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DISCONTINUED OPERATIONS
6 Months Ended
Jun. 30, 2011
DISCONTINUED OPERATIONS  
DISCONTINUED OPERATIONS

NOTE 15. DISCONTINUED OPERATIONS

 

The following tables summarize income from discontinued operations for the Avon Street Apartments property sold in May 2011:

 

 

 

June 30,

 

June 30,

 

 

 

2011

 

2010

 

Total Revenues

 

$

349,558

 

$

455,292

 

Operating and other expenses

 

235,450

 

304,641

 

Depreciation and amortization

 

16,472

 

27,761

 

 

 

251,922

 

332,402

 

Income from discontinued operations

 

$

97,636

 

$

122,890

 

 

Gain on the sale of Avon Street:

 

 

 

 

 

Sale price

 

$

8,750,000

 

 

 

Net book value

 

(594,035

)

 

 

Expense of sale

 

(448,208

)

 

 

Gain on the sale of real estate

 

$

7,707,757