Note 5. Income Taxes

Income tax provision (benefit) for the years ended November 30, 2014 and 2013 is summarized below:

	2014			2013
Current:
Federal	$	—		$	—
State		—			—
Total current		—			—
Deferred:
Federal		(18,330	)		(19,239	)
State		—			—
Total deferred		(18,330	)		(19,239	)
Increase in valuation allowance		18,330			19,239
Total provision	$	—		$	—

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate before provision for income taxes. The sources and tax effect of the differences are as follows:


	2014			2013

Income tax provision at the federal statutory rate		34.0	%		34.0	%
State income taxes, net of federal benefit		—	%		—	%
Effect of net operating loss		(34.0	%)		(34.0	%)
		—			—

There are open statutes of limitations for taxing authorities in federal and state jurisdictions to audit our tax returns from 2011 through the current period. Our policy is to account for income tax related interest and penalties in income tax expense in the statements of operations. There have been no income tax related interest or penalties assessed or recorded.

As of November 30, 2014 there are $140,028 in net operating losses expiring at varying times through November 30, 2034.