Quarterly report pursuant to Section 13 or 15(d)

Note 9 - Income Taxes

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Note 9 - Income Taxes
9 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
NOTE –
9
INCOME TAXES
 
Due to Milestone Scientific's history of operating losses, a full valuation allowances has been provided for all of Milestone Scientific's deferred tax assets At
September 30, 2017
and
December 31, 2016,
no
recognit
ion was given to the utilization of the remaining net operating loss carryforwards in each of these periods.
 
The utilization of Milestone Scientific's net operating losses
may
be subject to a substantial limitation due to the "change of ownership provisi
ons" under Section
382
of the Internal Revenue Code and similar state provisions. Such limitation
may
result in the expiration of the net operating loss carry forwards before their utilization. Milestone Scientific has established a
100%
valuation allowance for all of its deferred tax assets due to uncertainty as to their future realization.
 
As of
September 30, 2017
and
December 31, 2016,
state tax liability was approximately
$18,339
and
$63,000,
respectively. Such expense was recognized in the accompanying condensed consolidated financial statements.