Income Tax Disclosure [Abstract] | Period [Axis] |
---|
2016-01-01 - 2016-12-31 |
---|
Income Tax Disclosure [Abstract] | |
Income Tax Expense (Benefit) |
| |
2016 | |
2015 |
Current: | |
| | | |
| | |
Federal | |
$ | 566,361 | | |
$ | 1,304,253 | |
State | |
| (5,648 | ) | |
| 164,913 | |
Foreign | |
| 984,469 | | |
| 553,259 | |
| |
| 1,545,182 | | |
| 2,022,425 | |
| |
| | | |
| | |
Deferred: | |
| | | |
| | |
Federal | |
| 83,290 | | |
| (196,476 | ) |
State | |
| 17,233 | | |
| (5,077 | ) |
| |
| 100,523 | | |
| (201,553 | ) |
| |
$ | 1,645,705 | | |
$ | 1,820,872 | |
|
US and Foreign Income Before Income Taxes |
| |
2016 | |
2015 |
United States | |
$ | 2,008,065 | | |
$ | 3,256,251 | |
Foreign | |
| 5,488,638 | | |
| 3,358,146 | |
| |
$ | 7,496,703 | | |
$ | 6,614,397 | |
|
US Statutory Rate Reconciliation |
| |
2016 | |
2015 |
Federal income | |
| | | |
| | |
taxes at | |
| | | |
| | |
34% statutory rate | |
$ | 2,496,270 | | |
$ | 1,878,464 | |
State and local | |
| | | |
| | |
taxes, net of | |
| | | |
| | |
federal income | |
| | | |
| | |
tax effect | |
| 18,998 | | |
| 105,492 | |
Permanent items | |
| (25,077 | ) | |
| 328,075 | |
Foreign tax rate difference | |
| (919,038 | ) | |
| (601,269 | ) |
Change in deferred income tax | |
| | | |
| | |
valuation allowance | |
| 74,552 | | |
| 110,110 | |
| |
| | | |
| | |
Provision for income taxes | |
$ | 1,645,705 | | |
$ | 1,820,872 | |
|
Deferred Tax Assets and Liabilities |
| |
2016 | |
2015 |
Deferred income tax liabilities: | |
| | | |
| | |
Plant, property | |
| | | |
| | |
and equipment | |
$ | 604,271 | | |
$ | 536,759 | |
| |
| 604,271 | | |
| 536,759 | |
| |
| | | |
| | |
Deferred income tax assets: | |
| | | |
| | |
Asset valuations | |
| 720,189 | | |
| 677,994 | |
Operating loss | |
| | | |
| | |
carryforwards and credits | |
| 121,658 | | |
| 110,110 | |
Pension | |
| 227,681 | | |
| 189,920 | |
Foreign tax credit | |
| 186,504 | | |
| 186,504 | |
Other | |
| 593,140 | | |
| 753,219 | |
| |
| 1,849,172 | | |
| 1,917,747 | |
Net deferred | |
| | | |
| | |
income tax asset before valuation allowance | |
| 1,244,901 | | |
| 1,380,988 | |
Valuation | |
| | | |
| | |
allowance | |
| (74,552 | ) | |
| (110,110 | ) |
Net deferred | |
| | | |
| | |
income tax asset | |
$ | 1,170,349 | | |
$ | 1,270,878 | |
|