CCJ Acquisition Corp. - FORM 10-K/A - XML - IDEA: XBRL DOCUMENT - September 27, 2012
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Note 3 - Income Taxes
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12 Months Ended |
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May 31, 2012
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| Note 3 - Income Taxes | |
| Note 3 - Income Taxes | At May 31, 2012, the Company had a net operating loss carry–forward for Federal income tax purposes of $1,765 that may be offset against future taxable income that will start phasing out in 2031 No tax benefit has been reported with respect to these net operating loss carry-forwards in the accompanying financial statements because the Company believes that the realization of the Company’s net deferred tax assets of $600, calculated at an effective tax rate of 34%, was not considered more likely than not and accordingly, the potential tax benefits of the net loss carry-forwards are fully offset by a valuation allowance of $600.
Deferred tax assets consist primarily of the tax effect of NOL carry-forwards. The Company has provided a full valuation allowance on the deferred tax assets because of the uncertainty regarding its realizability. |
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