The Mind Research Network

PART X, LINE 2:

“Lbri, lberi and mrn are non-profit corporations exempt from federal income taxes on related income under section 501(a) of the internal revenue code (irc) of 1986, as amended, as an organization described in irc section 501(c)(3). Further, lbri, lberi and mrn have been classified as organizations that are not private foundations under irc section 509(a) as organizations described in irc section 170(b)(1)(a)(vi), and as such, contributions to these organization qualify as charitable contributions. However, income generated from certain activities unrelated to lbri, lberi, or mrn's tax-exempt purpose is subject to tax as unrelated business income under irc section 511. Lbri, lberi and mrn did not have any material unrelated business income for the years ended september 27, 2019 and september 28, 2018, respectively. As of september 27, 2019 and september 28, 2018, the company performed a review of its material tax positions in accordance with recognition and measurement standards established by us gaap. As a result of this review, the company concluded that lbri, lberi and mrn qualified as tax exempt organizations under irc section 501(a) as an organization described in irc section 501(c)(3), had no unreported income derived from unrelated business activities, and did not have any entity level tax positions for lbri, lberi, or mrn that would not meet the more-likely-than-not threshold. The company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the company is subject to examination by federal, state, local and foreign jurisdictions, where applicable. As of september 27, 2019 and september 28, 2018, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year ended september 30, 2016, and forward. The company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. There were no such interest or penalties recorded for the years ended september 27, 2019 or september 28, 2018.”