INCOME TAXES

12 Months Ended

Oct. 31, 2024

NOTE 7 – INCOME TAXES

The components of the Company’s provision for federal income tax for the years ended October 31, 2024 and 2023 consists of the following:

	October 31, 2024			October 31, 2023
Federal income tax benefit attributable to:
Current operations	$	43,707		$	9,412
Less: valuation allowance		(43,707	)		(9,412	)
Net provision for federal income taxes	$	-		$	-

The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax amount is as follows:

	October 31, 2024			October 31, 2023
Deferred tax asset attributable to:
Net operating loss carryover	$	9,178		$	1,977
Less: valuation allowance		(9,178	)		(1,977	)
Net deferred tax asset	$	-		$	-

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $43,707 as of October 31, 2024, for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years.

Our company is registered with the IRS and holds an EIN for tax purposes. We file all required tax returns as per federal and state regulations. As an online platform facilitating connections between tourists and independent guides, we operate as a service provider. The independent guides are responsible for managing their own tax obligations, including any state taxes related to income earned from tourism activities in Georgia. However, we will review the nexus implications and ensure compliance if any additional obligations arise for our platform.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

KHEOBA CORP. 10-K