Note 5 - Income Tax Provision (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	2023			2022
Income (loss) before total federal income tax		625,729			(3,305,485	)
Tax rate		21	%		21	%
Expected income tax expense (benefit)		131,403			(694,152	)
Effect of tax-exempt income		(28,448	)		(19,204	)
Other		6,908			-
State income tax, net		25,749			66,793
Return-to-Provision adjustments		(89,557	)		(25,529	)
Prior period adjustments		2,741			13,334
Change in valuation allowance		(901,143	)		509,758
Total		(852,347	)		(149,000	)

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

	12/31/2023			12/31/2022
Deferred Tax Assets
Net operating and capital loss carryforwards		2,055,140			2,364,039
Unamortized start-up costs		84,402			105,502
Policyowner benefit reserves		2,353,584			2,752,406
Unrealized Losses		887,427			1,367,975
Tax DAC		903,654			824,896
Deferred tax asset valuation allowance		(341,684	)		(1,834,167	)
		5,942,523			5,580,651
Deferred Tax Liabilities
GAAP DAC		993,388			1,177,664
Fixed assets		89,760			29,945
8 Year Spread		77,810			116,715
Value of business acquired		509,454			528,862
Other GAAP to Tax Differences		383,203			432,943
Unrealized gains		-			-
		2,053,616			2,286,129
Net Deferred Tax		3,888,907			3,294,522