Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES

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INCOME TAXES
 3 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
NOTE 7 - INCOME TAXES

As of June 30, 2014, the Company had net operating loss carry forwards of approximately $15,986 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:

 

    June 30, 2014  
Federal income tax benefit attributable to:      
Current Operations   $ 5,435  
Less: valuation allowance     (5,435 )
Net provision for Federal income taxes   $ 0  

 

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows:

 

    June 30, 2014  
Deferred tax asset attributable to:      
Net operating loss carryover   $ 5,435  
Less: valuation allowance     (5,435 )
Net deferred tax asset   $ 0  

 

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $15,986 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.