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Note 4 - Land Purchases
 9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Real Estate Disclosure [Text Block]
Note 4:
Land Purchases and Sales
 
Purchases
 
During the nine months ended September 30, 2016, the Company purchased the following 100% interest in approximate acres, land, timber and mineral rights:
 
Quarter
  
Acres
  
Louisiana
Parish
  
Timber
    
Land
    
Mineral
Rights %
    
1
st
   40    
Beauregard
   $ 10,000     $ 59,638       0.00 %  
2
nd
   129    
Beauregard
   $ 34,200     $ 198,874       50.00 %  
3
rd
   880    
Calcasieu
   $ 408,000     $ 1,519,021       50.00 %  
3
rd
   80    
Calcasieu
   $ 58,000     $ 74,895       100.00 %  
 
During the nine months ended September 30, 2015, the Company purchased the following 100% interest in approximate acres, land, timber and mineral rights:
 
Quarter
  
Acres
  
Louisiana
Parish
  
Timber
    
Land
    
Mineral
Rights %
    
3
rd
    200    
Natchitoches
   $ --     $ 265,982       50.00 %  
 
1031 exchange proceeds of $187,500, discussed below, were applied to purchase of the 200 acres in Natchitoches parish, Louisiana.
 
Sales
 
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 September 30, 2015, the 1031 exchange has been completed and $187,500 in proceeds was used for the purchase of the 200 acres in Natchitoches Parish, Louisiana discussed above.