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INCOME TAXES
12 Months Ended
Dec. 31, 2012
INCOME TAXES  
INCOME TAXES

NOTE 5 — INCOME TAXES

 

The Cooperative follows the provisions of ASC 740-10 related to accounting for uncertainty in income taxes.

 

The Cooperative had no unrecognized tax benefits on December 31, 2012 and 2011.  No interest or penalties are recognized in the statements of operations or in the balance sheets.  The Cooperative is no longer subject to U.S. Federal and State income tax examinations by tax authorities for fiscal years 2008 and earlier.

 

The Cooperative recognized no income tax expense for the years ended December 31, 2012, 2011 and 2010.