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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--Continued <br /> • <br /> ADJUSTERS INTERNATIONAL, INC. AND SUBSIDIARIES <br /> December 31, 2016 and 2015 <br /> INOTE F--INCOME TAXES--Continued . <br /> 201.6 2015 <br /> 1 Deferred tax liabilities: <br /> Depreciation and amortization §.O -0- $ (80,000) <br /> Investment in partnerships o ill y -0- (15,000) <br /> IDeferred income tax liabilit'e -0- (95,000) <br /> Net deferred income tax assets (liabilities) $ 268,000 $ (1,000) <br /> IeADeferred tax assets and (liabilities) have been classifieV the accompanying consolidated <br /> balance sheets as follows:I CP <br /> 2016 2015 <br /> Current $ 165,000 $ 32,000 <br /> Non-current 103,000 (33,000) <br /> _‘%:'I <br /> $ 268,000 $ (1,000) <br /> i-'n <br /> The income tax provision for the Company differs from the amount of income tax determined by <br /> applying the U.S. federal incomerate (35% in 2016 and 2015) to pretax income due to the <br /> following: D� <br /> m4) 2016 2015 <br /> ® Computed"expected';,tax(benefit) expense $(118,000) $(408,000) <br /> (Decrease) increas-,----.•niincome taxes resulting from: <br /> Nondeductible expenses 122,000 73,000 <br /> 1 State income tax expense (benefit), net of federal 54,000 (82,000) <br /> Impact of graduated rates and other (4,000) 1,000 • <br /> 1 $ 54,000 $ (416,000) <br /> The Company has state and local net operating loss carryforwards of approximately $56,000, <br /> 1 which begin to expire in 2035. <br /> 1 NOTE G--RETIREMENT PLANS <br /> The Company has a noncontributory profit sharing retirement plan for substantially all <br /> I employees. Under the provisions of the Plan, the amount to be contributed in any one year is <br /> determined annually by the Board of Directors. Company contributions under the plan for the <br /> years ended December 31, 2016 and 2015 amounted to $110,899 and $118,505, respectively. <br /> 1 -18- <br /> I ' <br />