income tax filing status

Expenses1

1. 740-972Real Estate—Common Interest Realty Associations740 Income Taxes

   This Subtopic applies Topic 740's income tax guidance to common interest realty associations (CIRAs), such as homeowners' and condominium associations. Because a CIRA's income taxes generally do not relate to an excess of revenues over expenses, the tax provision may be presented among other operating expenses in the statement of revenues and expenses rather than as a separate below-the-line item. It also imposes CIRA-specific note disclosures about filing status, tax liability, and expiring credits.