Our City Reading Inc

“As a not-for-profit organization, the organization is generally exempt from federal and state income taxes. The organization is subject to federal and state income taxes on unrelated business income. The organization recognizes penalties and interest accrued related to income tax liabilities in the provision (benefit) for income taxes in its consolidated statement of activities and changes in net assets. For the years ended december 31, 2024 and 2023, there were no accruals for the payments of penalties and interest. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities while others are subject to uncertainty about the merits of the position taken or the amount of the position that would ultimately be sustained. The benefit of a tax position is recognized in the consolidated financial statements in the period during which, based on all available evidence, management believes it is more-likely-than-not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying consolidated statement of financial position, along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The organization files tax returns in the u.s. Federal jurisdiction. The organization's income tax returns are not subject to examination through the year ended december 31, 2021.”

“Goggleworks apartments llc 897,403. Our city reading - sovereign bank building rental expenses 854,568. Goggleworks shops llc rental expenses 296,340. Reading hospitality income 16,851,252. Reading hospitality management company income 7,373,750. Taxes paid -75,170. Depreciation book/tax -3,569.”

“1% investment in goggleworks apartments llc -110. 99.9% investment in readings future llc .01% investment in reading hospitality llc -18. Intercompany eliminations 7,799,119.”

“Goggleworks apartments llc 1,920,723. Our city reading - sovereign bank building rental expenses 854,568. Goggleworks shops llc rental expenses 296,340. Reading hospitality expenses 17,031,474. Book tax differences - penn square mt, expensed for book 4,486. Reading futures book loss reading hospitality management company expenses 7,373,750.”

“Eliminations from gwa 7,874,118.”