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TAXABLE INCOME AND TAX BASIS (Details) - USD ($) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013
TAXABLE INCOME AND TAX BASIS |  |  |  |  |  |  |  |  |  |  |
Excess amount of cumulative statement basis over cumulative taxable basis | $ 7,000,000 |  |  |  |  |  |  |  | $ 7,000,000 |  |
Excess amount of statement income from joint venture investments over taxable income |  |  |  |  |  |  |  |  | 1,500,000 |  |
Reconciliation of GAAP net income to taxable income |  |  |  |  |  |  |  |  |  |  |
Financial statement ("book") net income | $ 1,192,704 | $ 1,073,746 | $ 1,096,457 | $ 409,658 | $ 591,256 | $ 181,487 | $ 281,721 | $ (29,614) | 3,772,565 | $ 1,024,850 | $ 5,655,385
Book/Tax differences from depreciation and amortization |  |  |  |  |  |  |  |  | (2,513,000) | (2,884,000) | (300,000)
Book/Tax differences on tax free exchanges |  |  |  |  |  |  |  |  | 501,000 | (827,000) | (4,670,000)
Book/Tax differences from Investment Properties |  |  |  |  |  |  |  |  | (74,000) | 307,000 | 400,000
Increase (Decrease) in prepaid rent and allowances |  |  |  |  |  |  |  |  | 413,000 | 269,000 | 175,000
Other |  |  |  |  |  |  |  |  | 6,000 | 2,000 | 50,000
Taxable income (loss) |  |  |  |  |  |  |  |  | $ 2,106,000 | $ (2,108,000) | $ 1,310,000

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