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XML - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.R20.htm
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EXCEL - IDEA: XBRL DOCUMENT - Gold Hill Resources, Inc.Financial_Report.xls
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EX-32.1 - EXHIBIT 32 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER - Gold Hill Resources, Inc.exhibit32.htm
EX-31.2 - EXHIBIT 31.2 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER - Gold Hill Resources, Inc.exhibit31_2.htm
EX-31.1 - EXHIBIT 31.1 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER - Gold Hill Resources, Inc.exhibit31_1.htm
EX-21.1 - EXHIBIT 21.1 LIST OF SUBSIDIARIES - Gold Hill Resources, Inc.exhibit21_1.htm
10-K - GOLD HILL RESOURCES, INC. FORM 10-K OCTOBER 31, 2013 - Gold Hill Resources, Inc.guldform10k131031.htm
v2.4.0.8
Income Taxes
12 Months Ended
Oct. 31, 2013
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 8 - INCOME TAXES

 

As of October 31, 2013 and 2012, the Company had net operating loss carry forwards for income tax reporting purposes of approximately $208,829 and $38,107 respectively that may be offset against future taxable income. These NOLs will begin to expire in the year ending October 31, 2033. Current tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs or a change in the nature of the business. Therefore, the amount available to offset future taxable income may be limited.

 

    2013   2012
Net operating loss carry forwards   $ 208,829     $ 38,107  
Less valuation allowance     (208,829 )     (38,107 )
    $ —       $ —    
                 

No tax benefit has been reported in the consolidated financial statements for the realization of loss carry forwards, as the Company believes there is high probability that the carry forwards will not be utilized in the foreseeable future. Accordingly, the potential tax benefits of the loss carry forwards are offset by a valuation allowance of the same amount.

The Company is primarily subject to U.S. federal and state income tax. As a result of the implementation of certain provisions of ASC 740, Income Taxes, (formerly FIN 48, Accounting for Uncertainty in Income Taxes – An Interpretation of FASB Statement No. 109), the Company performed an analysis of its tax liabilities and determined that there were no positions taken that it considered uncertain. Therefore, there were no unrecognized tax benefits as of October 31, 2012 and 2011, respectively.

Reconciliation between the provision for income taxes and the expected tax benefit using the federal statutory rate of 34% and state statutory rate of 7.6% for 2013 and 2012 is as follows:

 

    October 31,
    2013 and 2012
Income tax benefit at federal statutory rate     34 %
State income tax benefit, net of effect on federal taxes     7.6 %
Increase in valuation allowance     (41.6) %
Income tax expense     —