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Note 8: Income Taxes | 12 Months Ended
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Dec. 31, 2014
Notes |
Note 8: Income Taxes | 8) Income Taxes The Company’s income tax liability (benefit) at December 31 is summarized as follows:
| December 31 |  | December 31
| 2014 |  | 2013
Current | $ (333,350) |  | $ (1,578,071)
Deferred | 20,755,117 |  | 17,529,919
Total | $ 20,421,767 |  | $ 15,951,848
Significant components of the Company’s deferred tax (assets) and liabilities at December 31 are approximately as follows:
| December 31
| 2014 |  | 2013
Assets |  |  |
Future policy benefits | $ (6,856,001) |  | $ (5,381,385)
Loan loss reserve | (670,078) |  | (2,147,547)
Unearned premium | (1,687,059) |  | (1,759,087)
Available for sale securities | (125,797) |  | (566,316)
Net operating loss | (1,738,137) |  | (873,412)
Deferred compensation | (1,279,860) |  | (1,057,551)
Deposit obligations | (1,018,313) |  | (1,043,964)
Other | (1,398,152) |  | (1,287,773)
Less: Valuation allowance | 5,276,431 |  | 5,593,063
Total deferred tax assets | (9,496,966) |  | (8,523,972)
Liabilities |  |  |
Deferred policy acquisition costs | 12,271,954 |  | 10,914,618
Basis difference in property and equipment | 7,049,551 |  | 6,242,266
Value of business acquired | 2,906,193 |  | 2,951,487
Deferred gains | 5,472,003 |  | 3,545,692
Trusts | 1,599,657 |  | 1,599,657
Tax on unrealized appreciation | 952,725 |  | 800,171
Total deferred tax liabilities | 30,252,083 |  | 26,053,891
Net deferred tax liability | $ 20,755,117 |  | $ 17,529,919
The valuation allowance relates to differences between recorded deferred tax assets and liabilities and ultimate anticipated realization. The valuation allowance decreased $316,632 during 2014 and $735,868 during 2013. The Company paid $408,939, $4,009,598 and $1,900,000 in income taxes for 2014, 2013 and 2012, respectively. The Company’s income tax expense (benefit) is summarized as follows for the years ended December 31:
|  | 2014 |  | 2013 |  | 2012
Current |  | $ 1,653,663 |  | $ 1,821,539 |  | $ 2,707,962
Deferred |  | 3,072,642 |  | 416,267 |  | 1,930,813
Total |  | $ 4,726,305 |  | $ 2,237,806 |  | $ 4,638,775
The reconciliation of income tax expense at the U.S. federal statutory rates is as follows:
|  | 2014 |  | 2013 |  | 2012
Computed expense at statutory rate |  | $ 4,243,524 |  | $ 3,340,067 |  | $ 7,472,953
Tax audit settlements |  | - |  | 20,371 |  | -
Other, net |  | 482,781 |  | (1,122,632) |  | (2,834,178)
Tax expense (benefit) |  | $ 4,726,305 |  | $ 2,237,806 |  | $ 4,638,775
At December 31, 2014, the Company had no significant unrecognized tax benefits. As of December 31, 2014, the Company does not expect any material changes to the estimated amount of unrecognized tax benefits in the next twelve months. Federal and state income tax returns for 2011 through 2014 are subject to examination by taxing authorities. An examination of the Company’s 2012 federal income tax return is in process.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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