Annual report pursuant to Section 13 and 15(d)

Income Taxes

v2.4.0.8
Income Taxes
 12 Months Ended
Jul. 31, 2014
Income Taxes:  
Income Tax Disclosure

NOTE 5 – INCOME TAXES

 

As of July 31, 2014, the Company had net operating loss carry forwards of approximately $27,185 that may be available to reduce future years’ taxable income in varying amounts through 2033. 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:

 

 

 

July 31,

2014

 

 

July 31, 2013

Federal income tax benefit attributable to:

 

 

 

 

 

Current Operations

$

9,173

 

 

70

Less: valuation allowance

 

(9,173)

 

 

(70)

Net provision for Federal income taxes

$

-

 

 

-

 

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

 

 

 

July 31,

2014

 

 

July 31, 2013

Deferred tax asset attributable to:

 

 

 

 

 

Net operating loss carryover

$

9,243

 

 

70

Less: valuation allowance

 

(9,243)

 

 

(70)

Net deferred tax asset

$

-

 

 

-

 

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $27,185 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.