Replies to post #99781 on Cannabis Science Inc (fka CBIS)

[BADALI]

No. They must file the tax return doesn't matter if they are making profit or loss.

[BADALI]

Under ASC Topic 740, “Income Taxes”, the Company in required to account for its income taxes through the establishment of a deferred tax asset or liability for the recognition of future deductible or taxable amounts and operating loss and tax credit carry forwards. Deferred tax expense or benefit is recognized as a result of timing differences between the recognition of assets and liabilities for book and tax purposes during the year.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9234605