Acquisitions and Sales of Non-Controlling Interests

9 Months Ended

Sep. 30, 2012

Acquisition of Business and Acquisitions of Non-Controlling Interests [Abstract]

ACQUISITIONS OF NON-CONTROLLING INTERESTS

4. ACQUISITIONS AND SALES OF NON-CONTROLLING INTERESTS

In ten separate transactions during the nine months ended September 30, 2012, the Company purchased partnership interests in ten partnerships. The interests in the partnerships purchased ranged from 10% to 35%. The aggregate of the purchase prices paid was $1,314,000, which included $164,000 of undistributed earnings. The remaining purchase price of $1,150,000, less future tax benefits of $445,000, was recognized as an adjustment to additional paid-in capital. During the nine months ended September 30, 2012, the Company sold partnership interests in the range of .64% to 1% in three partnerships for an aggregate price of $239,000. This amount less related undistributed earnings of $5,000 was credited to additional paid-in capital.