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.
|