Note 6 - Income Tax Provision (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

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

	2021			2020
Income before total federal income tax	$	(346,187	)	$	299,175
Tax rate		21	%		21	%
Expected income tax expense (benefit)		(72,700	)		62,827
Effect of tax-exempt income		(19,588	)		(32,318	)
Disallowed deductions		1,181			1,012
Change in unrealized - valuation allowance and unrealized gains (losses)		56,601			148,778
Other GAAP to tax differences		-			4,043
Return-to-Provision adjustments		20,471			-
Prior period estimate adjustments		107,906			-
Change in valuation allowance		(774,413	)		(324,616	)
Total	$	(680,542	)	$	(140,274	)

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

Deferred Tax Assets	2021			2020
Net operating and capital loss carryforwards	$	2,271,246		$	2,111,431
Unamortized start-up costs		126,603			147,703
Policyowner benefit reserves		2,806,586			2,389,259
Goodwill		-			194,670
Tax DAC		753,983			775,734
Deferred tax asset valuation allowance		(1,324,409	)		(2,098,822	)
		4,634,009			3,519,975
Deferred Tax Liabilities
GAAP DAC		1,334,524			1,488,265
Fixed assets		21,703			8,821
8 Year Spread		155,620			194,524
Value of business acquired		548,271			567,679
Other GAAP to Tax Differences		233,953			-
Unrealized gains		779,171			1,017,429
		3,073,242			3,276,718
Net Deferred Tax	$	1,560,767		$	243,257