8. INCOME TAXES

12 Months Ended

Aug. 31, 2014

NOTE 8. INCOME TAXES

The provision for income taxes consisted of the following:

	For the year ended August 31,
	2014		2013

Current	$	332,871	$	468,033
Deferred		—		—
	$	332,871	$	468,033

The Company is required to file income tax returns in both the PRC and the United States. PRC tax filings for the tax year ended December 31, 2013 were examined by the PRC tax authorities before May 31, 2014. The tax filings were accepted and no adjustments were proposed by the PRC tax authorities.

The Company did not generate any income in the United States or otherwise have any U.S. taxable income. The Company does not believe that it has any U.S. federal income tax liabilities with respect to any transactions that the Company or any of its subsidiaries may have engaged in through August 31, 2014. However, there can be no assurance that the IRS will agree with this position, and therefore the Company ultimately could be liable for U.S. federal income taxes, interest and penalties.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

China Tianfeihong Wine Inc 10-K