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EX-31.2 - EXHIBIT 31.2 - Mindesta Inc.exhibit31-2.htm
EX-31.1 - EXHIBIT 31.1 - Mindesta Inc.exhibit31-1.htm
v2.4.0.8
INCOME TAXES
12 Months Ended
Dec. 31, 2013
INCOME TAXES [Text Block]

NOTE 8 – INCOME TAXES

As at December 31, 2013, the Company's deferred tax asset attributable to its net operating loss carry forward is approximately $589,761 (2012 - $400,007). This benefit has been fully offset by a valuation allowance based on management's determination that it is not more likely than not that some or all of this benefit will be realized. These losses expire as follows:

    $  
       
2028   34,341  
2029   365,666  
2033   189,753  
Total   589,761  

As at December 31, 2013, the Company's deferred tax asset attributable to capital loss carry forward is approximately $582,561 (2012 - $596,705). This benefit has been fully offset by a valuation allowance based on management's determination that it is not more likely than not that some or all of this benefit will be realized. These losses expire as follows:

    $  
       
2016   582,561  
Total   582,561  

For the years ended December 31, 2013 and 2012, a reconciliation of income tax benefit at the U.S. federal statutory rate to income tax benefit at the Company's effective tax rates is as follows.

    2013     2012  
             
Income (Loss) for the year   110,464     (1,003,188 )
             
Expected income tax expense (recovery)   37,337     (339,528 )
Non-deductible items   (72,584 )   8,214  
Change in estimates   17,753     176,767  
Distribution of Northern shares   -     2,291,318  
Change in valuation allowance   17,495     (2,136,771 )
Total income tax payable   -     -  

Deferred taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets (liabilities) at December 31, 2013 and 2012 are comprised of the following:

    2013     2012  
             
Net operating loss carryforward   200,519     136,002  
Capital loss carryforward   198,071     202,880  
Mineral Property Interest   234,761     276,974  
    633,351     615,856  
Valuation allowance   (633,351 )   (615,856 )
Deferred income tax asset   -     -  

Accounting for uncertainty for Income Tax

Effective January 1, 2009, we adopted the interpretation for accounting for uncertainty in income taxes which was an interpretation of the accounting standard accounting for income taxes. This interpretation created a single model to address accounting for uncertainty in tax positions. This interpretation clarifies the accounting for income taxes, by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements.

The Company files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. During 2011, the Company filed all statutory income tax returns outstanding. The Company had previously accrued and included in general and administrative expenses a total of $250,605 for penalties related to statutory income tax returns that have now been filed through the voluntary disclosure program with the Internal Revenue Service. The Internal Revenue Service has provided the Company with closing agreements, which have been signed, along with the Internal Revenue Service Officer's report showing no penalties would be levied or no further taxes would be owed; accordingly the Company has reversed the penalty accrual at December 31, 2013.

We do not have any unrecognized tax benefits or loss contingencies. Unrecognized tax benefits are not expected to increase or decrease within the next twelve months. Interest and penalties are included in general and administrative costs.