INVESTMENT PROPERTIES and PROPERTIES HELD FOR SALE (Tables)

6 Months Ended

Jun. 30, 2013

The components of properties held for sale in the balance sheets as of June 30, 2013 and December 31, 2012 are outlined below:


	June 30,		December 31,
	2013		2012
Balance Sheet:
Land	$	0	$	33,991

Properties held for sale	$	0	$	33,991

Components of Discontinued Operations Included in Condensed Statement of Income (Loss)

The components of discontinued operations included in the condensed statement of income (loss) for the three and six month periods ended June 30, 2013 and 2012 are outlined below:


	Three Month Period Ended				Six Month Period Ended
	June 30, 2013		June 30, 2012		June 30, 2013		June 30, 2012
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Statements of Income (Loss):
Revenues:
Rental income	$	0	$	0	$	0	$	0
Other income		0		2,500		0		2,500
Net Gain on sale of condemned land		307,270		0		307,270		0

Total Revenues	$	307,270	$	2,500	$	307,270	$	2,500

Expenses:


Insurance expense	0	690		0	1,381
Professional services	0	480		0	2,040
Property tax expense	0	3,786		0	7,571
Other property expenses	0	7,063		0	14,429
Legal Expenses	2,774	0		2,774	0
Travel Expenses	158	0		1,792	0

Total Expenses	$2,932	$12,019		$4,566	$25,421

Net Income (Loss) from Discontinued Operations	$304,338	($9,519	)	$302,704	($22,921	)

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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