Note 5 - Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		2019		2018
Income (loss) before total federal income tax	$	168,050	$	(456,136)
Tax Rate		21%		21%
Expected income tax expense (benefit)		35,291		(95,789)
Effect of tax-exempt income		(11,925)		(9,808)
Disallowed deductions		693		-
Other GAAP to tax differencees		(24,059)		105,597
Change in valuation allowance		(431,158)		-
Total income tax benefit	$	(431,158)	$	-

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		12/31/2019		12/31/2018
Deferred Tax Assets
Net operating loss carryforwards	$	2,641,247	$	2,649,673
Unamortized Start-Up Costs		168,803		189,903
Policy owner benefit reserves		1,154,684		1,334,952
Unrealized Loss		-		458,730
Deferred tax asset valuation allowance		(2,423,438)		(4,179,283)
Deferred Tax Assets		1,541,296		453,975
Deferred Tax Liability
Deferred acquisition costs		227,921		306,614
Fixed assets		8,699		25,499
8 Year Spread		233,429		-
Value of business acquired		117,599		121,862
Unrealized Gain		522,490		-
		1,110,138		453,975
Net Deferred Tax Asset	$	431,158	$	-