Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Income tax expense (benefits)

Income tax expense (benefit) consists of the following components:

	2023			2022
Current tax expense (benefit)	$	(517,108	)	$	7,054,454
Deferred tax		372,861			2,517,685
Income tax expense (benefit)	$	(144,247	)	$	9,572,139

Income tax expense (benefit) reconciliation

The expense for income taxes differed from the amounts computed by applying the applicable United States statutory rate of 21% as of December 31, 2023 and 2022, before income taxes as a result of the following differences:

	2023			2022
Tax computed at statutory rate	$	404,427		$	9,226,662
Changes in taxes due to:
Non-controlling interest		(23,813	)		(22,332	)
Dividend received deduction		(109,642	)		(142,790	)
Oil and gas royalty's depletion		(106,797	)		(170,123	)
Other, including prior year true up		(308,422	)		680,722
Income tax expense (benefit)	$	(144,247	)	$	9,572,139

Major components that comprise the deferred tax liability

The following table summarizes the major components that comprise the net deferred tax liability as reflected in the balance sheets:

	2023			2022
Investments	$	11,862,470		$	10,794,061
Cost of insurance acquired		427,748			566,612
Management/consulting fees		(7,899	)		(8,206	)
Future policy benefits		(697,024	)		(718,338	)
Deferred gain on sale of subsidiary		1,387,490			1,387,490
Other liabilities		(284,350	)		(330,488	)
Reserves adjustment		96,105			144,158
Federal tax DAC		(236,950	)		(253,151	)
Loan loss reserve		(120,750	)		0
Deferred tax liability	$	12,426,840		$	11,582,138