Plantation Lifecare Developers, Inc - FORM 10-K - XML - IDEA: XBRL DOCUMENT - April 25, 2012
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INCOME TAXES
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12 Months Ended | ||||||||||||||||||||||
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Dec. 31, 2010
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| Notes to Financial Statements | |||||||||||||||||||||||
| INCOME TAXES |
NOTE 2 - INCOME TAXES As of December 31, 2010 and 2009, the Company had a net operating loss carry forward for income tax reporting purposes of approximately $1,079,000 and $1,057,000 that may be offset against future taxable income. The net operating loss will expire between 2021 and 2028. 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.
The Company evaluates its valuation allowance requirements based on projected future operations. When circumstances change and causes 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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