Quarterly report pursuant to Section 13 or 15(d)

Note 2 - Significant Accounting Policies: Income Taxes (Policies)

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Note 2 - Significant Accounting Policies: Income Taxes (Policies)
9 Months Ended
Dec. 31, 2015
Policies  
Income Taxes

Income Taxes

 

The Parent is subject to U.S. income taxes on a stand-alone basis.  The Parent and its Subsidiaries file separate stand-alone tax returns in each jurisdiction in which they operate.  One Subsidiary is a corporation operating in Canada and is subject to Canadian income taxes on its stand-alone taxable income.  The effective rates of income tax expense (benefit) are 27% and 26% for the nine months ended December 31, 2015 and 2014, respectively.

 

The Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. Deferred income taxes are provided for temporary differences in the basis of assets and liabilities as reported for financial statement and income tax purposes. Deferred income taxes reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings, if any. The Company makes estimates and judgments in determining the need for a provision for income taxes, including the estimation of taxable income for each full fiscal year.