Annual report pursuant to Section 13 and 15(d)

PROVISION FOR INCOME TAXES

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PROVISION FOR INCOME TAXES
 12 Months Ended
Nov. 30, 2013
Income Tax Disclosure [Abstract]  
PROVISION FOR INCOME TAXES

NOTE 5 -  PROVISION FOR INCOME TAXES

 

The Company provides for income taxes under ASC 740, “Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations.

 

The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 34% to the net loss before provision for income taxes for the following reasons:

 

November 30,

2013

 

November 30,

2012

Income tax expense at statutory rate

$

(6,237)

$

(323)

Valuation allowance

 

6,237

 

323

Income tax expense per books

$

-

$

-

 

Net deferred tax assets consist of the following components as of:

 

 

November 30,

2013

 

November 30,

2012

NOL Carryover

$

18,346

$

950

Valuation allowance

 

(18,346)

 

(950)

Net deferred tax asset

$

-

$

-

 

Due to the change in ownership provisions of the Income Tax laws of United States of America, net operating loss carry forwards of approximately $18,345 for federal income tax reporting purposes are subject to annual limitations. When a change in ownership occurs, net operating loss carry forwards may be limited as to use in future years.  Net operating loss carry forwards begin to expire in 2032.