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Income Taxes

12 Months Ended

Dec. 31, 2013

(8) Income Taxes –

The following is a reconciliation of net income for financial reporting purposes to income reported for federal income tax purposes for the years ended December 31:

		2013		2012

Net Income for Financial Reporting Purposes	$	599,935	$	825,072

Depreciation for Tax Purposes Under Depreciation and Amortization for Financial Reporting Purposes		138,153		136,969

Income Accrued for Tax Purposes Over (Under) Income for Financial Reporting Purposes		0		(27,731)

Acquisition Costs Expensed for Financial Reporting Purposes, Capitalized for Tax Purposes		0		28,135
Taxable Income to Members	$	738,088	$	962,445

The following is a reconciliation of Members’ Equity for financial reporting purposes to Members’ Equity reported for federal income tax purposes for the years ended December 31:

		2013		2012

Members’ Equity for Financial Reporting Purposes	$	12,766,968	$	13,199,505

Adjusted Tax Basis of Investments in Real Estate Over Net Investments in Real Estate for Financial Reporting Purposes		841,928		703,775

Syndication Costs Treated as Reduction of Capital For Financial Reporting Purposes		2,691,997		2,691,997
Members’ Equity for Tax Reporting Purposes	$	16,300,893	$	16,595,277

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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