5. Income Taxes
The provision for income taxes for the years ended September 30, 2017 and 2016 was follows (assuming a 15%, and 3% effective tax rate for federal and state taxes, respectively):
| For the year ended September 30, 2017 | For the year ended September 30, 2016 | |||
| Tax Provision (Benefit): | ||||
| Current Federal-State | 0 | (3,279) | ||
| Deferred Tax Benefit | (6,014) | (9,992) | ||
| Change in valuation allowance | 6,014 | 9,992 | ||
| Total tax provision (benefit) | 0 | (3,279) | ||
| The Company had deferred income tax assets as September 30, 2017 as follows: | ||||
| Loss carry-forwards | $ (16,007) | |||
| Less - valuation allowance | 16,007 | |||
| Total net deferred tax assets | $ - | |||
The Company has net operating losses of $89,083 to carry-forward that expire in 2038.
The Company did not identify any material uncertain tax positions. The Company did not recognize any interest or penalties for unrecognized tax benefits.
The federal income tax returns of the Company are subject to examination by the IRS, generally for three years after they are filed. All returns since inception are still subject to examination.