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Income Taxes

12 Months Ended

Dec. 31, 2014

Note H - Income Taxes

As of December 31, 2014, the Company has a net operating loss carryforward of approximately $43,000 to offset future taxable income after the effect of the August 2013 change in control transaction. The amount and availability of any net operating loss carryforwards will be subject to the limitations set forth in the Internal Revenue Code. Such factors as the number of shares ultimately issued within a three year look-back period; whether there is a deemed more than 50 percent change in control; the applicable long-term tax exempt bond rate; continuity of historical business; and subsequent income of the Company all enter into the annual computation of allowable annual utilization of any net operating loss carryforward(s).

The Company's income tax expense (benefit) for the years ended December 31, 2014 and 2013 varied from the statutory rate of 34% as follows:

	Year Ended
	December 31,
	2014			2013
Statutory rate applied to income before income taxes	$	(7,800	)	$	(4,200	)
Increase (decrease) in income taxes resulting from:
State income taxes
Other, including reserve for deferred tax asset and application of net operating loss carryforward		7,800			4,200
Income tax expense	$	-		$	-

The Company’s only temporary difference due to statutory requirements in the recognition of assets and liabilities for tax and financial reporting purposes, as of December 31, 2014 and 2013, respectively, relate solely to the Company’s net operating loss carryforward(s). This difference gives rise to the financial statement carrying amounts and tax bases of assets and liabilities causing either deferred tax assets or liabilities, as necessary, as of December 31, 2014 and 2013, respectively:

	December 31,			December 31,
Deferred tax assets	2014			2013
Net operating loss carryforwards	$	14,600		$	6,800
Less valuation allowance		(14,600	)		(6,800	)
Net Deferred Tax Asset	$	-		$	-

During the year ended December 31, 2014 and 2013, respectively, the valuation allowance for the deferred tax asset increased by approximately $7,800 and $4,200. Open tax years are from 2007 to 2014.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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