SILLENGER EXPLORATION CORP. - FORM 10-K - XML - IDEA: XBRL DOCUMENT - June 13, 2012

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v2.4.0.6
Income Taxes
 12 Months Ended
Feb. 28, 2012
Notes to Financial Statements  
Income Taxes

 

9      
Income Taxes
 
Income taxes differ from the amount that would be computed by applying the Federal statutory income tax rate of 35% as of February 29, 2012 and  February 28, 2011.  The reasons for the differences are as follows:

   
2012
    
2011
  
             
Income (loss) before income taxes
   $ 2,208,632     $ (2,736,483 )
                 
Income tax expense (recovery) at Federal statutory income tax rate
   $ 773,021       (957,769 )
Tax effect of non-deductible expenses
     19,250       15,750  
       Recognition of tax attributes       72,999        -  
Change in valuation allowance
     (865,270 )     942,019  
    $ -     $ -  
 
Deferred tax asset and liability consist of the following:

   
2012
    
2011
  
             
Loss carryforwards
   $ 152,810     $ 945,081  
Investment
     (72,999 )     -  
    Valuation allowance
     (79,811 )      (945,081 ) 
    $ -     $ -  

As of February 29, 2012, the Company had net operating loss carryforwards of $436,599 available to offset future taxable income. These loss carryforwards expire in 2031.

The tax years 2007 through 2011 remain open to examination by the major taxing jurisdictions in which the Company operates. The Company expects no material changes to unrecognized tax positions within the next twelve months. As the Company is based in Canada, there are no material state net operating loss carryforwards.

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