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Annual report pursuant to Section 13 and 15(d)

Note 6 - Income Taxes

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Note 6 - Income Taxes
 12 Months Ended
Dec. 31, 2011
Income Tax Disclosure [Text Block]
(6)听听听听听听 Income Taxes

The Trust is taxed as if it were a corporation. Total income tax expense differed from the amounts computed by applying the U.S. Federal income tax rate of 34% to income before Federal income taxes as a result of the following:

听 听
2011
听 听
2010
听 听
2009
听
Computed tax expense at the statutory rate
听 $ 10,457,012 听 听 $ 5,584,222 听 听 $ 3,415,219 听
Reduction in income taxes resulting from:
听 听 听 听 听 听 听 听 听 听 听 听
Statutory depletion
听 听 (802,104 ) 听 听 (614,358 ) 听 听 (467,834 )
State taxes
听 听 238,860 听 听 听 140,559 听 听 听 197,767 听
Other, net
听 听 267,381 听 听 听 5,047 听 听 听 (14,432 )
听 听 $ 10,161,149 听 听 $ 5,115,470 听 听 $ 3,130,720 听


The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2011 and 2010 are as follows:

听 听
2011
听 听
2010
听
Basis difference in pension plan liability
听 $ 183,590 听 听 $ 148,357 听
Total deferred tax assets
听 听 183,590 听 听 听 148,357 听
听 听 听 听 听 听 听 听 听
Basis differences in real estate acquired through foreclosure
听 听 226,378 听 听 听 226,378 听
Deferred installment revenue on land sales for tax purposes
听 听 2,910,915 听 听 听 4,204,712 听
Total deferred tax liability
听 听 3,137,293 听 听 听 4,431,090 听
Net deferred tax liability
听 $ 2,953,703 听 听 $ 4,282,733 听

The Trust files a United States Federal income tax return. With few exceptions, the Trust is no longer subject to U. S. Federal income tax examination by tax authorities for years before 2008.