Jackson Manor Apartment Inc.

“Jackson Manor Apartments, Inc.is exempt from corporate Federal income taxes under Section 501(c)(3) of the Internal Revenue Code and from Mississippi income taxes. Therefore, no provision has been made for Federal or Mississippi corporate income taxes in the accompanying financial statements. In addition, Jackson Manor, Inc. has been determined by the Internal Revenue Service not to be a "private foundation" within the meaning of Section 509(a) of the Code. It is management's opinion that there are no activities that would subject the organization to the unrelated business income tax. Jackson Manor, Inc. has adopted recently issued accounting principles related to uncertain tax positions for the year ended December 31, 2019, and has evaluated its tax positions taken for all open tax years. Currently, the 2016, 2017 and 2018 tax years are open and subject to examination by the Internal Revenue Service; however, the Organization is not currently under audit nor has the Organization been contacted by any of these jurisdictions. Based on the evaluation of Jackson Manor, Inc. tax positions, management believes all positions taken would be upheld under an examination; therefore, no provision for the effects of uncertain tax positions has been recorded for the year ended December 31, 2019.”

“Jackson Manor, Inc. is exempt from corporate Federal income taxes under Section 501(c)(3) of the Internal Revenue Code and from Mississippi income taxes. Therefore, no provision has been made for Federal or Mississippi corporate income taxes in the accompanying financial statements. In addition, Jackson Manor, Inc. has been determined by the Internal Revenue Service not to be a "private foundation" within the meaning of Section 509(a) of the Code. It is management's opinion that there are no activities that would subject the organization to the unrelated business income tax. Jackson Manor, Inc. has analyzed its tax positions taken for filings with the Internal Revenue. It believes that its tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse effect on its financial condition, results of operations, or cash flows. The Organization's federal and state income tax returns for adopted recently issued accounting principles related to uncertain tax positions for 2015, 2016, and 2017 are subject to examination by the federal, state and local taxing authorities, generally for three years after they are filed.”

“Rounding”