BISON INSTRUMENTS INC - FORM 10-K - XML - IDEA: XBRL DOCUMENT - January 25, 2013

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v2.4.0.6
Note 4. Income taxes
 12 Months Ended
Oct. 31, 2012
Income Tax Disclosure [Text Block]
4.     Income taxes:

The Company’s statutory income tax rate is 38.4% (2011, 38.4%).

The tax effects of temporary differences, resulting from net operating loss carryforwards of approximately $1,240,500 (2011 - $1,996,500), that give rise to significant portions of deferred tax assets are approximately $476,000 (2011 - $767,000).  In 2012, the valuation allowance decreased approximately $291,000, composed of increases to allowances due to net operating loss carryforwards and to decreases due to expiration of net operating loss carryforwards.  The details at October 31, 2012 and 2011 are presented as follows:

             
   
2012
   
2011
 
             
Expected tax benefit using statutory rates
  $ (476,000 )   $ (767,000 )
Valuation allowance
    476,000       767,000  
                 
Deferred tax asset
  $ --     $ --  

The current year tax provision is as follows:

   
2012
   
2011
 
             
Expected tax benefit using statutory rates
  $ 27,000     $ 25,000  
Increase in valuation allowance
    (27,000 )     (25,000 )
                 
Current tax expense
  $ --     $ --  

Loss carry-forwards expire as follows:

2018
  $ 649,000  
2019
    2,000  
2020
    16,000  
2021
    47,000  
2022
    30,000  
2023
    33,000  
2024
    32,500  
2025
    60,000  
2026
    36,000  
2027
    44,000  
2028
    48,000  
2029
    53,000  
2030
    53,000  
2031
    66,000  
2032
    71,000  
    $ 1,240,500  

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