INCOME TAXES

9 Months Ended

Sep. 30, 2014

The provision (benefit) for income taxes for the nine month periods ended September 30, 2014 and 2013 were as follows (assuming a 15% effective tax rate):

	2014			2013
	$			$
Current Tax Provision
Federal-
Taxable income
Total current tax provision		-			-
		-			-
Deferred Tax Provision
Federal-
Loss carry forwards		4,192			3,252
Change in valuation allowance		(4,192	)		(3,252	)
Total deferred tax provision		-			-

The Company had deferred income tax assets as of September 30, 2014 and December 31, 2013 as follows:

	2014			2013
	$			$
Loss carry forwards		8,163			3,971
Less - Valuation allowance		(8,163	)		(3,971	)
		-			-

The Company provided a valuation allowance equal to the deferred income tax assets for periods ended September 30, 2014 and December 31, 2013 because it is not presently known whether future taxable income will be sufficient to utilize the loss carryforwards.

As of September 30, 2014, the Company had approximately $54,418 in tax loss carryforwards that can be utilized future periods to reduce taxable income, and expire by the year 2034.

The Company did not identify any material uncertain tax positions. The Company did not recognize any interest or penalties for unrecognized tax benefits.

The federal income tax returns of the Company are subject to examination by the IRS, generally for three years after they are filed.

- 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

Lollipop Corp 10-Q