LITTLEFIELD CORP - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - November 13, 2012

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EXCEL - IDEA: XBRL DOCUMENT - LITTLEFIELD CORPFinancial_Report.xls
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NOTE 12 - INCOME TAXES.
 9 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Text Block]

NOTE 12 – INCOME TAXES.

The Company recorded approximately $28,000 and $43,000 of state income tax expense, respectively, for the nine months ended September 30, 2012 and 2011.  The Company does not expect to incur significant federal income tax charges until the utilization of its accumulated federal income tax loss carry-forwards, which totaled approximately $13,800,000 at December 31, 2011, and begin expiring in the year 2017.

FASB ASC 740, Income Taxes (FASB ASC 740) addresses the accounting for uncertainty in income taxes recognized in an entity’s financial statements and prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken or expected to be taken on a tax return. If a tax position is more likely than not to be sustained upon examination, then an enterprise would be required to recognize in its financial statements the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. As of September 30, 2012, the Company did not recognize a liability for uncertain tax positions.  We do not expect our unrecognized tax benefits to change significantly over the next twelve months.  The tax years 2008 through 2011 remain open to examination by the major taxing jurisdictions in which we file income tax returns.

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