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Note 7 - Income Taxes
12 Months Ended
Nov. 30, 2014
Notes  
Note 7 - Income Taxes

NOTE 7 – INCOME TAXES

 

As of November 30, 2014, the Company had net operating loss carry forwards of approximately $24,900 that may be available to reduce future years’ taxable income in varying amounts through 2031. 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, 2014

 

November 30, 2013

Federal income tax benefit attributable to:

 

 

Current Operations

$                8,466

$                       145

Less: valuation allowance

(8,466)

(145)

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, 2014

November 30, 2013

Deferred tax asset attributable to:

 

 

Net operating loss carryover

$             8,611

$                 145

Less: valuation allowance

(8,611)

(145)

Net deferred tax asset

$                     -

$                      -

 

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $24,900 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years.