforwards. The net operating loss carryforwards, if not utilized will begin to expire in 2028. Reconciliations of the U.S. federal statutory rate to the actual tax rate for the years ended September 30, 2011 and 2010 is as follows:

    2011 2010
U.S. federal statutory income tax rate                 34.0% 34.0%
State tax - net of federal benefit              0.0% 0.0%
    34.0% 34.0%
Increase in valuation allowance       (34.0)% (34.0)%
         Effective tax rate   0.0% 0.0%