NOTE 7- INCOME TAXES

12 Months Ended

Dec. 31, 2011

NOTE 7- INCOME TAXES

During the years ended December 31, 2011 and 2010, the Company had losses of $215,834 and $13,913, respectively. The losses generated $(8,200) and $8,100 in deferred federal and state income tax provisions using a blended income tax rate of 37.25% after an allowance for deferred tax asset realization.

The components of income tax expense attributable to continuing operations for the years ended December 31, 2011 and 2010 are as follows:

	2011			2010
Deferred federal and state income tax benefit	$	66,500		$	8,100

Current state income tax expense		6,500
Change in allowance for deferred tax assets		(81,200	)		-

Provision for income tax (benefit)	$	(8,200	)	$	8,100

The net deferred income tax assets in the accompanying consolidated balance sheets include the following amount of deferred income tax assets at December 31, 2011 and 2010:

	December 30, 2011			December 31, 2010
Deferred income tax asset:
Net operating loss carry-forward	$	34,900		$	8,200
Accrued officer compensation		31,300			-
Stock-based compensation		14,900
Allowance on deferred tax assets		(81,100	)		-

	$	-		$	8,200

The net operating losses begin expiring in 2031.

- 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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+ Details

Immobiliare Global Investments, Inc. 10-K