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EXCEL - IDEA: XBRL DOCUMENT - RAINBOW INTERNATIONAL, CORP.Financial_Report.xls
10-Q - FORM 10-Q - RAINBOW INTERNATIONAL, CORP.rainbow10q2q12v1.htm
XML - IDEA: XBRL DOCUMENT - RAINBOW INTERNATIONAL, CORP.R3.htm
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EX-31 - EXHIBIT 31 - RAINBOW INTERNATIONAL, CORP.rainbow10q2q12ex31.htm
EX-32 - EXHIBIT 32 - RAINBOW INTERNATIONAL, CORP.rainbow10q2q12ex32.htm
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v2.4.0.6
Note 3 - Federal Income Tax
6 Months Ended
Nov. 30, 2012
Notes  
Note 3 - Federal Income Tax:

Note 3 - Federal income tax:

We follow Accounting Standards Codification regarding Accounting for Income Taxes. Deferred income taxes reflect the net effect of (a) temporary difference between carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carryforwards. No net provision for refundable Federal income tax has been made in the accompanying statement of loss because no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating loss carryforward has been recognized, as it is not deemed likely to be realized.

 

The provision for refundable Federal income tax consists of the following:

 

Three months ended November 30, 2011

Three months ended November 30, 2012

Refundable Federal income tax attributable to :

Current operations

($136)

($15,788)

Less, nondeductible expenses

0

0

  Less, change in valuation allowance

136

15,778

Net refundable amount

0

0

 

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows:

 

November 30, 2011

November 30, 2012

Deferred tax asset attributable to:

Net operating loss carryover

$136

$15,924

Less, Valuation allowance

-136

-15,924

Net deferred tax asset

0

0

 

At May 31, 2012, an unused net operating loss carryover approximating $46,835 is available to offset future taxable income; it expires beginning in 2031.