Income Taxes (Unaudited)

12 Months Ended

Dec. 31, 2014

NOTE 6 — INCOME TAXES (UNAUDITED)

The Partnership is not subject to income taxes because its income is taxed directly to the General Partner and limited partners. The reconciling items presented in the table below are the only items that create a difference between the tax basis and reported amounts of the Partnership’s assets and liabilities.

A reconciliation of financial statement net income to taxable income for each of the periods is as follows:


	2014			2013			2012
Net income per financial statements	$	334,442		$	331,774		$	320,547
Excess tax depreciation		(3,501	)		(3,501	)		(3,501	)

Taxable income	$	330,941		$	328,273		$	317,046

A reconciliation of partnership equity per the financial statements to partners’ equity for tax purposes as of December 31, 2014, is as follows (unaudited):


Partners’ equity per financial statements	$	1,229,081
Issue costs of limited partnership units capitalized for tax purposes		579,259
Difference in book vs. tax depreciation		272,609

Partners’ equity for tax purposes	$	2,080,949

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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