MERCARI COMMUNICATIONS GROUP LTD - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - January 17, 2012

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10-Q - 10-Q - MERCARI COMMUNICATIONS GROUP LTDq_1111.htm
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INCOME TAXES
 6 Months Ended
Nov. 30, 2011
Notes to Financial Statements  
INCOME TAXES

 

As of May 31, 2011, the Company had a net operating loss carry forward for income tax reporting purposes of approximately $143,000 that may be offset against future taxable income through 2031. Current tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited. No tax benefit has been reported in the financial statements, because the Company believes there is a 50% or greater chance the carry-forwards will expire unused. Accordingly, the potential tax benefits of the loss carry-forwards are offset by a valuation allowance of the same amount.

 

   2011  2010
 Net Operating Losses  $21,450   $18,750 
 Valuation Allowance   (21,450)   (18,750)
   $—     $—   

 

The provision for income taxes differs from the amount computed using the federal US statutory income tax rate as follows:

 

   2011  2010
 Provision (Benefit) at US Statutory Rate  $(3,000)  $(3,000)
 Increase (Decrease) in Valuation Allowance   3,000    3,000 
   $—     $—   

 

 

The Company evaluates its valuation allowance requirements based on projected future operations. When circumstances change and cause a change in management’s judgment about the recoverability of deferred tax assets, the impact of the change on the valuation is reflected in current income.

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