Note 5 - Income Taxes

12 Months Ended

Feb. 28, 2015

NOTE 5

INCOME TAXES

Deferred Tax Components

Significant components of the Company’s deferred tax assets are as follows at February 28, 2015:

Net operating loss carry-forward	$	61,932
Less valuation allowance		(61,932	)
Net deferred tax assets, February 28, 2015	$	-

Summary of valuation allowance:

Balance March 1, 2014	$	50,631
Additions for the year ended February 28, 2015		11,300
Balance, February 28, 2015	$	61,932

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

Net Operating Loss

The Company has approximately $265

,000 in net operating loss tax carry-forwards, which expire in various years beginning in 2024.

Examination

The Company’s tax returns are open to examination for the prior three years for Federal purposes, and four years for State purposes. The Company recognizes and measures uncertain tax positions using a more-likely-than-not approach. The Company had no material uncertain tax positions at February 28, 2015.

IMK GROUP, INC. 10-K