Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes [Abstract]

Income tax expense (benefits)

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

	2022		2021
Current tax	$	7,054,454	$	(32,134	)
Deferred tax		2,517,685		2,101,807
Income tax expense	$	9,572,139	$	2,069,673

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, 2022 and 2021, before income taxes as a result of the following differences:

	2022			2021
Tax computed at statutory rate	$	9,226,662		$	2,483,215
Changes in taxes due to:
Non-controlling interest		(22,332	)		(19,340	)
Dividend received deduction		(142,790	)		(107,180	)
Oil and gas royalty's depletion		(170,123	)		(60,969	)
Other, including prior year true up		680,722			(226,053	)
Income tax expense	$	9,572,139		$	2,069,673

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:

	2022			2021
Investments	$	10,794,061		$	12,159,338
Cost of insurance acquired		566,612			711,165
Management/consulting fees		(8,206	)		(8,518	)
Future policy benefits		(718,338	)		(447,958	)
Deferred gain on sale of subsidiary		1,387,490			1,387,490
Other assets (liabilities)		(330,488	)		(57,783	)
Reserves adjustment		144,158			192,212
Federal tax DAC		(253,151	)		(255,550	)
Deferred tax liability	$	11,582,138		$	13,680,396