Hawaii Insulators Vacation Plan

“The audited financial statements contain the following disclosure pertaining to fin 48 (asc740) "the trust funding certain benefits of the plan received an exemption letter from the irs dated june 8, 2005, stating that the trust is tax-exempt under the provisions of section 501(c)(9) of the internal revenue code (irc). However, as a result of the plan's funding policy, from time to time the trust may be subject to income taxes. No federal or state taxes have been recorded in the plan years ending 2018 and 2017 for unrelated business taxable income. In addition, the plan and the trust are required to operate in conformity with the irc to maintain the tax-exempt status of the trust. The trust has been amended since receiving the determination letter. However, the plan administrator and the plan's tax counsel believe that the plan is currently designed and being operated in compliance with the applicable requirements of the irc and, therefore, believes that the related trust is tax-exempt. Accounting principles generally accepted in the united states of america require plan management to evaluate tax positions taken by the plan and recognize a tax liability (or asset) if it has taken an uncertain position that more likely than not would not be substantiated upon examination by the irs. The plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The plan administrator believes it is no longer subject to income tax examinations for plan years prior to 2015. "”

“The audited financial statements contain the following disclosure pertaining to fin 48 (asc740) "the trust funding certain benefits of the plan received an exemption letter from the irs dated june 8, 2005, stating that the trust is tax-exempt under the provisions of section 501(c)(9) of the internal revenue code (irc). However, as a result of the plan's funding policy, from time to time the trust may be subject to income taxes. No federal or state taxes have been recorded in the plan years ending 2018 and 2017 for unrelated business taxable income. In addition, the plan and the trust are required to operate in conformity with the irc to maintain the tax-exempt status of the trust. The trust has been amended since receiving the determination letter. However, the plan administrator and the plan's tax counsel believe that the plan is currently designed and being operated in compliance with the applicable requirements of the irc and, therefore, believes that the related trust is tax-exempt. Accounting principles generally accepted in the united states of america require plan management to evaluate tax positions taken by the plan and recognize a tax liability (or asset) if it has taken an uncertain position that more likely than not would not be substantiated upon examination by the irs. The plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The plan administrator believes it is no longer subject to income tax examinations for plan years prior to 2015. "”