Accounting Methods; Fiscal Year. The profits and losses of the Company will be accounted for on a basis reasonably determined by the Board. For income tax purposes, the Company shall, unless otherwise required under the Code, report on a cash basis. Effective for the 2025 fiscal year, the Company’s fiscal year shall end on October 31. The first fiscal period under this change will be a short year, beginning on January 1, 2025, and ending on October 31, 2025. After this period, each subsequent fiscal year will begin on November 1 and end on October 31 of the following calendar year. This change from the prior July 31 fiscal year-end has been duly approved by the Board and the Members and shall be reported in accordance with applicable IRS rules under Internal Revenue Code Section 441 and related Treasury Regulations.
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Accounting Methods; Fiscal Year. The profits and losses of the Company will be accounted for on a basis reasonably determined by the Board. For income tax purposes, the Company shall, unless otherwise required under the Code, report on a cash basis. Effective for the 2025 fiscal year, the Company’s fiscal year shall end on October July 31. The first fiscal period under this change will be a short year, beginning on January 1, 2025, and ending on October July 31, 2025. After this period, each subsequent fiscal year will begin on November August 1 and end on October July 31 of the following calendar year. This change from the prior July December 31 fiscal year-end has been duly approved by the Board and the Members and shall be reported in accordance with applicable IRS rules under Internal Revenue Code Section 441 and related Treasury Regulations.
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