Just in time for tax day, Levittown, Pa.-based StoneMor Partners (NYSE: STON ) is off the hook with the IRS. The funeral services provider announced Friday that an audit of its 2010 federal income tax returns conducted by the Internal Revenue Service has resulted in a finding that no changes are necessary.
According to StoneMor, the IRS's audit hinged on the question of whether "StoneMor satisfied the qualifying income requirements for a publicly traded partnership to be treated as a partnership for federal income tax purposes." Apparently, it did. On April 11, the IRS notified StoneMor that its return looks kosher, and the matter is now closed.
StoneMor shares responded well to the news, rising in Friday trading, and closing at $24.93.