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INCOME TAXES | 12 Months Ended
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Dec. 31, 2015
INCOME TAXES |
INCOME TAXES | NOTE H – INCOME TAXES At December 31, 2015, the Company had net operating loss carry forwards of approximately $9.3 million, which expire between 2016 and 2030. Forms 1120, U.S, Corporation Income Tax Returns, for the years ending December 31, 2015, 2014, 2013 are subject to examination, by the IRS, generally for three years after they are filed.
The following table presents the principal reasons for the difference between the Company's effective |
tax rate and the United States statutory income tax rate. |  |  |  |  |  |  |  |  |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Earned income tax at statutory rate |  | $ | 0 |  |  | $ | 0 |  |  | $ | 149 |
Net operating loss utilization |  |  | 0 |  |  |  | 0 |  |  |  | (149 | )
Deferred tax asset from NOL carry forwards |  |  | 3,270 |  |  |  | 2,927 |  |  |  | 2,464 |
Valuation allowance |  |  | (3,270 | ) |  |  | (2,927 | ) |  |  | (2,464 | )
Reported income tax expense (benefit) |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Effective income tax rate |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
The Company believes that it is more likely than not the benefit of NOL carryforwards will not
be realized. Therefore, a valuation allowance on the related deferred tax assets has been recorded.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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