Lone Star Flight Museum

“Collectible assets include aircraft, spare parts and other collection items for the Museum exhibitions & restoration.”

“The Museum believes that all significant tax positions utilized by the Museum will more likely than not be sustained upon examination. As of December 31, 2018, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2015 forward (with limited exceptions). Tax penalties and interest, if any, would be accrued as incurred and would be classified as management and general expense in the statements of activities.”

“Miscellaneous expense reported separately on Page 10, Part IX, line 24e. -64.”

“Direct Donor Benefit Costs report on Form 990, page 9, Part VIII, Line 8b -353,063. Cost of goods sold reported on Form 990, page 9, Part VIII, Line 10b. -115,292.”

“Direct Donor Benefit Costs report on Form 990, page 9, Part VIII, Line 8b 353,063. Cost of goods sold reported on Form 990, page 9, Part VIII, Line 10b. 115,292.”

“Miscellaneous expense reported separately on Page 10, Part IX, line 24e. 64. Impairment loss on Aircraft P-51 No. American N415 recognized in 2018. 241,500.”

“Schedule D, Part XI, Line 2d - Miscellaneous Expense ($64) is netted with the Revenue on the audited financial statements. The amount is reported as Other Expense on Form 990 (Page 10, Part IX, line 24e). Schedule D, Part XI, Line 4b - Cost of goods sold ($115,292) is included as an expense on the audited financials but appears on the revenue section of the Form 990 (Page 9, Part VIII, line 10b).”

“Schedule D, Part XII, Line 4b - Miscellaneous Expense ($64) is netted with the Revenue on the audited financial statements. The amount is reported as Other Expense on Form 990 (Page 10, Part IX, line 24e). Schedule D, Part XII, Line 4b, Impairment loss on sale of aircraft included in expense ($241,500). In 2018, the Museum sold the remnants of one aircraft for $8,500, resulting in an impairment loss of $241,500. This amount was recorded in 2017 as Unrealized loss on investments for audited financial statements purposes only. The Impairment Loss amount ($241,500) is reported as Other Expense on Form 990 (Page 10, Part IX, line 24e). Schedule D, Part XII, Line 2d - Cost of goods sold ($115,292) is included as an expense on the audited financials but appears on the revenue section of the Form 990 (Page 9, Part VIII, line 10b).”