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TAXABLE INCOME AND TAX BASIS (Details) - USD ($) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015
TAXABLE INCOME AND TAX BASIS |  |  |  |  |  |  |  |  |  |  |
Taxable net income |  |  |  |  |  |  |  |  | $ 5,438,000 |  |
Excess amount of statement income over taxable income |  |  |  |  |  |  |  |  | 1,500,000 |  |
Excess amount of cumulative statement basis over cumulative taxable basis | $ 1,532,000 |  |  |  |  |  |  |  | 1,532,000 |  |
Excess amount of statement income from joint venture investments over taxable income |  |  |  |  |  |  |  |  | 5,000,000 |  |
Reconciliation of GAAP net income to taxable income |  |  |  |  |  |  |  |  |  |  |
Financial statement ("book") net income | $ 1,688,270 | $ 871,720 | $ 2,483,707 | $ 1,894,234 | $ 1,528,755 | $ 1,210,747 | $ 980,586 | $ 1,230,764 | 6,937,931 | $ 4,950,852 | $ 3,772,565
Book/Tax differences from depreciation and amortization |  |  |  |  |  |  |  |  | (3,097,000) | (1,411,000) | (2,513,000)
Book/Tax differences on tax free exchanges |  |  |  |  |  |  |  |  | (1,344,000) | (1,257,000) | (501,000)
Book/Tax differences from Investment Properties |  |  |  |  |  |  |  |  |  | 279,000 | 74,000
Increase (Decrease) in prepaid rent and allowances |  |  |  |  |  |  |  |  | 253,000 | 375,000 | 413,000
Other |  |  |  |  |  |  |  |  |  |  | 6,000
Taxable income (loss) |  |  |  |  |  |  |  |  | $ 5,438,000 | $ 4,893,000 | $ 2,106,000

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