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10-K - GULFSLOPE ENERGY, INC. FORM 10-K FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2012 - GULFSLOPE ENERGY, INC.gulfslope10k093012.htm
v2.4.0.6
INCOME TAXES
12 Months Ended
Sep. 30, 2012
INCOME TAXES [Abstract]  
INCOME TAXES
NOTE 3 INCOME TAXES

The provision for income taxes consists of the following as of September 30, 2012 and 2011:

   
9/30/2012
   
9/30/2011
 
FEDERAL
           
Current
 
$
0
   
$
0
 
Deferred
   
0
     
0
 
STATE
               
Current
   
0
     
100
 
Deferred
   
0
     
0
 
TOTAL PROVISION
 
$
0
   
$
100
 


Deferred income tax assets and liabilities at September 30, 2012 and 2011 consist of the following temporary differences:

   
9/30/2012
   
9/30/2011
 
DEFERRED TAX ASSETS
           
Current
 
$
0
   
$
0
 
Noncurrent
               
Net operating losses
   
336,029
     
28,923
 
Related party interest
   
0
     
0
 
Differences in book/tax depreciation
   
0
     
0
 
Total noncurrent
 
$
336,029
   
$
28,923
 
Valuation Allowance
   
(336,029
)
   
(28,923
)
NET DEFERRED TAX ASSET
   
0
     
0
 
DEFERRED TAX LIABILITIES
   
0
     
0
 
NET DEFERRED TAXES
 
$
0
   
$
0
 

The Company�s valuation allowance has increased $307,151 during the year ended September 30, 2012. The income/franchise tax payable at September 30, 2011 of $100 is the minimum tax due to the State of Utah for the year ended September 30, 2011.


The following is a summary of federal net operating loss carryforwards and their expiration dates:

Amount
 
Expiration
$
3,203
 
9/30/2024
 
7,695
 
9/30/2025
 
18,447
 
9/30/2026
 
16,876
 
9/30/2027
 
17,986
 
9/30/2028
 
8,596
 
9/30/2029
 
7, 713
 
9/30/2030
 
64,097
 
9/31/2031
 
1,535,757
 
9/31/2032
$
1,680,370
 
                              Total

A reconciliation between income taxes at statutory tax rates (20%) and the actual income tax provision for continuing operations as of September 30, 2012 and 2011 is as follows:

   
9/30/2012
   
9/30/2011
 
Expected provision (based on statutory rate)
 
$
(307,455
)
 
$
(12,146
)
Effect of:
               
Increasein valuation allowance
   
307,152
     
10,790
 
State minimum tax, net of federal benefit
   
0
     
85
 
Non-deductible expense
   
303
     
802
 
Temporary differences due to depreciation
   
0
     
0
 
Graduated rates
   
0
     
569
 
                 
Total actual provision
 
$
0
   
$
100
 

Uncertain Tax Positions

The Company has not made any adjustments to deferred tax assets or liabilities. The Company did not identify any material uncertain tax positions of the Company on returns that have been filed or that will be filed. The Company has not had operations and is carrying a large Net Operating Loss as disclosed above. Since it is not thought that this Net Operating Loss will ever produce a tax benefit, even if examined by taxing authorities and disallowed entirely, there would be no effect on the financial statements.

The Company�s policy is to recognize potential interest and penalties accrued related to unrecognized tax benefits within general and administrative expenses for penalties and interest expense for interest. For the years ended September 30, 2012 and 2011, the Company did not recognize any interest or penalties, nor did we have any interest or penalties accrued as of September 30, 2012 and 2011 relating to unrecognized benefits.

The tax years ended September 30, 2010, through 2012 are open for examination for federal income tax purposes and by other major taxing jurisdictions to which we are subject.