Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes [Abstract]

Income tax expense (benefits)

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

	2021			2020
Current tax	$	(32,134	)	$	2,476,599
Deferred tax		2,101,807			(2,136,105	)
Income tax expense	$	2,069,673		$	340,494

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, 2021 and 2020, before income taxes as a result of the following differences:

	2021			2020
Tax computed at statutory rate	$	2,483,215		$	536,982
Changes in taxes due to:
Non-controlling interest		(19,340	)		(26,871	)
Dividend received deduction		(107,180	)		(155,597	)
Oil and gas royalties depletion		(60,969	)		(541	)
Other		(226,053	)		(13,479	)
Income tax expense	$	2,069,673		$	340,494

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:

	2021			2020
Investments	$	12,159,338		$	10,918,449
Cost of insurance acquired		711,165			861,309
Management/consulting fees		(8,518	)		(8,832	)
Future policy benefits		(447,958	)		(511,297	)
Deferred gain on sale of subsidiary		1,387,490			1,387,490
Other assets (liabilities)		(57,783	)		364,797
Reserves adjustment		192,212			240,266
Federal tax DAC		(255,550	)		(256,468	)
Deferred tax liability	$	13,680,396		$	12,995,714