Partners' Capital

12 Months Ended

Dec. 31, 2019

Partners' Capital Notes [Abstract]

Partners' Capital Notes Disclosure [Text Block]

(6)  Partners’ Capital –

For the years ended December 31, 2019 and 2018, the Partnership declared distributions of $1,111,114 and $2,334,350, respectively.  The Limited Partners received distributions of $1,100,003 and $2,311,006 and the General Partners received distributions of $11,111 and $23,344 for the years, respectively.  The Limited Partners' distributions represented $56.81 and $116.14 per Limited Partnership Unit outstanding using 19,364 and 19,899 weighted average Units in 2019 and 2018, respectively.  The distributions represented $56.81 and $116.14 per Unit of Net Income and $0 and $0 per Unit of return of capital in 2019 and 2018, respectively.

As part of the distributions discussed above, the Partnership distributed net sale proceeds of $315,385 and $1,362,183 in 2019 and 2018, respectively.  The Limited Partners received distributions of $312,231 and $1,348,561 and the General Partners received distributions of $3,154 and $13,622 for the years, respectively.  The Limited Partners’ distributions represented $16.09 and $68.21 per Unit for the years, respectively.

The Partnership may repurchase Units from Limited Partners who have tendered their Units to the Partnership.  Such Units may be acquired at a discount.  The Partnership will not be obligated to purchase in any year any number of Units that, when aggregated with all other transfers of Units that have occurred since the beginning of the same calendar year (excluding Permitted Transfers as defined in the Partnership Agreement), would exceed 5% of the total number of Units outstanding on January 1 of such year.  In no event shall the Partnership be obligated to purchase Units if, in the sole discretion of the Managing General Partner, such purchase would impair the capital or operation of the Partnership.  

During 2019, the Partnership repurchased a total of 714.03 Units for $588,957 from 54 Limited Partners in accordance with the Partnership Agreement.  The Partnership acquired these Units using net sale proceeds.  During 2018, the Partnership repurchased a total of 250.16 Units for $216,363 from 15 Limited Partners. The Partnership acquired these Units using Net Cash Flow from operations.  The repurchases increase the remaining Limited Partners' ownership interest in the Partnership.  As a result of these repurchases and pursuant to the Partnership Agreement, the General Partners received distributions of $5,949 and $2,185 in 2019 and 2018, respectively.