Partners' Capital

12 Months Ended

Dec. 31, 2018

Partners' Capital Notes [Abstract]

Partners' Capital Notes Disclosure [Text Block]

(6)  Partners’ Capital –

For the years ended December 31, 2018 and 2017, the Partnership declared distributions of $792,727 and $1,949,087, respectively.  The Limited Partners received distributions of $784,800 and $1,929,596 and the General Partners received distributions of $7,927 and $19,491 for the years, respectively.  The Limited Partners' distributions represented $40.38 and $98.34 per Limited Partnership Unit outstanding using 19,437 and 19,621 weighted average Units in 2018 and 2017, respectively.  The distributions represented $4.27 and $58.14 per Unit of Net Income and $36.11 and $40.20 per Unit of contributed capital in 2018 and 2017, respectively.

As part of the distributions discussed above, the Partnership distributed net sale proceeds of $267,409 and $1,078,913 in 2018 and 2017, respectively.  The Limited Partners received distributions of $264,735 and $1,068,124 and the General Partners received distributions of $2,674 and $10,789 for the years, respectively.  The Limited Partners’ distributions represented $13.64 and $54.45 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 2018, the Partnership repurchased a total of 287.00 Units for $240,939 from 14 Limited Partners in accordance with the Partnership Agreement.  During 2017, the Partnership repurchased a total of 20.00 Units for $17,616 from one Limited Partner. 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 $2,434 and $177 in 2018 and 2017, respectively.