Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

Income tax expense (benefits)

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

	2024		2023
Current tax expense (benefit)	$	2,107,419	$	(517,109	)
Deferred tax		10,711,564		558,916
Income tax expense	$	12,818,983	$	41,807

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, 2024 and 2023, before income taxes as a result of the following differences:

	2024			2023
Tax computed at statutory rate	$	13,066,234		$	590,481
Changes in taxes due to:
Non-controlling interest		(20,930	)		(23,813	)
Dividend received deduction		(143,534	)		(109,642	)
Oil and gas royalty's depletion		(104,115	)		(106,797	)
Other, including prior year true up		21,328			(308,422	)
Income tax expense	$	12,818,983		$	41,807

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:

	2024			2023
Investments	$	23,066,656		$	11,862,470
Cost of insurance acquired		294,227			427,748
Management/consulting fees		(7,596	)		(7,899	)
Future policy benefits		(600,175	)		(697,024	)
Deferred gain on sale of subsidiary		1,387,490			1,387,490
Other liabilities		(786,095	)		(284,350	)
Reserves adjustment		48,051			96,105
Federal tax DAC		(229,697	)		(236,950	)
Loan loss reserve		(100,800	)		(120,750	)
Deferred tax liability	$	23,072,061		$	12,426,840