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Income Taxes

6 Months Ended

Jun. 30, 2020

Note 8.

Income Taxes

A reconciliation of the differences between income taxes computed at the federal statutory income tax rate and income tax expense (benefit) is as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Federal income tax provision at statutory rate of 21%	$	1,739		$	(1,174	)	$	(409	)	$	(64	)
Dividends-received deduction		(3	)		(5	)		(6	)		(14	)
Other permanent differences		13			16			24			38
Income tax expense (benefit)	$	1,749		$	(1,163	)	$	(391	)	$	(40	)

The components of income tax benefit were:

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Current – Federal	$	2,173		$	572		$	2,302		$	572
Deferred – Federal		(424	)		(1,735	)		(2,693	)		(612	)
Total	$	1,749		$	(1,163	)	$	(391	)	$	(40	)

In addition, the Company determined there were no significant tax implications as a result of the CARES Act.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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