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10-K - ANNUAL REPORT - 5V Inc.f10k2012_5vinc.htm
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v2.4.0.6
Income Taxes
12 Months Ended
Sep. 30, 2012
Income Taxes [Abstract]  
INCOME TAXES
 
Note 6 – Income Taxes
 
The Company has tax losses that may be applied against future taxable income.  The potential tax benefits arising from these loss carryforwards, which expire beginning the year 2030, are offset by a valuation allowance due to the uncertainty of profitable operations in the future.  During the years ended September 30, 2012 and 2011, the Company had operating losses of $45,523 and $37,012, respectively.  The cumulative net operating loss carryforward as of September 30, 2012 was $89,837.  The statutory tax rate for fiscal years 2012 and 2011 is 35%. The significant components of the deferred tax assets as of September 30, 2012 and 2011 are as follows:
 
   
2012
   
2011
 
             
Loss carryforwards
  $ 15,933     $ 12,954  
Less – Valuation allowance
    (15,933 )     (12,954 )
Total net deferred tax assets
  $ -     $   -