Discontinued Operations

12 Months Ended

Dec. 31, 2015

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

NOTE 3. DISCONTINUED OPERATIONS

During the year ended December 31, 2013, the Company sold its interest in five single-tenant income properties for a combined gain of approximately $1,216,000. Upon consummation of the sales, the properties’ operating results were included within the discontinued operations for each period presented.

The Company adopted ASU 2014-08 relating to the reporting of discontinued operations, and accordingly the income property dispositions during the years ended December 31, 2015 and 2014 have not been included in discontinued operations as the dispositions do not qualify as discontinued operations under the revised guidance.

The following is a summary of income from discontinued operations:

	Year ended December 31,
	2015			2014			2013
Leasing Revenue and Other Income	$	—		$	—		$	699,486
Costs and Other Expenses		(—	)		(—	)		(89,270	)
Income from Operations		—			—			610,216
Impairment Charges		—			—			—
Gain on Sale of Property		—			—			1,215,928
Income before Income Tax		—			—			1,826,144
Income Tax		(—	)		(—	)		(704,435	)
Income from Discontinued Operations	$	—		$	—		$	1,121,709