Note 11- Income Taxes

3 Months Ended

Sep. 30, 2014

NOTE 11– INCOME TAXES

The Company had no income tax expense during the reported period due to net operating losses. A reconciliation of income tax expense to the amount computed at the statutory rates is as follows:

	September 30,
	2014	2013
Operating profit (loss) for the three month period ended September 30	$ (49,204)	$ (269,452)
Average statutory tax rate	34%	34%
Expected income tax provisions	$ (16,729)	$ (91,614)
Unrecognized tax gains (loses)	(16,729)	(91,614)
Income tax expense	$ -	$ -

The Company has net operating losses carried forward of approximately $3,975,067 for tax purposes which will expire in 2025 if not utilized beforehand.

- 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.

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Silverton Adventures, Inc. 10-Q