Laserfiche WebLink
KERNS CONSTRUCTION AND PROPERTY MGMNT CORPORATION <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2014 <br />NOTE 12 - INCOME TAXES <br />The Company, with the consent of its stockholders, has elected to have its income taxed as an S <br />corporation under section 1372 of the Internal Revenue Code As such, the Company does not <br />pay corporate income taxes and is not allowed net operating tax loss carrybacks or carryovers as <br />deductions. Instead, the stockholders include their proportionate share of the Company's taxable <br />income or loss in their individual income tax returns. The Company's tax returns are subject to a <br />possible audit by various taxing authorities for three years after they were filed. <br />- 8 - <br />