Note 7 Income Taxes
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12 Months Ended |
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Dec. 31, 2013
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Notes | |
Note 7 Income Taxes |
Note 7 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, 2013 and 2012 the Company had net operating loss carryforwards of approximately $35,000 and $22,000 which will begin to expire in 2030. The deferred tax asset of approximately $7,000 and $4,400 as of December 31, 2013 and 2012, respectively, created by the net operating losses has been offset by a 100% valuation allowance. The change in the valuation allowance for the years ended December 31, 2013 and 2012 was $2,600 and $1,900, respectively. |