Quarterly report pursuant to sections 13 or 15(d)

Income Taxes

v2.4.0.8
Income Taxes
 9 Months Ended
Dec. 31, 2013
Income Taxes  
Income taxes

NOTE 7 – INCOME TAXES

 

As of December 31, 2013, the Company had net operating loss carry forwards of approximately $47,071 that may be available to reduce future years’ taxable income in varying amounts through 2032. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.

 

The provision for Federal income tax consists of the following for the nine months ended December 31, 2013 and 2012:

 

         
    2013   2012
Federal income tax benefit attributable to:                
Current operations   $ 10,459     $ 2,694  
Less: valuation allowance     (10,459 )     (2,694 )
Net provision for Federal income taxes   $ 0     $ 0  

  

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

 

         
    December 31, 2013   March 31, 2013
Deferred tax asset attributable to:                
Net operating loss carryover   $ 16,222     $ 5,762  
Less: valuation allowance     (16,222 )     (5,762 )
Net deferred tax asset   $ 0     $ 0  

 

Due to the change in ownership provisions of the Tax Reform Act of 1986 (the “IRC”), net operating loss carry forwards of approximately $41,636 for Federal income tax reporting purposes are subject to annual limitations. Utilization of these net operating loss carry forwards is limited in accordance with IRC Section 382 based upon the shift in ownership as of January 15, 2014.