OTHER CASH FLOW DISCLOSURES

6 Months Ended

Jun. 30, 2013

OTHER CASH FLOW DISCLOSURES [Abstract]

OTHER CASH FLOW DISCLOSURES

Note 8 – Other Cash Flow Disclosures

On a cash basis, the Company paid the following expenses:

	Three Months Ended
	June 30,
	2013		2012
Interest expense	$	15,643	$	134,399
Federal income tax		1,415,000		1,320,500

	Six Months Ended
	June 30,
	2013		2012
Interest expense	$	32,041	$	149,613
Federal income tax		3,465,000		1,343,081

During the first quarter of 2013, UG's wholly-owned subsidiary, UTG Avalon, LLC, entered into a noncash transaction whereby the subsidiary obtained a new line of credit in the amount of $5 million and utilized the line of credit to repay the prior line of credit. The terms of the new line of credit are consistent with the terms of the prior line of credit.

During the second quarter of 2013, UG and one of its subsidiaries, Cumberland Woodlands, LLC, entered into noncash transactions whereby short-term investments in the amount of $6.3 million were exchanged for real estate in the amount of $6.3 million.