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TAXABLE INCOME AND TAX BASIS (Details) - USD ($) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014
TAXABLE INCOME AND TAX BASIS |  |  |  |  |  |  |  |  |  |  |
Excess amount of statement income over taxable income |  |  |  |  |  |  |  |  | $ 57,000 |  |
Book/Tax differences on tax free exchanges |  |  |  |  |  |  |  |  | (1,257,000) | $ (501,000) | $ 827,000
Book/Tax differences from depreciation and amortization |  |  |  |  |  |  |  |  | 1,411,000 | 2,513,000 | 2,884,000
Excess amount of cumulative statement basis over cumulative taxable basis | $ 7,200,000 |  |  |  |  |  |  |  | 7,200,000 |  |
Excess amount of statement income from joint venture investments over taxable income |  |  |  |  |  |  |  |  | 2,100,000 |  |
Reconciliation of GAAP net income to taxable income |  |  |  |  |  |  |  |  |  |  |
Financial statement ("book") net income | $ 1,528,755 | $ 1,210,747 | $ 980,586 | $ 1,230,764 | $ 1,192,704 | $ 1,073,746 | $ 1,096,457 | $ 409,658 | 4,950,852 | 3,772,565 | 1,024,850
Book/Tax differences from depreciation and amortization |  |  |  |  |  |  |  |  | (1,411,000) | (2,513,000) | (2,884,000)
Book/Tax differences on tax free exchanges |  |  |  |  |  |  |  |  | (1,257,000) | (501,000) | 827,000
Book/Tax differences from Investment Properties |  |  |  |  |  |  |  |  | 279,000 | 74,000 | (307,000)
Increase (Decrease) in prepaid rent and allowances |  |  |  |  |  |  |  |  | 375,000 | 413,000 | 269,000
Other |  |  |  |  |  |  |  |  |  | 6,000 | 2,000
Taxable income (loss) |  |  |  |  |  |  |  |  | $ 4,893,000 | $ 2,106,000 | $ (2,108,000)

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