Society for Scholarly Publishing

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“The organization is a not-for-profit organization that is exempt from federal income taxes under section 501(c)(3) of the internal revenue code (irc) and state income taxes under regulations in the state of colorado. Therefore, the organization is not subject to federal or state income taxes in connection with its exempt activities. The organization is subject to taxes in connection with its net unrelated activities which generally include advertising income, net of expenses. See note 7. In addition, the organization is treated as an entity that is not a private foundation within the meaning of section 509(a) and qualifies for deductible contributions as provided in section 170(b)(1)(a)(vi). The standards on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under that guidance, the organization may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the organization and various positions related to the potential sources of unrelated business taxable income (ubti). The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as liabilities for the year ended december 31, 2013. Estimated tax payments for ubti during the year ended december 31, 2013 were $1,334. As of december 31, 2013, the organizations tax returns for the years ended december 31, 2010, 2011 and 2012 are subject to examination by taxing authorities.”