Argentine Neighborhood Development Association

PART X, LINE 2:

“The corporation is exempt from federal income tax under section 501(c)(3) of the internal revenue code and state income tax and has been classified as other than a private foundation. Accordingly, no provision for federal and state taxes on revenue and income has been recognized in the accompanying financial statements. Generally, the federal and state tax returns were subject to examinations from the three years after the later of the original or extended due date or the date filed with the applicable tax authority. Even though anda is recognized as tax exempt, it still may be liable for tax on its unrelated business income (ubi). Anda evaluates uncertain tax positions through its review of the sources of income to identify ubi and certain other matters, including those which may affect its tax exempt status. The effect of the uncertainty would be recorded if the outcome was considered probable and reasonably estimable. As of december 31, 2018, anda had no uncertain tax positions requiring accrual. The operating partnership is treated as a pass-through entity for income tax purposes and, as such, are not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by their owners on their respective income tax returns. This entity's federal tax status as a pass-through entity is based on its legal status as a limited partnership. Accordingly, this entity is not required to take any tax positions in order to qualify as a pass-through entity. This entity is required to file and does file tax returns with the internal revenue service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes, and this entity has no other tax positions which it must consider for disclosure. There has been no interest or penalties recognized in the statement of activities or statement of financial position for the year ended december 31, 2018. Generally, the federal returns are subject to examination for three years after the later of the original or extended due date or the date filed with the applicable tax authority.”