Partners' Capital

12 Months Ended

Dec. 31, 2014

Partners' Capital Notes [Abstract]

Partners' Capital Notes Disclosure [Text Block]

(8) Partners’ Capital –

For the years ended December 31, 2014 and 2013, the Partnership declared distributions of $1,167,687 and $1,474,752, respectively.  The Limited Partners received distributions of $1,156,010 and $1,460,005 and the General Partners received distributions of $11,677 and $14,747 for the years, respectively. The Limited Partners' distributions represented $51.50 and $64.45 per Limited Partnership Unit outstanding using 22,447 and 22,653 weighted average Units in 2014 and 2013, respectively. The distributions represented $51.50 and $64.45 per Unit of Net Income in 2014 and 2013, respectively.

As part of the distributions discussed above, the Partnership distributed net sale proceeds of $262,444 and $455,194 in 2014 and 2013, respectively. The Limited Partners received distributions of $259,820 and $450,642 and the General Partners received distributions of $2,624 and $4,552 for the years, respectively. The Limited Partners’ distributions represented $11.57 and $19.88 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.

On October 1 2014, the Partnership repurchased a total of 824.40 Units for $657,537 from 41 Limited Partners in accordance with the Partnership Agreement. The Partnership acquired these Units using net sale proceeds. During 2013, the Partnership did not repurchase any Units from the Limited Partners. 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 $6,641 in 2014.