FINANCIAL RESULTS
Albanese Cormier Holdings, LLC and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Years ended December 31, 2025 and 2024
1.
Summary of Significant Accounting Policies, continued If the tenant vacates its space prior to the contractual termination of the lease and no rental payments are being made on the lease, any related unamortized intangible assets are reported as a loss in earnings. Amortization expense related to intangible assets for the years ended December 31, 2025 and 2024 was $2,226,853 and $2,435,698 respectively. Amortization of the value of the above and below market leases for the years ended December 31, 2025 and 2024 was charged to rental income as a increase of $37,085 and increase $44,042 respectively. Income Taxes As discussed in Note 1, the Company is organized as a limited liability company and has elected to be treated as a partnership for federal income tax purposes. Therefore, no provision for federal income taxes is included in the accompanying financial statements since such liability, if any, is the individual liability of the respective members. A provision for state income taxes has been provided based upon the tax effects of transactions reported in the financial statements. The Company accounts for any interest and penalties related to Internal Revenue Service or state assessments as operating expenses, but no such amounts were incurred during fiscal periods 2025 or 2024. The Company files income tax returns in the U. S. federal jurisdiction and the states of Alabama, Arkansas, California, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Nevada, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, and Wisconsin. Generally, the Company’s tax returns remain open for three years for federal income tax examination and four years for the state examinations. Tax positions are recognized when they are more likely than not to be sustained upon examination. The amount recognized is measured as the largest amount of benefit that is more likely than not of being realized upon settlement. The Company is subject to periodic audits by the Internal Revenue Service and other foreign, state and local taxing authorities. These audits may challenge certain of the Company’s tax positions such as the timing and amount of income and deductions and the allocation of taxable income to various tax jurisdictions. The Company evaluates its tax positions and establishes liabilities, if significant, in accordance with the applicable accounting guidance on uncertainty in income taxes. There were no uncertain tax positions as of December 31, 2025 and 2024.
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79 AlbaneseCormier® | 2025 Annual Report
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