West Baton Rouge Chamber of Commerce

PART X, LINE 2:

“The chamber is exempt from federal and state income tax under section 501(c)(6) of the internal revenue code. Accordingly, no provision for income taxes has been included in these financial statements. In addition, the chamber has been determined by the internal revenue service not to be a private foundation within the meaning of section 509(a) of the code. Under current internal revenue service regulations, revenue earned in the promotion of the office depot national chamber program is subject to income tax. The chamber files an income tax return in the u.s. Federal tax jurisdiction. With few exceptions, the chamber is no longer subject to federal income tax examinations by tax authorities for years before 2010. Any interest and penalties assessed by income taxing authorities are not significant and are included in general and administrative expenses in these financial statements as applicable. The accounting standard 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. Undder this guidance, the chamber 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. There were no unrecognized tax benefits identified or recorded as liabilities for the year ended december 31, 2013.”