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Note 12: Income Taxes: Income Tax, Policy (Policies)
3 Months Ended
Jun. 30, 2016
Policies  
Income Tax, Policy

The Company and its consolidated subsidiaries have not been audited recently by the Internal Revenue Service (IRS) or the State of Missouri with respect to income or franchise tax returns and, as such, tax years through December 31, 2005, have been closed without audit.  The Company, through one of its subsidiaries, is a partner in two partnerships currently under Internal Revenue Service examination for 2006 and 2007.  As a result, the Company’s 2006 and subsequent tax years remain open for examination.  The examinations of the partnerships have been advanced during 2015.  One of the partnerships has advanced to Tax Court because a settlement was not reached at the IRS appeals level.  The Company believes the partnership has a strong case and intends to defend its existing positions in Tax Court.  The other partnership is at the IRS appeals level.  The Company does not currently expect significant adjustments to its financial statements from these partnership examinations.

 

The Company is currently in administrative appeals with the State of Kansas for its 2010 through 2012 tax years.  The Company protested the state’s initial assessment and expects to have an informal conference with the Kansas Department of Revenue.  The Company does not currently expect significant adjustments to its financial statements from this state examination.