Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 257

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1B
Chunk 257
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10,163   35.6  $28,335   23.8 

   The provision (benefit) for income taxes consisted of the following:

       2024    2023    2022  
   (in thousands)  
 Current:             
 Federal  $945  $4,697  $10,673 
 State   1,089   2,580   3,121 
 Total current income tax provision   2,034   7,277   13,794 
 Deferred:             
 Federal   (9,248)  944   12,920 
 State   (2,537)  1,942   1,621 
 Total deferred income tax provision   (11,785)  2,886   14,541 
             
 Total income tax provision expense  $(9,751) $10,163  $28,335 

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   In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740-10-30, weighs all available evidence, both positive and negative to determine whether, based on the weight of that evidence, a valuation allowance is necessary. If negative conditions exist which indicate a valuation allowance might be necessary, consideration is then given to what effect the future reversals of existing taxable temporary differences and the availability of tax strategies might have on future taxable income to determine the amount, if any, of the required valuation allowance. As of  December 31, 2024 and 2023, management determined that the future reversals of existing taxable temporary differences and available tax strategies would generate sufficient future taxable income to realize its tax assets and therefore a valuation allowance was not necessary.
    
   The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the position will be sustained on examination by taxing authorities, based on the technical merits of the position. As of  December 31, 2024, an adjustment to the Company’s consolidated financial statements for uncertain tax positions has not been required as management believes that the Company’s tax positions taken in income tax returns filed or to be filed are supported by clear and unambiguous income tax laws. The Company recognizes interest and penalties related to uncertain income tax positions, if any, in income tax expense. During 2024 and 202