Income Tax Basis Net Income and Partners' Capital

12 Months Ended

Dec. 31, 2013

Income Tax Basis Net Income and Partners' Capital [Abstract]

Income Tax Basis Net Income and Partners' Capital

INCOME TAX BASIS NET INCOME AND PARTNERS' CAPITAL

A reconciliation of the Partnership's financial statement net income (loss) to net income (loss) presented in accordance with the federal income tax basis of accounting is as follows for the years ended December 31, 2013, 2012, and 2011:

	2013			2012			2011
Financial statement net income (loss)	$	1,578,009		$	(22,067	)	$	553,476
Adjustments in net income (loss) resulting from:
Depreciation expense for financial reporting purposes less than amounts for income tax purposes	(25,962		)	(42,211		)	(12,374		)
Rental income accrued for financial reporting purposes less than (greater than) amounts for income tax purposes	(118,638		)	(31,650		)	(11,827		)
Gains on sale of properties for financial reporting purposes in excess of    income tax purposes	(1,275,657		)	—			(580,348		)
Other	(33,977		)	(504		)	(253,893		)
Income tax basis net income (loss)	$	123,775		$	(96,432	)	$	(304,966	)

A reconciliation of the partners' capital balances, as presented in the accompanying financial statements, to partners' capital balances, as presented in accordance with the federal income tax basis of accounting, is as follows for the years ended December 31, 2013, 2012, and 2011:

	2013			2012			2011
Financial statement partners' capital	$	5,205,221		$	7,377,212		$	10,899,279
Increase (decrease) in partners' capital resulting from:
Accumulated meals and entertainment	390			390			390
Accumulated bad debt expense, net, for financial reporting purposes greater    than amounts for income tax purposes	381			381			381
Accumulated depreciation expense for financial reporting purposes    greater than amounts for income tax purposes	3,786,486			3,812,448			3,854,659
Capitalization of syndication costs for income tax purposes, which are    accounted for as cost of capital for financial reporting purposes	5,223,360			5,223,360			5,223,360
Accumulated rental income accrued for financial reporting purposes greater    than amounts for income tax purposes	(467,509		)	(348,871		)	(317,221		)
Accumulated expenses deductible when paid for income tax purposes less    than amounts accrued for financial reporting purposes	464			464			464
Accumulated expenses capitalized for income tax purposes greater than    amounts deducted for financial reporting purposes	10,145			10,145			10,145
Accumulated gains on sale of properties for financial reporting purposes in    excess of income tax purposes	(3,476,693		)	(2,201,036		)	(2,201,036		)
Accumulated impairment losses taken for financial reporting purposes	703,543			703,543			703,543
Other	(389,535		)	(355,558		)	(355,054		)
Income tax basis partners' capital	$	10,596,253		$	14,222,478		$	17,818,910