Income Taxes |
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Income Taxes | (6) Income Taxes Income tax expense (benefit) for the years ended December 31 is as follows:
A reconciliation of income taxes computed at the federal statutory rate to income tax expense (benefit) for the years ended December 31 is as follows:
The research and development tax credits in 2019 and 2018 were primarily associated with the construction of the kiln at St. Clair. Components of the Company’s deferred tax liabilities and assets are as follows:
Current income taxes are classified on the Company’s Consolidated Balance Sheets as follows:
The Company had no federal net operating loss carry forwards at December 31, 2020. The Company reduces deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is “more likely than not” that some portion or all of the deferred tax assets will not be realized. Deferred tax assets are considered fully recognizable because of the Company’s recent income history and expectations of income in the future. The Company’s federal income tax returns for the year ended December 31, 2017 and subsequent years remain subject to examination. The Company’s income tax returns in certain state income tax jurisdictions remain subject to examination for various periods for the year ended December 31, 2016 and subsequent years. The Company treats interest and penalties on income tax liabilities as income tax expense. |