INCOME TAXES	6 Months Ended
Jun. 30, 2011
INCOME TAXES _
INCOME TAXES __	CASINO PLAYERS, INC. NOTES TO FINANCIAL STATEMENTS June 30, 2011 NOTE 3: INCOME TAXES The provision for income taxes and the effective tax rates for the three months ended June 30, 2011 and 2010 were computed by applying the federal and state statutory corporate tax rates as follows: 2011 2010 ------- ------- Provisions for income taxes at statutory federal rate $0 $0 Valuation allowance - - ------- ------- Net income tax provision $ -0- $ -0- ======= ======= The reported income tax at the statutory rate 34% 34% State rate, net of federal income tax 5% 5% Valuation allowance -39% -39% ------- ------- Effective income tax rate 0% 0% ======= ======= Our Federal net operating loss ('NOL') carryforward balance as of December 31, 2010 was $900,000, expiring between 2011 and 2030. Management has reviewed the provisions of ASC 740 regarding assessment of their valuation allowance on deferred tax assets and based on that criteria determined that it does not have sufficient taxable income to offset those assets. Therefore, Management has assessed the realization of the deferred tax assets and has determined that it is more likely than not that they will not be realized. The Company adopted the provisions of ASC 740, previously FASB Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income Taxes, on January 1, 2007. Previously the Company has accounted for tax contingencies in accordance with Statement of Financial Accounting Standards 5, Accounting for Contingencies. The statute of limitations is still open on years 2006 and subsequent. The Company recognizes the financial statement impact of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than'not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. At the adoption date the Company applied ASC 740 to all tax positions for which the statute of limitations remained open. As a result of the implementation of ASC 740, the Company did not recognize a material increase in the liability for uncertain tax positions. The Company is subject to income taxes in the U.S. federal jurisdiction and the state of Florida. The tax regulations within each jurisdiction are subject to interpretation of related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local examinations by tax authorities for the years before 2007.

INCOME TAXES

6 Months Ended

Jun. 30, 2011

CASINO PLAYERS, INC. NOTES TO FINANCIAL STATEMENTS June 30, 2011 NOTE 3: INCOME TAXES The provision for income taxes and the effective tax rates for the three months ended June 30, 2011 and 2010 were computed by applying the federal and state statutory corporate tax rates as follows: 2011 2010 ------- ------- Provisions for income taxes at statutory federal rate $0 $0 Valuation allowance - - ------- ------- Net income tax provision $ -0- $ -0- ======= ======= The reported income tax at the statutory rate 34% 34% State rate, net of federal income tax 5% 5% Valuation allowance -39% -39% ------- ------- Effective income tax rate 0% 0% ======= ======= Our Federal net operating loss ('NOL') carryforward balance as of December 31, 2010 was $900,000, expiring between 2011 and 2030. Management has reviewed the provisions of ASC 740 regarding assessment of their valuation allowance on deferred tax assets and based on that criteria determined that it does not have sufficient taxable income to offset those assets. Therefore, Management has assessed the realization of the deferred tax assets and has determined that it is more likely than not that they will not be realized. The Company adopted the provisions of ASC 740, previously FASB Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income Taxes, on January 1, 2007. Previously the Company has accounted for tax contingencies in accordance with Statement of Financial Accounting Standards 5, Accounting for Contingencies. The statute of limitations is still open on years 2006 and subsequent. The Company recognizes the financial statement impact of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than'not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. At the adoption date the Company applied ASC 740 to all tax positions for which the statute of limitations remained open. As a result of the implementation of ASC 740, the Company did not recognize a material increase in the liability for uncertain tax positions. The Company is subject to income taxes in the U.S. federal jurisdiction and the state of Florida. The tax regulations within each jurisdiction are subject to interpretation of related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local examinations by tax authorities for the years before 2007.