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fair value measurements
The Association adopted FASB ASC Topic 820, Fair Value Measure-ments and Disclosures (previously known as SFAS No. 157, Fair Value Measurements) on July 1, 2008. The adoption did not im-pact the amounts reported in the combined financial statements, but does require additional footnote disclosures about the inputs used to develop the measurements of fair value and the effect of certain measurements reported in the accompanying combined statements of activities and as described in Note 4.

2. income taxes/tax statUs
NBAA has been granted an exemption by the Internal Revenue Ser-vice (IRS) from Federal income taxes under the provisions of Section 501(c)(6) of the Internal Revenue Code, except for any relevant tax on lobbying activities and unrelated business income. NBAA is required to report unrelated business income to the Internal Revenue Service and the District of Columbia. NBAA earns unrelated business income on advertising revenue.  NBAA incurred income tax expense in the amount of $100 and $6,695 for the years ended June 30, 2010 and 2009, respectively.
NBAA Charities has received a determination letter from the Internal Revenue Service that they are not subject to income tax on their exempt activities under Section 501(c)(3) of the Internal Revenue Code. NBAA Charities had no sources of unrelated business income during the years ended June 30, 2010 and 2009.
EBACE is a two-member limited liability company and is treated as a partnership pursuant to Treasury Regulation Section 301.7701-3 for federal income tax purposes. Generally, partnerships are not subject to entity-level federal or state income taxation and, as such, EBACE is not required to provide for income taxes under Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes (ASC 740).
The Association adopted the provisions of ASC 740-10, Accounting for Uncertainty in Income Taxes, on July 1, 2009.  Under ASC 740-10, an organization must recognize the tax benefit associated with tax positions taken for tax return purposes when it is more-likely-than-not that the position will be sustained. The implementation of ASC 740-10 had no impact on the Association’s financial statements. The Associa-tion’s management believes it has no material uncertain tax positions and; accordingly, it will not recognize any liability for unrecognized tax benefits. For the year ended June 30, 2010, the Association did not recognize any interest or penalties.
　
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本文链接地址：2010 nbaa annual report 2010 nbaa 年度报告(21)