Note 4 - Land Purchases and Sales

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Real Estate Disclosure [Text Block]

Note 4. Land Purchases and Sales

Purchases

During the year ended

December

31,

2016,

the Company purchased the following

100%

interest in approximate acres, land, timber and mineral rights:

Quarter	Acres		Louisiana Parish	Timber		Land		Mineral Rights %
1 st		40	Beauregard	$	10,000	$	59,638		0.00	%
2 nd		129	Beauregard	$	34,200	$	198,874		50.00	%
3 rd		880	Calcasieu	$	408,000	$	1,532,092		50.00	%
3 rd		80	Calcasieu	$	58,000	$	74,895		100.00	%

During the year ended

December

31,

2015,

the Company purchased the following

100%

interest in approximate acres, land, timber and mineral rights:

Quarter	Acres		Louisiana Parish	Timber		Land		Mineral Rights %
3 rd		200	Natchitoches	$	--	$	265,982		50.00	%

1031

exchange proceeds of

$187,500,

discussed below, were applied to purchase of the

200

acres in Natchitoches parish, Louisiana.

Sales

During the

second

quarter of

2015,

the Company sold its

1/6

th

interest in approximately

155

acres of land located in Jefferson Davis Parish for

$187,500

and reported a gain of

$170,853.

This transaction was structured as a “deferred exchange using a qualified intermediary” pursuant to Paragraph

1031

of the Internal Revenue Code

(1031

Exchange) for income tax purposes. Due to the

1031

exchange, the gain of

$170,853

is deferred for income tax purposes. At

September

30,

2015,

the

1031

exchange was completed and

$187,500

in proceeds were used for the purchase of the

200

acres in Natchitoches Parish, Louisiana discussed above.