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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Income Tax Liability

The Company’s income tax liability is summarized as follows:

 Summary of Income Tax Liability

		2021				2020
		December 31
		2021				2020
Current		$	(1,558,687	)		$	2,595,877
Deferred			32,594,783				22,662,923
Total		$	31,036,096			$	25,258,800

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax (assets) and liabilities are approximately as follows:

 Schedule of Deferred Tax Assets and Liabilities

		2021				2020
		December 31
		2021				2020
Assets
Future policy benefits		$	(13,015,255	)		$	(12,657,045	)
Loan loss reserve			(636,256	)			(5,352,942	)
Unearned premium			(642,755	)			(699,011	)
Net operating loss			(898,029	)			(334,085	)
Deferred compensation			(2,750,406	)			(2,833,298	)
Deposit obligations			(635,878	)			(610,041	)
Other			(1,712,895	)			(1,269,533	)
Less: Valuation allowance			882,535				961,920
Total deferred tax assets			(19,408,939	)			(22,794,035	)
Liabilities
Deferred policy acquisition costs			17,166,200				16,430,001
Basis difference in property, equipment and real estate			9,247,242				5,312,787
Value of business acquired			1,768,501				1,880,602
Deferred gains			15,598,360				12,124,226
Trusts			1,064,387				1,064,387
Tax on unrealized appreciation			7,159,032				8,644,955
Total deferred tax liabilities			52,003,722				45,456,958
Net deferred tax liability		$	32,594,783			$	22,662,923

Schedule of Components of Income Tax Expense (Benefit)

The Company’s income tax expense is summarized as follows:

 Schedule of Components of Income Tax Expense (Benefit)

		2021				2020
		December 31
		2021				2020
Current
Federal		$	629,921			$	10,678,612
State			343,428				2,320,233
Total Current Income Tax Expense (Benefit)			973,349				12,998,845
Deferred
Federal			9,832,556				2,677,943
State			1,475,880				176,726
Total Deferred Income Tax Expense (Benefit)			11,308,436				2,854,669
Total		$	12,281,785			$	15,853,514

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of income tax expense at the U.S. federal statutory rates is as follows:

 Schedule of Effective Income Tax Rate Reconciliation

		2021				2020
		December 31
		2021				2020
Computed expense at statutory rate		$	10,878,163			$	15,004,527
State tax expense, net of federal tax benefit			1,437,255				1,972,598
Change in valuation allowance			(79,385	)			(1,477,474	)
Other, net			45,752				353,863
Income tax expense		$	12,281,785			$	15,853,514

Summary of Operating Loss Carryforwards

Net Operating Losses and Tax Credit Carryforwards:

 Summary of Operating Loss Carryforwards

Year of Expiration
2022		$	-
2023			-
2024			-
2025			-
2026			-
Thereafter up through 2037			1,237,784
Indefinite carryforwards			2,742,661
		$	3,980,445

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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.

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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.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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