1. Summary of Significant Accounting Policies: Income Taxes (Policies) |
12 Months Ended |
|---|---|
May 31, 2025 | |
| Policies | |
| Income Taxes: | Income Taxes:
The provision for income taxes provides for the tax effects of transactions reported in the financial statements regardless of when such taxes are payable. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the tax and financial statement basis of assets and liabilities. Deferred taxes are based on tax laws currently enacted with tax rates expected to be in effect when the taxes are actually paid or recovered.
The Company's practice is to recognize interest related to income tax matters in interest income / expense and to recognize penalties in selling, general and administrative expenses. The Company did not have any accrued interest or penalties included in its consolidated balance sheets at May 31, 2025 and 2024. The Company recorded no interest expense or penalties in its consolidated statements of income during the years ended May 31, 2025 and 2024.
The Company believes it is no longer subject to examination by federal and state taxing authorities for years prior to May 31, 2022. |