INCOME TAXES

3 Months Ended

Sep. 30, 2024

NOTE F - INCOME TAXES

The Company has a net operating loss carried forward of $473,022 available to offset taxable income in future years which commence expiring in fiscal 2030.

The income tax benefit has been computed by applying the weighted average income tax rates of the United States (federal and state rates) of 21% to the net loss before income taxes calculated for each jurisdiction. The tax effect of the significant temporary differences, which comprise future tax assets and liabilities, are as follows:

	Three Months Ended
	September 30,
Deferred Tax	2024			2023
Income tax recovery at statutory rate	$	263		$	2,870
Valuation allowance change	$	(263	)	$	(2,870	)
Provision for income taxes	$	-		$	-

The significant components of deferred income tax assets and liabilities as at September 30, 2024 and 2023, respectively, are as follows:

Net operating loss carried forward	$	99,335		$	93,401
Valuation Allowance	$	(99,335	)	$	(93,401	)
Net deferred income tax asset	$	0		$	0

Note: The Net Operating Loss Carryforward was adjusted to agree to the NOL on the tax return. The NOL for the last fiscal year previously was an estimate based on the book P&L.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

First America Resources Corp 10-Q