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9) Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Disclosure Text Block [Abstract] |
Summary of Income Tax Liability | The Company’s income tax liability is summarized as follows:
| December 31
| 2020 |  | 2019
Current | $ 2,595,877 |  | $ 1,410,153
Deferred | 22,662,923 |  | 17,276,819
Total | $ 25,258,800 |  | $ 18,686,972
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax (assets) and liabilities are approximately as follows:
| December 31
| 2020 |  | 2019
Assets |  |  |
Future policy benefits | $ (12,657,045) |  | $ (12,450,229)
Loan loss reserve | (5,352,942) |  | (1,053,256)
Unearned premium | (699,011) |  | (760,556)
Net operating loss | (334,085) |  | (438,420)
Deferred compensation | (2,833,298) |  | (1,996,865)
Deposit obligations | (610,041) |  | (619,633)
Other | (1,269,533) |  | (1,020,718)
Less: Valuation allowance | 961,920 |  | 2,439,394
Total deferred tax assets | (22,794,035) |  | (15,900,283)
Liabilities |  |  |
Deferred policy acquisition costs | 16,430,001 |  | 15,536,717
Basis difference in property, equipment and real estate | 5,312,787 |  | 3,638,512
Value of business acquired | 1,880,602 |  | 2,074,096
Deferred gains | 12,124,226 |  | 5,169,104
Trusts | 1,064,387 |  | 1,064,387
Tax on unrealized appreciation | 8,644,955 |  | 5,694,286
Total deferred tax liabilities | 45,456,958 |  | 33,177,102
Net deferred tax liability | $ 22,662,923 |  | $ 17,276,819
Schedule of Components of Income Tax Expense (Benefit) | The Company’s income tax expense is summarized as follows for the years ended December 31:
|  | 2020 |  | 2019
Current |  |  |  |
Federal |  | $ 10,678,612 |  | $ 4,404,041
State |  | 2,320,233 |  | 504,272
|  | 12,998,845 |  | 4,908,313
Deferred |  |  |  |
Federal |  | 2,677,943 |  | (1,551,725)
State |  | 176,726 |  | (306,172)
|  | 2,854,669 |  | (1,857,897)
Total |  | $ 15,853,514 |  | $ 3,050,416
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of income tax expense at the U.S. federal statutory rates is as follows:
|  | 2020 |  | 2019
Computed expense at statutory rate |  | $ 15,004,527 |  | $ 2,928,226
State tax expense, net of federal tax benefit |  | 1,972,598 |  | 156,499
Change in valuation allowance |  | (1,477,474) |  | 194,364
Other, net |  | 353,863 |  | (228,673)
Income tax expense |  | $ 15,853,514 |  | $ 3,050,416
Summary of Operating Loss Carryforwards | Net Operating Losses and Tax Credit Carryforwards:
Year of Expiration |
2021 | $ 17,100
2022 | -
2023 | -
2024 | -
2025 | -
Thereafter up through 2037 | 1,405,155
| $ 1,422,255

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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