Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 452

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 6
Chunk 452
---
 21.0  $24,991   21.0 
 Nondeductible per diem and meals   247   (0.6)  371   1.3   -   - 
 State income taxes/other, net   (1,273)  3.1   3,790   13.3   3,344   2.8 
                         
 Total income tax expense  $(9,751)  23.5  $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 

      -
     50 -

   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