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EX-31.2 - EXHIBIT 31.2 - INNOVATIVE DESIGNS INCv331668_ex31-2.htm
EX-31.1 - EXHIBIT 31.1 - INNOVATIVE DESIGNS INCv331668_ex31-1.htm
EX-10.9 - EXHIBIT 10.9 - INNOVATIVE DESIGNS INCv331668_ex10-9.htm
EX-32.2 - EXHIBIT 32.2 - INNOVATIVE DESIGNS INCv331668_ex32-2.htm
EX-32.1 - EXHIBIT 32.1 - INNOVATIVE DESIGNS INCv331668_ex32-1.htm
EX-10.15 - EXHIBIT 10.15 - INNOVATIVE DESIGNS INCv331668_ex10-15.htm
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v2.4.0.6
INCOME TAXES
12 Months Ended
Oct. 31, 2012
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]
6. INCOME TAXES

 

In prior years the Company incurred net operating losses and, accordingly, no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. For the 2011 tax year, fiscal year end October 31, 2012, the Company had net operating loss carryforwards of approximately $2,566,000 for tax purposes. The carryforwards are available to offset taxable income of future periods and begin to expire after the Company’s 2024 tax year, fiscal year end October 31, 2025. Realization of the deferred tax benefit related to the carryforward is dependent upon the Company generating sufficient taxable income in the future, against which the loss can be offset, which is not guaranteed.

 

Deferred income taxes reflect the net tax effect of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as tax benefits of net operating loss carryforwards. The significant components of the Company’s deferred tax assets and liabilities relate to the following:

 

    2012     2011  
             
Net operating loss carryforward   $ 872,600     $ 879,400  
Depreciation     (200 )     (200 )
Net deferred tax assets before valuation allowance     872,400       879,200  
Less: Valuation allowance     (872,400 )     (879,200 )
                 
Net deferred tax assets   $ -     $ -  

 

For financial reporting purposes, the Company has incurred losses in previous years. Based on the available objective evidence, including the Company’s previous losses, management believes it is more likely than not that the net deferred tax assets will not be fully realizable. Accordingly, the Company provided for a full valuation allowance against its net deferred tax assets as of October 31, 2012 and 2011, respectively.

 

The effective income tax rate varied from the statutory Federal tax rate as follows:

 

    2012     2011  
             
Federal statutory rate     34 %     34 %
Effect of net operating losses     (34 )%     (34 )%
                 
Effective income tax rate     -       -  

 

The Company’s effective tax rate is lower than what would be expected if the federal statutory rate were applied to income (loss) before taxes, primarily due to net operating loss carryforwards.