INCOME TAX

12 Months Ended

Dec. 31, 2012

Income Tax

Note 5. INCOME TAX

The provision (benefit) for income taxes for the year ended December 31, 2012 and period from inception on July 5, 2011 to December 31, 2011 are as follows (assuming a 15% effective tax rate):

	Year ended December 31, 2012			Inception on July 5, 2011 to December 31, 2011
Current Tax Provision:
Federal-
Taxable income	$	—		$	—
Total current tax provision	$	—		$	—
Deferred Tax Provision:
Federal-
Loss carryforwards	$	16,409		$	560
Change in valuation allowance		(16,409	)		(560	)
Total deferred tax provision	$	—		$	—

The Company had deferred income tax assets as of December 31, 2012 and 2011 as follows:

	Year ended December 31, 2012			Inception on July 5, 2011 to December 31, 2011
Loss carryforwards	$	16,969		$	560
Less - valuation allowance		(16,969	)		(560	)
Total net deferred tax assets	$	—		$	—

The Company provided a valuation allowance equal to the deferred income tax assets, because it is not presently known whether future taxable income will be sufficient to utilize the loss carryforwards.

As of December 31, 2012, the Company had approximately $113,127 in tax loss carryforwards that can be utilized in future periods to reduce taxable income, which will expire starting from 2032.

The Company did not identify any material uncertain tax positions.  The Company did not recognize any interest or penalties for unrecognized tax benefits.