Income Tax Provision

12 Months Ended

Dec. 31, 2012

11. Income Tax Provision

Deferred income tax assets and liabilities consist of the following at December 31, 2011 and 2010:

	2012			2011
Deferred Tax asset		3,724,850		$	2,574,794
Valuation allowance		(3,724,850	)		(2,574,794	)
Net deferred tax assets		0			0

The Company estimates that it has an NOL carry forward of approximately $10,642,428 that begins to expire in 2027.

After evaluating any potential tax consequence from our former subsidiary and our own potential tax uncertainties, the Company has determined that there are no material uncertain tax positions that have a greater than 50% likelihood of reversal if the Company were to be audited. The Company believes that it is current with all payroll and other statutory taxes. Our tax return for the years ended December 31, 2004 to December 31, 2012 may be subject to IRS audit.

- 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

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

EGPI FIRECREEK, INC. 10-K