Note 5 - Income taxes

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Note 5.       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, 2013 and 2012:

	2013					2012
	Current		Non-Current			Current		Non-Current
Deferred tax assets	$	--	$	--		$	--	$	--
Deferred tax liabilities		--		(181,818	)		--		(181,818	)
	$	--	$	(181,818	)	$	--	$	(181,818	)

Note 5.       Income Taxes (continued)     

Reconciliations between the United States Federal statutory income tax provision, using the statutory rate of 34%, and the Company’s provision for income taxes at December 31, 2013 and 2012 are as follows:

	2013			2012
Income tax on income before extraordinary item:
Tax at statutory rates	$	471,109		$	900,944
Tax effect of the following:
Statutory depletion		(87,526	)		(130,489	)
Dividend exclusion		--			--
State income tax		33,576			71,525
Other		(1,282	)		40
Income tax on income before extraordinary item	$	415,877		$	842,020
Income tax on extraordinary item:
Tax at statutory rates	$	--		$	233,762
Tax effect of the following:
State income tax		--		$	22,085
Other		--		$	153
Income tax on extraordinary item	$	--		$	256,000

Deferred income taxes 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, 2013 and 2012 is as follows:

	2013					2012
	Current		Non-Current			Current		Non-Current
Conversion of investment from tax cash basis to accrual basis for financial reporting	$	--		--		$	--		--
Unrealized net loss (gain) on marketable securities		--		--			--		--
Casualty loss		--		(121,239	)		--		(121,239	)
Deferred gain		--		(60,579	)		--		(60,579	)
	$	--		(181,818	)	$	--		(181,818	)