Friends of Palladio

PART X, LINE 2:

“Friends of palladio is a nonprofit organization as described in section 501(c) (3) of the internal revenue code and section 23701(d) of the ma tax code and has obtained determination letters from the internal revenue service and the ma tax board to that effect. Accordingly, the primary operations of the organization are currently considered exempt from federal income and state franchise taxes. Friedns of palladio applies the fasb guidance on accounting for uncertainty in income taxes under asc 740. Under asc 740, globalsf utilizes a two-step approach to recognizing and measuring uncertain tax positions (tax contingencies). The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. For the year ended december 31, 2020, there were no additional liabilities recorded related to tax positions taken in the current year, on unrecognized tax benefits. Friends of palladio considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes. In accordance with asc 740, friends of palladio has elected to include interest and penalties related to its tax contingencies in income tax expense. There were no accruals for interest and penalties related to uncertain tax positions for the years december 31, 2020. Friends of palladio files federal and state annual information returns.friends of palladio has determined that its major tax jurisdictions are the united states and ma. This is first tax year, subject to examination by the appropriate governmental agency in ma.”