Note 14: Income Taxes: Income Tax, Policy (Policies)

6 Months Ended

Jun. 30, 2020

Policies

Income Tax, Policy

The Company and its consolidated subsidiaries have not been audited recently by the Internal Revenue Service (IRS), except as described here.  The Company, through one of its subsidiaries, is a partner in two partnerships which were under IRS examination for 2006 and 2007.  As a result, the Company’s 2006 and subsequent tax years remained open for examination. The examinations of these partnerships were completed during 2019.  The completion of these examinations did not result in significant changes to the Company’s tax positions.  As a result, federal tax years through December 31, 2015 are now closed.

The Company is currently under State of Missouri income and franchise tax examinations for its 2014 and 2015 tax years.  The Company does not currently expect significant adjustments to its financial statements from this state examination.