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Note 6 - Income Taxes
 12 Months Ended
Dec. 31, 2012
Income Tax Disclosure [Text Block]
Note 6.       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, 2012 and 2011:

   
2012
   
2011
 
   
Current
   
Non-Current
   
Current
   
Non-Current
 
                         
Deferred tax assets
  $ --     $ --     $ 7,906     $ --  
Deferred tax liabilities
    --       (181,818 )     (5,153 )     (181,818 )
    $ --     $ (181,818 )   $ 2,753     $ (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, 2012 and 2011 are as follows:

   
2012
   
2011
 
Income tax on income before extraordinary item:
           
Tax at statutory rates
  $ 900,944     $ 468,082  
Tax effect of the following:
               
Statutory depletion
    (130,489 )     (78,438 )
Dividend exclusion
    --       (3,171 )
State income tax
    71,525       32,844  
Other
    40       (593 )
Income tax on income before extraordinary item
  $ 842,020     $ 418,724  
Income tax on extraordinary item:
               
Tax at statutory rates
  $ 233,762     $ --  
Tax effect of the following:
               
State income tax
    22,085     $ --  
Other
    153     $ --  
Income tax on extraordinary item
  $ 256,000     $ --  

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, 2012 and 2011 is as follows:

   
2012
   
2011
 
   
Current
   
Non-Current
   
Current
   
Non-Current
 
Conversion of investment from tax cash basis to accrual basis for financial reporting
  $ --       --     $ 2,753       --  
Unrealized net loss (gain) on marketable securities
    --       --       --       --  
Casualty loss
    --       (121,239 )     --       (121,239 )
Deferred gain
    --       (60,579 )     --       (60,579 )
    $ --       (181,818 )   $ 2,753       (181,818 )