Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Summary of Significant Accounting Policies [Abstract]

Schedule of Differences Between Book Value and Tax Basis of Net Assets

The tax bases of the Company’s net assets and liabilities vary from the amounts presented in these financial statements at December 31, 2015 and 2014 as follows (in thousands):

		2015		2014
Financial statement basis of net assets	$	4,114	$	5,704
Tax basis of net assets (unaudited)		7,492		8,433
Difference	$	(3,378)	$	(2,729)

Reconciliation of Net Income (Loss) Reported in Financial Statements and Federal Tax Return

The following reconciles the net income reported in these financial statements to the income reported on the Company’s federal tax returns (unaudited) for the years ended December 31, 2015 and 2014 (in thousands):

		2015		2014
Net income per financial statements	$	2,808	$	2,156
Tax adjustments (unaudited):
Adjustment to depreciation expense		227		395
Provision for losses and doubtful accounts		-		(3)
Adjustments to revenues / other expenses		25		(24)
Adjustments to gain on sales of assets		396		673
Income per federal tax return (unaudited)	$	3,456	$	3,197