12. Income Taxes	3 Months Ended
Oct. 31, 2012
Notes
12. Income Taxes	12. INCOME TAXES The Company is subject to United States income taxes, Canadian income taxes (to the extent of its operations in Canada) and Ugandan income taxes (to the extent of its operations in Uganda). The Company had no income tax expense during the reported periods due to net operating losses, which resulted in the deferred tax asset (before valuation allowance) and the valuation allowance both increasing by $22,937 in the three months ended October 31, 2012. The Company has a tax benefit from net operating losses carried forward of approximately $3,603,068 for United States tax purposes which will expire over the years 2025 through 2031 if not utilized and $828,441 for Ugandan tax purposes which may be carried forward indefinitely. No tax returns have been filed and all years are open for examination. The deferred tax asset of $4,431,509 (before valuation allowance) is fully reserved as there is no reasonable assurance of utilizing the losses in the future.

12. Income Taxes

3 Months Ended

Oct. 31, 2012

12. INCOME TAXES

The Company is subject to United States income taxes, Canadian income taxes (to the extent of its operations in Canada) and Ugandan income taxes (to the extent of its operations in Uganda). The Company had no income tax expense during the reported periods due to net operating losses, which resulted in the deferred tax asset (before valuation allowance) and the valuation allowance both increasing by $22,937 in the three months ended October 31, 2012.

The Company has a tax benefit from net operating losses carried forward of approximately $3,603,068 for United States tax purposes which will expire over the years 2025 through 2031 if not utilized and $828,441 for Ugandan tax purposes which may be carried forward indefinitely. No tax returns have been filed and all years are open for examination. The deferred tax asset of $4,431,509 (before valuation allowance) is fully reserved as there is no reasonable assurance of utilizing the losses in the future.

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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Reference 5: http://www.xbrl.org/2003/role/presentationRef

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+ Details

MAGNUS INTERNATIONAL RESOURCES, INC. 10-Q/A