XML 47 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES
 6 Months Ended
Jun. 30, 2012
INCOME TAXES  
INCOME TAXES

NOTE 10 – INCOME TAXES

 

Through December 31, 2011, Stanford Energy, Inc. and the predecessor were not taxable entities for U.S. federal income tax purposes. Under Stanford Energy, Inc.’s S-corporation election and the predecessor’s tax status, income taxes were generally borne by the shareholders/owners and losses were generally deductible at the shareholder/owner level. Accordingly, no recognition has been given to federal income tax or benefit in the accompanying financial statements.