Accelerated Acquisition XVII, Inc. - FORM 10-K - XML - IDEA: XBRL DOCUMENT - December 28, 2012

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10-K - ANNUAL REPORT - Accelerated Acquisition XVII, Inc.aaxvii10k9302012_12202012.htm
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INCOME TAXES
 12 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 4 - INCOME TAXES

 

The Company has incurred net operating losses since inception. The Company has not reflected any benefit of such net operating loss carry forward in the financial statements.  

 

In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income.

  

Based on the level of historical taxable losses and projections of future taxable income (losses) over the periods in which the deferred tax assets can be realized, management currently believes that it is more likely than not that the Company will not realize the benefits of these deductible differences. Accordingly, the Company has provided a valuation allowance against the gross deferred tax assets as follows:   

September 30,

2012

  

 

Gross deferred tax assets 

     2,769   

 

Valuation allowance 

     (2,769)  
Net deferred tax asset      —

 

 

 

As of September 30, 2012, the Company had a net operating loss carryforward of approximately $2,769, which will begin to in the tax year 2028.

 

Federal tax laws impose significant restrictions on the utilization of net operating loss carryforwards and research and development credits in the event of a change in ownership of the Company, as defined by the Internal Revenue Code Section 382. The Company’s net operating loss carryforwards and research and development credits may be subject to the above limitations.

 

             The relevant FASB standard resulted in no adjustments to the Company’s liability for unrecognized tax benefits. As of the date of adoption and as of September 30, 2012 there were no unrecognizable tax benefits. Accordingly, a tabular reconciliation from beginning to ending periods is not provided. The Company will classify any future interest and penalties as a component of income tax expense if incurred. To date, there have been no interest or penalties charged or accrued relation to unrecognized tax benefits.  The Company is subject to federal and state examinations for the year 2008 forward. There are no tax examinations currently in progress.

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