5. INCOME TAXES

3 Months Ended

Mar. 31, 2015

5. INCOME TAXES

The provision for (benefit from) income taxes differs from the amount computed by applying the statutory United States federal income tax rate of 35% to income (loss) before income taxes. The sources of the difference follow:

	Three Months Ended March 31,
	2015			2014

Expected tax at 35%	$	(5,722	)	$	(15,729	)
Increase in valuation allowance		5,722			15,729
Income Tax provision	$	-		$	-

Significant components of the Company's deferred income tax assets are as follows:

	March 31, 2015			December 31, 2014

Net operating loss carryforward	$	41,211		$	35,490

Less valuation allowance		(41,211	)		(35,490	)

Income tax provision	$	-		$	-

Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. At March 31, 2015, the Company has a net operating loss carryforward of $117,747, which $16,348 expires in year 2013; $9,183 expires in year 2031, $15,577 expires in year 2032; $16,750 expires in year 2033; $59,889 expires in year 2034, and $16,348 expires in year 2035. Pursuant to ASC 740, the Company is required to compute tax asset benefits for net operating losses carried forward. Potential benefit of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years.

- 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

Altona Resources Inc. 10-Q