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TAXABLE INCOME AND TAX BASIS (Details) - USD ($) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015
TAXABLE INCOME AND TAX BASIS |  |  |
Excess amount of statement income over taxable income |  |  | $ 1,667,000
Excess amount of cumulative statement basis over cumulative taxable basis |  |  | 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 | $ 1,230,764 | $ 409,658 |
Reconciliation of Income from Book Basis to Tax Basis Profit (Loss) Tax Basis |  |  | $ 2,106,000

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