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v2.4.0.6
INCOME TAXES
12 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]

NOTE 6 - INCOME TAXES

 

Deferred income taxes result from the net tax effects of temporary timing differences between the carrying amounts of assets and liabilities reflected on the financial statements and the amounts recognized for income tax purposes. The tax effects of temporary differences and net operating loss carryforwards that give rise to significant portions of deferred tax assets and liabilities are as follows at September 30:

 

  2012  2011 
Deferred tax asset        
     Tax benefit arising from net operating loss carryforward $413,500  $375,500 
     Deferred compensation  -   - 
   413,500   375,000 
         
Less valuation allowance  (413,500)  (375,500)
         
Net deferred tax asset $-  $- 

 

 

Income tax benefit (expense) consists of the following at September 30:

 

  2012  2011 
Deferred      
Federal $-  $- 
State -  - 
     Federal and state benefit of net operating loss carryforward  38,000   42,700 
   38,000   42,700 
         
Less (increase) decrease in valuation allowance  (38,000)  (42,700)
         
Income tax benefit $-  $- 

 

 

As of September 30, 2012, the Company had reported net operating loss (“NOL”) carryforwards for tax purposes amounting to approximately $1,029,000  that may be offset against future taxable income. These NOL carryforwards expire beginning in fiscal 2025 through 2031. However, these carryforwards may be significantly limited due to changes in the ownership of the Company.

 

Recognition of the benefits of the deferred tax assets will require that the Company generate future taxable income. There can be no assurance that the Company will generate any earnings or any specific level of earning in future years. Therefore, the Company has established a valuation allowance for deferred tax assets (net of liabilities) of approximately $413,500 and $375,500 as of September 30, 2012 and 2011, respectively.

 

The following table presents the principal reasons for the difference between the Company’s effective tax rates and of United States federal statutory income tax rate of 34% at September 30:

 

  2012  2011 
         
Federal income tax benefit at statutory rate $(29,200) $(32,800)
State income tax benefit (net of effect of federal benefit)  (8,800)  (9,900)
Less permanent difference  -   - 
Valuation allowance  38,000   42,700 
         
Income tax benefit $-  $- 
         
Effective Income Tax Rate  0%  0%