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Note 2 - Summary of Significant Accounting Policies: F. Income Taxes (Policies)
12 Months Ended
Dec. 31, 2015
Policies  
F. Income Taxes

f. Income Taxes

 

Income taxes are provided in accordance with ASC 740, Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities.

 

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

No provision was made for Federal income tax. The Company recorded minimum franchise tax due to the State of New York, that amount is $250.