NOTE 9 – INCOME TAXES
As of December 31, 2016, and December 31, 2015, the Company had net operating loss carry forwards of approximately $29,362 and $8,978 that may be available to reduce future years’ taxable income in varying amounts through 2031. 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:
| December 31, 2016 | December 31, 2015 | ||
| Federal income tax benefit attributable to: | |||
| Current Operations | $ 6,930 | $ 3,018 | |
| Less: valuation allowance | (6,930) | (3,018) | |
| 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 | $ 9,983 | $ 3,053 | |
| Less: valuation allowance | (9,983) | (3,053) | |
| 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 $29,362 as of December 31, 2016, compared to $8,978 as of December 31, 2015, 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.