West Orange Country Club Inc

“The club is exempt from federal and state income taxes under section 501(c)(7) of the internal revenue code and chapter 220 of the florida statutes, respectively. In the event of dissolution, section 501 and chapter 220 require that after the payment of all outstanding liabilities and the repayment to each member of the initial charge for membership certificates and any additional cash contribution originally received from such member, all remaining assets shall be transferred to another legal entity organized and operated exclusively for charitable, recreational, or educational purposes on a not-for-profit basis. Accounting principles generally accepted in the united states of america prescribe requirements for the recognition of income taxes in financial statements, and the amounts recognized are affected by income tax positions taken by the club in its tax returns. The club's status as a tax-exempt entity is defined as a tax position. While management believes it has complied with the internal revenue code, the sustainability of some income tax positions taken by the club in its tax returns may be uncertain. There are minimum thresholds of likelihood that uncertain tax positions are required to meet before being recognized in the financial statements. Management does not believe that the club has any material uncertain tax positions at june 30, 2015. In the event interest and penalties were due relating to an unsustainable tax position, they would be treated as a component of income tax expense. The club's federal income tax returns are subject to examination by the internal revenue service. At june 30, 2015, the fiscal years 2012 through 2015 are subject to examination.”

“Cost of goods sold on gross sales of inventory”

“Cost of goods sold on gross sales of inventory”