NOTE 4 – INCOME TAXES
As of February 28, 2017, the Company has estimated tax loss carry forwards for tax purpose of approximately $308,000, which expire beginning in 2031. These amounts may be applied against future taxable income. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization has not been determined to be more likely than not to occur.
The Company’s income tax returns are subject to examination by the relevant taxing authorities as follows: U.S. Federal income tax returns for tax years 2013 and forward. The State of Nevada has no corporate income tax. There are currently no income tax examinations underway for these jurisdictions.
The actual income tax provisions differ from the expected amounts calculated by applying the statutory income tax rate to the Company’s loss before income taxes. The components of these differences are as follows:
| 2017 | 2016 | |||||||
| Net operating loss | $ | 50,600 | $ | 64,300 | ||||
| Statutory tax rate | 34 | % | 34 | % | ||||
| Refundable federal income tax attributable to current operations | 17,200 | 21,900 | ||||||
| Change in valuation allowance | (17,200 | ) | (21,900 | ) | ||||
| Net refundable amount | $ | - | $ | - | ||||
| 2017 | 2016 | |||||||
| Deferred tax asset attributed to: | ||||||||
| Net operating loss | $ | 104,500 | $ | 87,300 | ||||
| Less: valuation allowance | (104,500 | ) | (87,300 | ) | ||||
| Net deferred tax asset | $ | - | $ | - | ||||