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EXCEL - IDEA: XBRL DOCUMENT - Medical Information Technology, Inc.Financial_Report.xls
10-K - 2012 ANNUAL REPORT - Medical Information Technology, Inc.tenk.htm
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EX-32 - SECTION 1350 CERTIFICATIONS - Medical Information Technology, Inc.ex32.htm
EX-21 - SUBSIDIARIES OF THE COMPANY - Medical Information Technology, Inc.ex21.htm
EX-23 - CONSENT OF ERNST & YOUNG LLP - Medical Information Technology, Inc.ex23.htm
EX-31 - RULE 13A-14(A) CERTIFICATIONS - Medical Information Technology, Inc.ex31.htm
v2.4.0.6
Deferred Taxes:
12 Months Ended
Dec. 31, 2012
Deferred Taxes:
Note 4. Deferred Taxes:

Deferred taxes relate to the earlier recognition of certain revenue and the later recognition of certain expenses for tax purposes. Cumulative unrealized investment write-downs which had been reflected in the income statement are also a non-deductible expense for tax purposes. Because such write-downs are considered capital losses which can only be offset by future capital gains, a valuation allowance was established. This valuation allowance is currently the full value of the write-downs based on recoverability expectations. The components of deferred taxes for the three years ended December 31 are as follows:

 201020112012
 


Prepaid tax on deposits over 1 year$4,676,286$5,052,271$3,166,712
Prepaid tax on accrued expenses2,100,0002,760,0002,509,999
Deferred tax on unrealized gains, net  (759,398)
Other400,4912,637,6834,540,330
 


Deferred taxes$7,176,778$10,449,954$9,457,643