Partners' Capital

12 Months Ended

Dec. 31, 2019

Partners' Capital Notes [Abstract]

Partners' Capital Notes Disclosure [Text Block]

(6)  Partners’ Capital –

For the years ended December 31, 2019 and 2018, the Partnership declared distributions of $792,721 and $792,727, respectively.  The Limited Partners received distributions of $784,793 and $784,800 and the General Partners received distributions of $7,928 and $7,927 for the years, respectively.  The Limited Partners' distributions represented $40.96 and $40.38 per Limited Partnership Unit outstanding using 19,162 and 19,437 weighted average Units in 2019 and 2018, respectively.  The distributions represented $40.96 and $4.27 per Unit of Net Income and $0 and $36.11 per Unit of contributed capital in 2019 and 2018, respectively.

As part of the distributions discussed above, the Partnership distributed net sale proceeds of $64,513 and $267,409 in 2019 and 2018, respectively.  The Limited Partners received distributions of $63,868 and $264,735 and the General Partners received distributions of $645 and $2,674 for the years, respectively.  The Limited Partners’ distributions represented $3.32 and $13.64 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 April 1, 2019, the Partnership repurchased a total of 64.65 Units for $48,051 from 5 Limited Partners in accordance with the Partnership Agreement.  The Partnership acquired these Units using Net Cash Flow from operations.  On October 1, 2019, the Partnership repurchased a total of 472.85 Units for $329,395 from 40 Limited Partners.  The Partnership acquired these Units using net sale proceeds.  During 2018, the Partnership repurchased a total of 287.00 Units for $240,939 from 14 Limited Partners. The Partnership acquired these Units using Net Cash Flow from operations.  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 $3,812 and $2,434 in 2019 and 2018, respectively.