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Taxes Payable

6 Months Ended

Jun. 30, 2024

6. TAXES PAYABLE

Taxes payable consisted of the following as of June 30, 2024 and December 31, 2023:

	2024		2023
Income tax	$	7,627,403	$	7,627,529
Other		246		187
Total		7,627,649		7,627,716
Current		4,277,024		4,277,091
Noncurrent	$	3,350,625	$	3,350,625

As of June 30, 2024, income tax payable included $7.61 million 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 ($4.28 million included in current tax payable and $3.35 million noncurrent). 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 (until year 2026) 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.