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Note 5 - Income Taxes
 12 Months Ended
Dec. 31, 2011
Income Tax Disclosure [Text Block]
Note 5. 
Income Taxes

The Company files federal and state income tax returns on a calendar year basis.

The net deferred tax liability in the accompanying balance sheets includes the following components at December 31, 2011 and 2010:

   
2011
   
2010
 
   
Current
   
Non-Current
   
Current
   
Non-Current
 
                         
Deferred tax assets
  $ 7,906     $ --     $ 10,257     $ --  
Deferred tax liabilities
    (5,153 )     (181,818 )     (2,989 )     (181,818 )
    $ 2,753     $ (181,818 )   $ 7,268     $ (181,818 )

Reconciliations between the United States Federal statutory income tax provision, using the statutory rate of 34%, and the Company’s provision for income taxes at December 31, 2011 and 2010 are as follows:

   
2011
   
2010
 
Tax at statutory rates
  $ 468,082     $ 440,567  
Tax effect of the following:
               
Statutory depletion
    (78,438 )     (59,472 )
Dividend exclusion
    (3,171 )     (10,287 )
State income tax
    32,844       30,574  
Unrealized losses on securities available-for-sale
    --       (16,143 )
Other
    (593 )     (818 )
    $ 418,724     $ 384,421  

Deferred income taxes result from timing differences in the recognition of revenue and expenses for tax and financial statement purposes.  The effect of these timing differences at December 31, 2011 and 2010 is as follows:

   
2011
   
2010
 
   
Current
   
Non-Current
   
Current
   
Non-Current
 
Conversion of investment from tax cash basis to accrual basis for financial reporting
  $ 2,753       --     $ 10,178       --  
Unrealized net loss (gain) on marketable securities
    --       --       (2,910 )     --  
Casualty loss
    --       (121,239 )     --       (121,239 )
Deferred gain
    --       (60,579 )     --       (60,579 )
    $ 2,753       (181,818 )   $ 7,268       (181,818 )