Partners' Capital

12 Months Ended

Dec. 31, 2015

Partners' Capital Notes [Abstract]

Partners' Capital Notes Disclosure [Text Block]

(8)  Partners’ Capital –

For the years ended December 31, 2015 and 2014, the Partnership declared distributions of $1,086,963 and $1,167,687, respectively.  The Limited Partners received distributions of $1,076,093 and $1,156,010 and the General Partners received distributions of $10,870 and $11,677 for the years, respectively.  The Limited Partners' distributions represented $51.64 and $51.50 per Limited Partnership Unit outstanding using 20,839 and 22,447 weighted average Units in 2015 and 2014, respectively.  The distributions represented $23.35 and $51.50 per Unit of Net Income and $28.29 and $0.00 per Unit of contributed capital in 2015 and 2014, respectively.

As part of the distributions discussed above, the Partnership distributed net sale proceeds of $153,357 and $262,444 in 2015 and 2014, respectively.  The Limited Partners received distributions of $151,823 and $259,820 and the General Partners received distributions of $1,534 and $2,624 for the years, respectively.  The Limited Partners’ distributions represented $7.22 and $11.57 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.

During 2015, the Partnership repurchased a total of 1,723.83 Units for $1,400,941 from 44 Limited Partners in accordance with the Partnership Agreement.  On October 1, 2014, the Partnership repurchased a total of 824.40 Units for $657,537 from 41 Limited Partners.  The Partnership acquired these Units using net sale proceeds. 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 $14,151 and $6,641 in 2015 and 2014, respectively.