LIMITED PARTNER STATE INCOME TAXES

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

LIMITED PARTNER STATE INCOME TAXES

8. LIMITED PARTNER STATE INCOME TAXES

For the 2023 tax year, state income taxes were paid on behalf of the Limited Partners to the states of South Carolina, Georgia and Ohio.

In the state of South Carolina, composite tax was filed and paid on behalf of the Limited Partners in the amount of $204,869. This process has been the normal course for the last several years. South Carolina state law does not allow for the payment of tax via pass-through entity (“PTE”) tax return as many other states do. This tax payment was accrued for GAAP and tax purposes in calendar year 2023.

In the states of Ohio and Georgia, PTE payments were made during the first quarter of 2024 and are reflected on the balance sheet as of December 31, 2023 as distributions payable totaling $234,495.