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Income Taxes (Tables)
3 Months Ended
Mar. 31, 2025
Income Taxes [Abstract]  
Schedule of Provision for Income Taxes

The Company’s provision for income taxes consisted of the following:

 

   Three Months Ended
March 31,
2025
   Three Months Ended
March 31,
2024
 
Current:        
Federal income tax expense  $23,614   $22,129 
State income tax expense   10,910    10,219 
Deferred:          
Federal income tax benefit   (2,311)   
 
State income tax benefit   (769)   
 
Total  $31,444   $32,348 
Schedule of Effective Tax Rate

The following tables reconciled the federal statutory tax rate to the Company’s effective tax rate for the three months ended March 31, 2025 and 2024:

 

   Three Months Ended
March 31,
2025
   Three Months Ended
March 31,
2024
 
Federal statutory income tax rate   21.00%   21.00%
State statutory income tax rate, net of effect of state income tax deductible to federal income tax   7.01%   7.00%
Permanent difference (non-deductible expenses)   0.05%   0.10%
Effective tax rate   28.06%   28.10%
Schedule of Net Deferred Tax Assets

As of March 31, 2025 and December 31, 2024, the net deferred tax assets consisted of the following:

 

   March 31,
2025
   December 31,
2024
 
Deferred tax assets:        
Unrealized loss on trading securities  $3,080   $
 
Less: valuation allowance   
    
 
Deferred tax assets, net  $3,080   $