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NOTE 5. INCOME TAXES
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12 Months Ended |
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Dec. 31, 2012
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| Notes to Financial Statements | |
| NOTE 5. INCOME TAXES |
Deferred income taxes arise from the temporary differences between financial statement and income tax recognition of net operating losses. These loss carryovers are limited under the Internal Revenue Code should a significant change in ownership occur.
At December 31, 2011 and 2012 the Company had net operating loss carry forwards of approximately $2,041,000 and $5,063,000 respectively, which begin to expire in 2031. The deferred tax asset of at each date of $408,000 and $1,013,000 created by the net operating losses has been offset by a 100% valuation allowance. The change in the valuation allowance in 2011 and 2012 was approximately $199,000 and $605,000. |
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- Details
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- Definition
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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