Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016 and 2015 as follows (in thousands):

		2016		2015
Financial statement basis of net assets	$	4,550	$	4,114
Tax basis of net assets (unaudited)		8,336		7,492
Difference	$	(3,786)	$	(3,378)

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 return (unaudited) for the years ended December 31, 2016 and 2015 (in thousands):

		2016		2015
Net income per financial statements	$	1,902	$	2,808
Tax adjustments (unaudited):
Adjustment to depreciation expense		217		227
Provision for losses and doubtful accounts		7		-
Adjustments to revenues / other expenses		3		25
Adjustments to gain on sales of assets		181		396
Income per federal tax return (unaudited)	$	2,310	$	3,456