Note 5 - Tax Status |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| EBP 90-1026709 002 [Member] | |
| Notes to Financial Statements | |
| EBP, Tax Status [Text Block] |
Note 5 – Tax Status
The Plan is placing reliance on an opinion letter dated June 30, 2020 received from the IRS on the prototype plan indicating that and is therefore not subject to tax under current income tax law. The prototype Plan has been amended since receiving the opinion letter. However, the Plan administrator believes that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the IRC and, therefore, believes that the Plan is qualified, and the related trust is tax-exempt.
U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained 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.
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