Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 6. Income Taxes

At March 31, 2023, our Company had federal and state taxable income of approximately $38,400 and $40,800, respectively. State income taxes in the three months ended March 31, 2023 resulted from limitations placed on income tax net operating loss deductions by the Commonwealth of Pennsylvania. There was no income tax benefit for the losses for the three months ended March 31, 2022 because our Company determined that the realization of the net deferred tax asset was not assured. Our Company created a valuation allowance for the entire amount of such benefits.

The components for federal and state income tax expense are:

	Three Months ended March 31
	2023		2022
Current federal taxes	$	8,100	$	—
Current state taxes		2,400		—
Income tax expense (benefit)	$	10,500	$	—

There was no change in unrecognized tax benefits during the period ended March 31, 2023 and there was no accrual for uncertain tax positions as of March 31, 2023.

Tax years from 2019 through 2022 remain subject to examination by U.S. federal and state jurisdictions.