INCOME TAXES |
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES |
The reconciliation of income tax computed at the Federal statutory rate to the provision for income taxes from operations is as follows (in thousands):
The provisions of income taxes are summarized as follows (in thousands):
The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities were as follows (in thousands):
The Company has no Federal net operating loss
carryforwards for income tax purposes as of September 30, 2023.
The Company will recognize interest and penalties related to uncertain tax positions as a component of income tax expense.
As of September 30, 2023, the Company had no
accrued interest or penalties related to uncertain tax positions and no amounts have been recognized in the Company’s statement of
operations. Income tax returns for tax years from
remain subject to examination by the taxing jurisdictions.On August 16,
2022, the Inflation Reduction Act (“IRA”) was signed into law in the United States. Among other provisions, the IRA includes a 15% corporate minimum tax rate applied to certain large corporations and a 1% excise tax on corporate stock
repurchases made after December 31, 2022.
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