Black Sea Metals Inc. - FORM 10-K - XML - IDEA: XBRL DOCUMENT - March 14, 2012

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EX-32.1 - EXHIBIT 32.1 - Black Sea Metals Inc.exhibit32-1.htm
EX-31.1 - EXHIBIT 31.1 - Black Sea Metals Inc.exhibit31-1.htm
v2.4.0.6
Income Taxes
 12 Months Ended
Nov. 30, 2011
Income Taxes [Text Block]
15.

Income Taxes

   
 

The Company accounts for income taxes under ASC 740, Income Taxes . Deferred income tax assets and liabilities are determined based upon differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Income tax expense differs from the amount that would result from applying the U.S federal and state income tax rates to earnings before income taxes. The Company has a net operating loss carryforward of approximately $1,156,245 available to offset taxable income in future years which expire through fiscal 2030. Pursuant to ASC 740, the potential benefit of the net operating loss carryforward has not been recognized in the financial statements since the Company cannot be assured that it is more likely than not that such benefit will be utilized in future years.

   
 

The Company is subject to United States federal and state income taxes at an approximate rate of 35%. The reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Company’s income tax expense as reported is as follows:

               
      November 30,     November 30,  
      2011     2010  
      $      $   
  Income tax recovery at statutory rate $  (90,600 ) $  15,700  
  Accretion on convertible debentures   (300 )   (1,600 )
  Provision for loan receivable   14,600     18,000  
  Stock-based compensation   (12,600 )   –  
  Valuation allowance change   88,900     (32,100 )
  Provision for income taxes $  –   $  –  

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred income taxes arise from temporary differences in the recognition of income and expenses for financial reporting and tax purposes. The significant components of deferred income tax assets and liabilities at November 30, 2011 and 2010 are as follows:

    November 30,     November 30,  
    2011     2010  
    $      $   
Net operating loss carryforward $  404,700   $  493,600  
Valuation allowance   (404,700 )   (493,600 )
Net deferred income tax asset $  –   $  –  

 

The Company has recognized a valuation allowance for the deferred income tax asset since the Company cannot be assured that it is more likely than not that such benefit will be utilized in future years. The valuation allowance is reviewed annually. When circumstances change and which cause a change in management\'s judgment about the realizability of deferred income tax assets, the impact of the change on the valuation allowance is generally reflected in current income.

   

 

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