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Taxes Payable

3 Months Ended

Mar. 31, 2022

6. TAXES PAYABLE

Taxes payable consisted of the following as of March 31, 2022 and December 31, 2021:

	2022		2021
Income tax	$	7,647,702	$	7,641,787
Other taxes		101		71
Total		7,647,803		7,641,858
Current		3,081,178		3,075,233
Noncurrent	$	4,566,625	$	4,566,625

As of March 31, 2022, income tax payable included $7.65 million ($3.08 million included in current above and $4.57 million noncurrent) from recording the estimated one-time transition tax on post-1986 foreign unremitted earnings under the Tax Cut and Jobs Act signed on December 22, 2017. An election was available for the U.S. shareholders of a foreign company to pay the tax liability in installments over a period of eight years with 8% of net tax liability in each of the first five years, 15% in the sixth year, 20% in the seventh year, and 25% in the eighth year. The Company made such an election.