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Note 9 - Income Taxes
 12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
Note
9:
 
 
 
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, 2020
and
2019:
 
   
2020
    
2019
  
Deferred tax assets
    
-
      
-
  
Deferred tax liabilities
    
(187,664
 )    
(187,664
 )
    $
(187,664
 )   $
(187,664
 )
 
Reconciliations between the United States federal statutory income tax provision, using the statutory rate of
21%
,
and the Company's provision for income taxes at
December 31, 2020
and
2019
are as follows:
 
   
2020
    
2019
  
Income tax on income before extraordinary item:
                
Tax at statutory rates
   $
91,599
     $
61,481
  
Tax effect of the following:
                
Statutory depletion
    
(8,103
 )    
(15,763
 )
Section 179 deduction
    
 
      
-
  
State income tax
    
(1,425
 )    
3,109
  
Other
    
(1,040
 )    
(2,081
 )
Income tax on income
   $
81,031
     $
46,746
  
 
Deferred income taxes payable 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, 2020 
and
2019
 is as follows:
 
   
2020
    
2019
  
Casualty loss
   $
(77,714
 )   $
(77,714
 )
Deferred gain
    
(109,950
 )    
(109,950
 )
    $
(187,664
 )   $
(187,664
 )
 
The Company files income tax returns for federal and state purposes. Generally, the Company's tax returns remain open for
three
years for tax examination purposes. Tax positions are recognized when they are more likely than
not
to be sustained upon examination. The amount recognized is measured as the largest amount of benefit that is more likely than
not
to be realized upon settlement. The Company is subject to periodic audits by the Internal Revenue Service and other state and local taxing authorities. These audits
may
challenge certain of the Company's tax positions such as timing and amount of income and deductions and the allocation of taxable income to various tax jurisdictions. The Company evaluates its tax positions and establishes liabilities if significant in accordance with the applicable accounting guidance on uncertainty in income taxes. With few exceptions, the Company is
no
longer subject to U.S. Federal and state income tax examinations by the tax authorities for calendar years ending before
December 31, 2017.