Nevada Gold Holdings, Inc. - FORM 10-K - XML - IDEA: XBRL DOCUMENT - April 16, 2012

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10-K - FORM 10-K ANNUAL REPORT - Nevada Gold Holdings, Inc.annualreport_10k.htm
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EX-32.1 - EXHIBIT 32.1 SECTION 906 CERTIFICATION - Nevada Gold Holdings, Inc.section906cert_ex32z1.htm
EX-31.1 - EXHIBIT 31.1 SECTION 302 CERTIFICATION - Nevada Gold Holdings, Inc.section302cert_ex31z1.htm
EX-21.1 - EXHBIT 21.1 SUBSIDIARIES OF THE REGISTRANT - Nevada Gold Holdings, Inc.subsidiaries_ex21z1.htm
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TD AMERITRADE HOLDING CORP - 8-K, Results of Operations and Financial Condition Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing Financial Statements and Exhibits
v2.4.0.6
INCOME TAX
 12 Months Ended
Dec. 31, 2011
INCOME TAX  
INCOME TAX

NOTE 9 – INCOME TAX

 

Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences.  Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases.  Deferred tax assets are reduced by a valuation  allowance when, in the opinion of management,  it is more likely than not that some  portion or all of the deferred tax assets will to be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

Net deferred tax assets consist of the following components as of December 31, 2011 and 2010:

 

  

 

 

2011

 

 

 

2010

 

Deferred tax assets:

 

 

 

 

 

 

 

 

NOL carryover

 

$

1,611,227

 

 

$

894,764

 

Valuation allowance                        

 

 

(1,611,227

)

 

 

(894,764

)

Net deferred tax asset

 

$

-

 

 

$

-

 

 

The income tax provision differs from the amount of income tax determined by applying the U.S. federal and state income tax rates of 39% to pretax income from continuing operations for the years ended December 31, 2011 and 2010 due to the following:

 

  

 

2011

 

 

2010

 

Income tax benefit at statutory rate

 

$

(716,463

)

 

$

(548,751

)

Valuation allowance

 

 

716,463

 

 

 

548,751

 

  

 

$

-

 

 

$

-

 

 

At December 31, 2011, the Company had net operating loss carryforwards of approximately $4 million that may be offset against future taxable income through 2032. No tax benefit has been reported in the December 31, 2011 financial statements since the potential tax benefit is offset by a valuation allowance of the same amount. Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for Federal income tax reporting purposes are subject to annual limitations.

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