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Note 3 - Land Sale
6 Months Ended
Jun. 30, 2015
Notes to Financial Statements  
Retail Land Sales, Description [Text Block]
Note 3:
 Land Sale
 
 
During the second quarter of 2015, the Company sold its 1/6
th
interest in approximately 155 acres of land located in Jefferson Davis Parish for $187,500 and reported a gain of $170,853. This transaction was structured as a “deferred exchange using a qualified intermediary” pursuant to Paragraph 1031 of the Internal Revenue Code (1031 Exchange) for income tax purposes. Due to the 1031 exchange, the gain of $170,853 is deferred for income tax purposes. At June 30, 2015, the 1031 exchange has not been completed and $187,500 in proceeds is held by an intermediary and restricted to use by the Company.