INCOME TAXES

12 Months Ended

Dec. 31, 2012

Deferred tax attributes resulting from differences between financial accounting methods and tax basis of assets and liabilities at December 31, 2012 are as follows (rounded to the nearest hundred):

	December 31, 2012
Noncurrent Assets:
Net operating loss carry-forwards	$	583,000
Valuation Allowance	$	(583,000	)
Net Deferred Tax Asset	$	$0

At December 31, 2012, the Company had estimated net loss carry forwards of approximately $1,943,000 which expire between 2029 through 2031. Utilization of these net operating loss card forwards may be limited in accordance with IRC Section 382 in the event of certain shifts in ownership.

The reconciliation of federal statutory income tax rate to our effective income tax rate is as follows:

December 31, 2012	Amount			Percent
Book income at Federal Statutory Rate	$	(315,000	)		25	%
State Taxes, net of Federal Benefit	$	(63,000	)		5	%
Change in Valuation Allowances	$	378,000			(30	%)
	$	0			0	%

- 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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.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

Face Up Entertainment Group, Inc. 10-K