XML 47 R12.htm IDEA: XBRL DOCUMENT v3.20.1
Members' Equity
12 Months Ended
Dec. 31, 2019
Partners' Capital Notes [Abstract]  
Partners' Capital Notes Disclosure [Text Block]
(6)  Members’ Equity –

For the years ended December 31, 2019 and 2018, the Company declared distributions of $377,730 and $679,583, respectively.  The Limited Members received distributions of $366,398 and $660,004 and the Managing Members received distributions of $11,332 and $19,579 for the years, respectively.  The Limited Members' distributions represented $0.21 and $0.38 per LLC Unit outstanding using 1,738,006 weighted average Units in both years.  The distributions represented $0.21 and $0.38 per Unit of return of contributed capital in 2019 and 2018, respectively.

As part of the distributions discussed above, the Company distributed net sale proceeds (from property sales completed in 2015) of $40,404 in 2018.  The Limited Members received distributions of $40,000 and the Managing Members received distributions of $404.  The Limited Members’ distributions represented $0.02 per Unit.

The Company may repurchase Units from Limited Members who have tendered their Units to the Company.  Such Units may be acquired at a discount.  The Company will not be obligated to purchase in any year more than 2% of the total number of Units outstanding on January 1 of such year.  In no event shall the Company be obligated to purchase Units if, in the sole discretion of the Managing Member, such purchase would impair the capital or operation of the Company.  During 2019 and 2018, the Company did not repurchase any Units from the Limited Members.