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Properties Held for Sale and Property and Equipment

12 Months Ended

Dec. 31, 2012

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

3. Properties Held for Sale and Property and Equipment

The Partnership obtained an independent appraisal report dated January 23, 2013 valuing the properties held for sale at December 31, 2012. Based upon this appraisal, management determined that no additional valuation allowances were required. Management believes the properties held for sale are not reported in excess of their fair values at December 31, 2012.

A summary of properties held for sale and property and equipment at December 31, 2012 and 2011 is as follows:

		2012				2011
Properties held for sale
Boiling Spring Lakes land held for sale		$	829,829			$	926,440
Less valuation allowance			(534,388	)			(535,243	)
Total properties held for sale			295,441				391,197

Property and equipment
Land and land improvement			248,738				248,738
Buildings			58,301				58,301
Equipment			11,045				11,045
			318,084				318,084
Less accumulated depreciation			(93,691	)			(90,145	)
Total property and equipment, net			224,393				227,939

Total properties held for sale and property and equipment, net		$	519,834			$	619,136

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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