Company: INTG
Filing Date: 2025-09-30
Form Type: 10-K
Source: 0001493152-25-016154
Chunk: 288

Company: INTERGROUP CORP
Filing Date: 2025-09-30
Form: 10-K
Item: Item 8
Chunk 288
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 for continued listing, and the matter is now closed.

One
Big Beautiful Bill Act

On July 4, 2025, the One Big Beautiful Bill was enacted (“OBBBA”), introducing significant and
wide-ranging changes to the U.S. federal tax system. Significant components include restoration of 100% accelerated tax depreciation
on qualifying property including expansion to cover qualified production property. Another major aspect incudes the return
to immediate expensing of domestic research and experimental expenditures (“R&E”) which in some cases may include retroactive
application back to 2021 for businesses with gross receipts of less than $31 million or accelerated tax deductions of R&E that was
previously capitalized for larger businesses. The legislation also reinstates EBITDA-based interest deductions for tax purposes
and makes several business tax incentives permanent.  Less favorable business provisions include limitations on tax deductions for
charitable contributions.

The
Company is currently assessing the potential impact of this legislation on its future financial position, results of operations, and
cash flows. In accordance with U.S. GAAP, the effects will be recognized in the period of enactment. Other than the matters
described above, the Company did not identify any subsequent events requiring recognition or additional disclosure.

65

Item
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

There
were no changes in the Company’s independent registered public accounting firm and no disagreements with the auditor on any matter
of accounting principles or practices, financial statement disclosure, or auditing scope or procedure during the fiscal years ended June
30, 2025 and 2024, and through the date of this Annual Report. In addition, there were no “reportable events” as defined
in Item 304(a)(1)(v) of Regulation S-K during those periods.

Item
9A. Controls and Procedures.

EVALUATION
OF DISCLOSURE CONTROLS AND PROCEDURES

Disclosure
controls and procedures are designed to provide reasonable assurance that information required to be disclosed in our reports filed under
the Exchange Act is recorded, processed, summarized, and reported within the time period specified in the SEC’s rules and forms.
Disclosure controls are also designed to provide reasonable assurance that such information is accumulated and communicated to our management,
including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate to allow timely
decisions regarding required disclosure.

As
of June 30, 2025, as required by Rules 13a-15