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Income Taxes

9 Months Ended

May 31, 2014

Note 7. Income Taxes

The Company’s provision for income tax (benefit)/expense for the three and nine months ended May 31, 2014 is based on the estimated effective tax rate for the fiscal year ending August 31, 2014. Due to the sale of the Sylmar Properties, it became more likely that not that the deferred tax assets relating to capital loss carryforwards would be utilized. As such during the three months ended May 31, 2014, the Company released a valuation allowance of $1,557,000 on related deferred tax assets.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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