Replies to post #158254 on On4 Communications Inc (ONCI)

[zombywolf]

The only problem is that there is no audit going on, nor will there ever be one. As a result, there should be no impedance to filing tax forms.

[zombywolf]

[QTRADERQ]

Nice talking to you as well. You sound like you have a wealth of public accounting experience and are a CPA.

Every fact you posted was correct. The only thing I wish to clarify is if Steve filed a Form 7004 for an automatic 2 month extension he could still post the extension form on Twitter to show 1) the Form 1120 was put on extension, and 2) compliance with the IRS.

TAX LIABILITY
As most know, ONCI will not owe Federal tax because of their NOL Carryforward. So their tentative tax reported on the extension form would be zero. Otherwise, we could have (been creative and) used the tax number to reasonably back into the revenue number to be reported on the Form 1120 (when filed). Unfortunately, that's not the case.

As always. JMO
$ONCI