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Income Taxes
6 Months Ended
Jun. 30, 2024
Income Taxes [Abstract]  
Income taxes

Note 8 — Income taxes

 

The income tax provision differs from the amount determined by applying the U.S. federal tax rate as follows:

 

   Successor   Predecessor 
   Six months
ended
June 30,
2024
   Three months
ended
June 30,
2024
   Period from
January 1,
2024
to May 12,
2024
   Period from
April 1
to May 12,
2024
   Six months
ended
June 30,
2023
   Three months
ended
June 30,
2023
 
Federal (benefit) tax at statutory rate (21%)  $(712,097)  $(647,022)  $(4,434,912)  $(4,765,349)  $899,010   $338,719 
State taxes, net of federal benefit   113,922    48,847    (892,180)   (947,410)   130,904    (10,366)
Permanent differences to return   1,069,011    1,069,011    711,694    708,483    8,395    3,526 
Total income tax expense (benefit)  $470,836   $470,836   $(4,615,398)  $(5,004,276)  $1,038,309   $331,879 

 

The Founding Companies’ tax years 2019 and forward remain subject to examination by federal and state jurisdictions. The Founding Companies are not currently under an IRS examination as of the date these financials were available to be issued.