Income taxes

3 Months Ended

Mar. 31, 2025

8.	Income taxes:

The components of the Company’s provision for federal income tax for the periods ended March 31, 2025 and 2024 consist of the following:

	March 31, 2025			March 31, 2024
Federal income tax benefit attributable to:
Current operations	$	112,786		$	83,382
Less: valuation allowance		(112,786	)		(83,382	)
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:

Schedule of deferred tax assets	March 31, 2025			March 31, 2024
Deferred tax asset attributable to:
Net operating loss carryover	$	23,685		$	17,510
Less: valuation allowance		(23,685	)		(17,510	)
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 $112,786 as of March 31, 2025, 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

The entire disclosure for income tax.

+ References

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+ Details

LEGEND SPICES, INC. 10-Q