DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE

12 Months Ended

Dec. 31, 2012

DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE

DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE

NOTE 16. DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE

The following tables summarize income from discontinued operations and the related realized gain on sale of rental property for the years ended December 31, 2012, 2011 and 2010:

	Year Ended December 31,

	2012		2011		2010
Total Revenues	$	—	$	348,997	$	910,155

Operating and other expenses		—		237,298		599,402
Depreciation and amortization		—		30,132		90,886

		—		267,430		690,288

Income from discontinued operations	$	—	$	81,567	$	219,867


Gain on the sale of Avon Street:
Sale price	$	8,750,000
Net book value		(594,035	)
Expense of sale		(435,506	)

Gain on the sale of real estate	$	7,720,459

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

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