Income Taxes

12 Months Ended

Dec. 31, 2013

NOTE 2 - INCOME TAXES

As of December 31, 2013 the Company had a net operating loss carry forward for income tax reporting purposes of approximately $202,342 that may be offset against future taxable income. The net operating loss will expire between 2021 and 2033. Current tax laws limit the amount of loss available to be offset against future taxable income when a substantial change in ownership occurs. Therefore, the amount available to offset future taxable income may be limited. No tax benefit has been reported in the financial statements, because the Company believes there is a 50% or greater chance the carry-forwards will expire unused. Accordingly, the potential tax benefits of the loss carry-forwards are offset by a valuation allowance of the same amount.

Deferred tax assets consisted of the following as of December 31, 2013 and 2012:

	2013			2012
Net Operating Losses	$	70,820		$	59,826
Valuation Allowance		(70,820	)		(59,826	)
Net Deferred Tax Asset	$	—		$	—

The Company evaluates its valuation allowance requirements based on projected future operations. When circumstances change and causes a change in management's judgment about the recoverability of deferred tax assets, the impact of the change on the valuation is reflected in current income.

- 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+ Details

Biolog, Inc 10-K