As of November 30, 2016 the Company had net operating loss carry forwards of $74,988 that may be available to reduce future years’ taxable income through 2036. The years 2014 to 2015 remain subject to examination by the Company’s major tax jurisdictions. 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:
|
November 30, 2016 |
November 30, 2015 |
|||||||
| Federal income tax benefit (at 34%) attributable to: | ||||||||
| Current Operations - net loss | $ | 20,379 | $ | 4,928 | ||||
| Less: change in valuation allowance | (20,568 | ) | (4,928 | ) | ||||
| Other differences | 189 | - | ||||||
| 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:
November 30, 2016 |
November 30, 2015 |
|||||||
| Deferred tax asset attributable to: | ||||||||
| Net operating loss carryover | $ | 25,496 | $ | 4,928 | ||||
| Less: valuation allowance | (25,496 | ) | (4,928 | ) | ||||
| $ | - | $ | - | |||||