Quarterly report pursuant to sections 13 or 15(d)

Note 7 - Income Taxes

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Note 7 - Income Taxes
 3 Months Ended
Jun. 30, 2013
Notes  
Note 7 - Income Taxes

NOTE 7 – INCOME TAXES

 

As of June 30, 2013, the Company had net operating loss carry forwards of approximately $40,100 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 three months ended June 30, 2013 and 2012:

 

 

2013

2012

Federal income tax benefit attributable to:

 

 

Current operations

$         7,886            

$         1,664            

Less: valuation allowance

(7,886)

(1,664)

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:

 

 

June 30, 2013

March 31, 2013

Deferred tax asset attributable to:

 

 

Net operating loss carryover

$       13,648            

$        5,762            

Less: valuation allowance

(13,648)

(5,762)

Net deferred tax asset

$                0

$                0

 

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $40,100 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years.