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EXCEL - IDEA: XBRL DOCUMENT - Press Ventures, Inc.Financial_Report.xls
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10-K - ANNUAL REPORT - Press Ventures, Inc.pven-10k_103112.htm
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EX-31.1 - CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER - Press Ventures, Inc.ex31-1.htm
EX-32.1 - CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER - Press Ventures, Inc.ex31-2.htm
v2.4.0.6
INCOME TAXES (Tables)
12 Months Ended
Oct. 31, 2012
Income Taxes Tables  
Schedule of Components of Income Tax
The components of the deferred tax asset, the statutory tax rate, the effective tax rate and the elected amount of the valuation allowance are indicated below (rounded to 000’s):
 
   
For the Year Ended 
October 31, 2012
   
For the Year Ended
October 31, 2011
 
Net operating loss
  $ 27,000     $ 35,000  
Statutory tax rate
    34 %     34 %
Refundable federal income tax attributable to current operations
    9,000       12,000  
Change in valuation allowance
    (9,000 )     (12,000 )
Net refundable amount
  $ -     $ -  
 
Schedule of Deferred Tax Assets
The cumulative tax effect at the expected rate of 34% of significant items comprising the net deferred tax amount is:
 
   
October 31, 2012
   
October 31, 2011
 
Deferred tax asset attributed to:
           
  Net operating loss
  $ 23,000     $  14,000  
  Less, valuation allowance
    (23,000 )     (14,000 )
Net deferred tax assets
  $ -     $ -