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Note 8: Income Taxes | 12 Months Ended
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Dec. 31, 2015
Notes |
Note 8: Income Taxes | 8) Income Taxes The Company’s income tax liability (benefit) is summarized as follows:
| December 31
| 2015 |  | 2014
Current | $ (215,366) |  | $ (333,350)
Deferred | 25,267,425 |  | 20,755,117
Total | $ 25,052,059 |  | $ 20,421,767
Significant components of the Company’s deferred tax (assets) and liabilities are approximately as follows:
| December 31
| 2015 |  | 2014
Assets |  |  |
Future policy benefits | $ (8,023,302) |  | $ (6,856,001)
Loan loss reserve | (1,163,700) |  | (670,078)
Unearned premium | (1,610,684) |  | (1,687,059)
Available for sale securities | (150,984) |  | (125,797)
Net operating loss | (588,537) |  | (1,738,137)
Deferred compensation | (1,994,927) |  | (1,279,860)
Deposit obligations | (1,026,984) |  | (1,018,313)
Other | (2,242,029) |  | (1,398,152)
Less: Valuation allowance | 5,276,431 |  | 5,276,431
Total deferred tax assets | (11,524,716) |  | (9,496,966)
Liabilities |  |  |
Deferred policy acquisition costs | 14,838,604 |  | 12,271,954
Basis difference in property and equipment | 9,375,146 |  | 7,049,551
Value of business acquired | 2,972,883 |  | 2,906,193
Deferred gains | 6,902,888 |  | 5,472,003
Trusts | 1,599,657 |  | 1,599,657
Tax on unrealized appreciation | 1,102,963 |  | 952,725
Total deferred tax liabilities | 36,792,141 |  | 30,252,083
Net deferred tax liability | $ 25,267,425 |  | $ 20,755,117
The valuation allowance relates to differences between recorded deferred tax assets and liabilities and ultimate anticipated realization. The valuation allowance decreased $-0- and $316,632 during 2015 and 2014, respectively. The Company paid $2,716,161, $408,939 and $4,009,598 in income taxes for 2015, 2014 and 2013, respectively. The Company’s income tax expense (benefit) is summarized as follows for the years ended December 31:
|  | 2015 |  | 2014 |  | 2013
Current |  |  |  |  |  |
Federal |  | $ 2,423,846 |  | $ 1,532,539 |  | $ 1,564,311
State |  | 412,175 |  | 121,124 |  | 257,228
|  | 2,836,021 |  | 1,653,663 |  | 1,821,539
Deferred |  |  |  |  |  |
Federal |  | 4,001,873 |  | 2,677,319 |  | 399,919
State |  | 360,791 |  | 395,323 |  | 16,348
|  | 4,362,664 |  | 3,072,642 |  | 416,269
Total |  | $ 7,198,685 |  | $ 4,726,305 |  | $ 2,237,806
The reconciliation of income tax expense at the U.S. federal statutory rates is as follows:
|  | 2015 |  | 2014 |  | 2013
Computed expense at statutory rate |  | $ 6,739,332 |  | $ 4,243,524 |  | $ 3,340,067
State tax expense, net of federal tax benefit |  | 510,158 |  | 340,855 |  | 180,560
Tax audit settlements |  | - |  | - |  | 20,371
Other, net |  | (50,805) |  | 141,926 |  | (1,303,192)
Tax expense (benefit) |  | $ 7,198,685 |  | $ 4,726,305 |  | $ 2,237,806
At December 31, 2015, the Company had no significant unrecognized tax benefits. As of December 31, 2015, 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 2012 through 2015 are subject to examination by taxing authorities. An examination of the Company’s 2012 federal income tax return was concluded without adjustment.

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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 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 2: 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 Reference 3: 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 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 + Details
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