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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Income Tax Liability

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

Summary of Income Tax Liability 

		2023				2022
		December 31,
		2023				2022
Current		$	246,437			$	16,352,190
Deferred			13,506,544				14,358,337
Total		$	13,752,981			$	30,710,527

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 

		2023				2022
		December 31,
		2023				2022
Assets
Future policy benefits		$	14,902,816			$	14,605,453
Loan loss reserve			142,281				448,673
Unearned premium			534,203				582,459
Net operating loss			1,050,770				237,855
Deferred compensation			2,138,385				2,166,593
Tax on unrealized appreciation			491,271				2,590,726
Other			917,335				601,335
Less: Valuation allowance			-				(1,506,144	)
Total deferred tax assets			20,177,061				19,726,950
Liabilities
Deferred policy acquisition costs			18,478,562				17,511,778
Basis difference in property, equipment and real estate			11,054,092				11,959,391
Value of business acquired			1,778,199				2,058,785
Deferred gains			1,308,365				1,490,946
Trusts			1,064,387				1,064,387
Total deferred tax liabilities			33,683,605				34,085,287
Net deferred tax liability		$	13,506,544			$	14,358,337

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) 

		2023				2022
		December 31,
		2023				2022
Current
Federal		$	4,091,306			$	15,346,331
State			209,537				3,294,234
Total Current Income Tax Expense (Benefit)			4,300,843				18,640,565
Deferred
Federal			(2,139,124	)			(7,400,620	)
State			(356,365	)			(2,553,385	)
Total Deferred Income Tax Expense (Benefit)			(2,495,489	)			(9,954,005	)
Total		$	1,805,354			$	8,686,560

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 

		2023				2022
		December 31,
		2023				2022
Computed expense at statutory rate		$	3,423,086			$	7,219,141
State tax expense (benefit), net of federal tax benefit			(115,994	)			585,269
Change in valuation allowance			(1,506,144	)			623,609
Other, net			4,406				258,541
Income tax expense		$	1,805,354			$	8,686,560

Summary of Operating Loss Carryforwards

Summary of Operating Loss Carryforwards 

Net Operating Losses and Tax Credit Carryforwards:
Year of Expiration
2024		$	-
2025			-
2026			-
2027			-
2028			-
Thereafter up through 2038			903,042
Indefinite carryforwards			2,396,389
		$	3,299,431

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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 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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