NOTE 5: INCOME TAXES
As of December 31, 2015 the Company had net operating loss carry forwards of $41,500 that may be available to reduce future years’ taxable income through 2035. 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.
| Year Ended December 31, 2016 | Year Ended December 31, 2015 | ||
| Federal income tax benefit attributable to: | |||
| Current Operations | 0 | 0 | |
| Less: valuation allowance | 0 | 0 | |
| 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, 2016 | December 31, 2015 | ||
| Deferred tax asset attributable to: | |||
| Net operating loss carryover | 0 | 14,110 | |
| Less: valuation allowance | 0 | (14,110) | |
| 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 $55,610 for Federal income tax reporting purposes are subject to annual limitations should a change in ownership occur.