Note 8: Income Taxes

12 Months Ended

Oct. 31, 2018

Note 8: Income Taxes

As of October 31, 2018, the Company had net operating loss carry forwards of approximately $42,397 that may be available to reduce future years’ taxable income in varying amounts through 2032. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.

The provision for Federal income tax consists of the following:

	October 31, 2018	October 31, 2017
Federal income tax benefit attributable to:
Current Operations	$ 4,725	$ 2,123
Less: valuation allowance	(4,725)	(2,123)
Net provision for Federal income taxes	0	0

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

	October 31, 2018	October 31, 2017
Deferred tax asset attributable to:
Net operating loss carryover	$ 8,903	$ 4,178
Less: valuation allowance	(8,903)	(4,178)
Net deferred tax asset	0	0

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $42,397 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.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

FUTURE INTERNATIONAL GROUP CORP. 10-K/A