Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018 as follows (in thousands):

	2019		2018
Financial statement basis of net assets	$	13,690	$	16,335
Tax basis of net assets (unaudited)		20,857		21,179
Difference	$	(7,167)	$	(4,844)

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, 2019 and 2018 (in thousands):

	2019		2018
Net income per financial statements	$	(415)	$	1,445
Tax adjustments (unaudited):
Adjustment to depreciation expense		(473)		70
Provision for losses and doubtful accounts		3		2
Adjustments to (expenses) revenues		(13)		(65)
Adjustments to gain on sales of assets		2,021		314
Other		785		46
Income per federal tax return (unaudited)	$	1,908	$	1,812