Cover
Cover | 3 Months Ended |
Mar. 31, 2024 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Mar. 31, 2024 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2024 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 0-17686 |
Entity Registrant Name | DIVALL INSURED INCOME PROPERTIES 2 LIMITED PARTNERSHIP |
Entity Central Index Key | 0000825788 |
Entity Tax Identification Number | 39-1606834 |
Entity Incorporation, State or Country Code | WI |
Entity Address, Address Line One | 1900 W 75th Street |
Entity Address, Address Line Two | Suite 100 |
Entity Address, City or Town | Prairie Village |
Entity Address, State or Province | KS |
Entity Address, Postal Zip Code | 66208 |
City Area Code | (816) |
Local Phone Number | 421-7444 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 46,280.3 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
INVESTMENT PROPERTIES: (Note 3) | ||
Land | ||
Buildings | ||
Accumulated depreciation | ||
Net investment properties | ||
Properties held for sale | 725,765 | 725,765 |
OTHER ASSETS: | ||
Cash and cash equivalents | 105,003 | 179,745 |
Investments held in Indemnification Trust (Note 7) | 509,320 | 487,947 |
Security deposits escrow | 17,551 | 17,356 |
Rents and other receivables | 145,120 | |
Prepaid state income tax | 35,118 | 35,118 |
Deferred closing costs | 33,058 | 31,291 |
Prepaid insurance | 1,293 | 1,577 |
Deferred charges, net | 85,638 | 89,906 |
Total other assets | 786,981 | 988,060 |
Total assets | 1,512,746 | 1,713,825 |
LIABILITIES: | ||
Accounts payable and accrued expenses | 44,487 | 6,466 |
Due to General Partner (Note 5) | 30,157 | 29,048 |
Accrued state income tax (Note 8) | 204,872 | 204,872 |
Distributions payable (Note 8) | 234,495 | |
Security deposits | 17,230 | 17,230 |
Total liabilities | 296,746 | 492,111 |
CONTINGENCIES AND COMMITMENTS (Notes 6 and 7) | ||
General Partner (1993-2023) | ||
Cumulative net income (retained earnings) | 543,295 | 543,341 |
Cumulative cash distributions | (233,575) | (232,466) |
Total general partners’ capital | 309,720 | 310,875 |
Limited Partners (46,280.3 interests outstanding at March 31, 2024 and December 31, 2023) | ||
Capital contributions | 46,280,300 | 46,280,300 |
Offering costs | (6,921,832) | (6,921,832) |
Cumulative net income (retained earnings) | 60,152,030 | 60,156,589 |
Cumulative cash distributions | (97,763,989) | (97,763,989) |
Total Limited Partners’ capital | 1,746,509 | 1,751,068 |
Former General Partner (1987-1993) | ||
Cumulative net income (retained earnings) | 707,513 | 707,513 |
Cumulative cash distributions | (1,547,742) | (1,547,742) |
Total former general partners’ capital | (840,229) | (840,229) |
Total partners’ capital | 1,216,000 | 1,221,714 |
Total liabilities and partners’ capital | $ 1,512,746 | $ 1,713,825 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - shares | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | |||
Limited partners, interests outstanding | 46,280.3 | 46,280.3 | 46,280.3 |
Condensed Statements of Income
Condensed Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
OPERATING REVENUES: | ||
Rental income (Note 3) | $ 117,587 | $ 310,320 |
TOTAL OPERATING REVENUES | 117,587 | 310,320 |
EXPENSES: | ||
Partnership management fees (Note 5) | 45,000 | 68,079 |
Insurance | 473 | 755 |
General and administrative | 6,507 | 56,072 |
Advisory Board fees and expenses | 750 | 1,750 |
Professional services | 90,317 | 67,863 |
Amortization | 4,267 | 20,076 |
TOTAL OPERATING EXPENSES | 147,314 | 214,595 |
OTHER INCOME | ||
Gain on sale of property | 1,036,706 | |
Other interest income | 25,122 | 7,830 |
TOTAL OTHER INCOME | 25,122 | 1,044,536 |
NET (LOSS) INCOME | (4,605) | 1,140,261 |
NET (LOSS) INCOME ALLOCATED - GENERAL PARTNER | (46) | 11,404 |
NET (LOSS) INCOME ALLOCATED - LIMITED PARTNERS | $ (4,559) | $ 1,128,857 |
Based on 46,280.3 interests outstanding: (Basic and diluted) | ||
NET (LOSS) INCOME PER LIMITED PARTNERSHIP INTEREST | $ (0.10) | $ 24.39 |
Condensed Statements of Incom_2
Condensed Statements of Income (Unaudited) (Parenthetical) - shares | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Income Statement [Abstract] | |||
Limited partners capital account, interests outstanding | 46,280.3 | 46,280.3 | 46,280.3 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (Loss) Income | $ (4,605) | $ 1,140,261 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Amortization | 4,267 | 20,076 |
Gain on sale of property | (1,036,706) | |
Changes in operating assets and liabilities | ||
Decrease in rents and other receivables | 145,120 | 342,180 |
Increase in security deposits escrow | (195) | (15) |
Decrease in prepaid insurance | 284 | 755 |
Increase in accounts payable and accrued expenses | 38,022 | 48,951 |
Decrease in security deposits | (6,365) | |
(Increase) Decrease in deferred closing costs | (1,767) | 12,413 |
Unearned rental income | 31,511 | |
Net cash from operating activities | 181,126 | 553,061 |
CASH FLOWS (USED IN) PROVIDED BY INVESTING ACTIVITIES: | ||
Interest applied to Indemnification Trust account | (21,373) | (7,808) |
Proceeds from sale of property | 1,287,565 | |
Net cash (used in) provided by investing activities | (21,373) | 1,279,757 |
CASH FLOWS USED IN FINANCING ACTIVITIES: | ||
Cash distributions to Limited Partners | (234,495) | (475,001) |
Net cash used in financing activities | (234,495) | (475,001) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (74,742) | 1,357,817 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 179,745 | 171,236 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 105,003 | 1,529,053 |
Noncash investing activities | ||
Distributions declared, not yet paid | $ 1,109 | $ 7,201 |
Condensed Statements of Partner
Condensed Statements of Partners' Capital (Unaudited) - USD ($) | General Partner [Member] Cumulativen Net Income [Member] | General Partner [Member] Cumulative Cash Distributions [Member] | General Partner [Member] | Limited Partner [Member] Cumulativen Net Income [Member] | Limited Partner [Member] Cumulative Cash Distributions [Member] | Limited Partner [Member] Capital Contributions Net of Offering Costs [Member] | Limited Partner [Member] Reallocation [Member] | Limited Partner [Member] | Total |
BALANCE at Dec. 31, 2022 | $ 420,502 | $ (175,584) | $ 244,918 | $ 47,995,656 | $ (83,352,268) | $ 39,358,468 | $ (840,229) | $ 3,161,627 | $ 3,406,545 |
Net Income | 11,404 | 11,404 | 1,128,857 | 1,128,857 | 1,140,261 | ||||
Distributions declared | (5,111) | (5,111) | (475,001) | (475,001) | (480,112) | ||||
BALANCE at Mar. 31, 2023 | 431,906 | (180,695) | 251,211 | 49,124,513 | (83,827,269) | 39,358,468 | (840,229) | 3,815,483 | 4,066,694 |
BALANCE at Dec. 31, 2023 | 543,341 | (232,466) | 310,875 | 60,156,589 | (97,763,989) | 39,358,468 | (840,229) | 910,839 | 1,221,714 |
Net Income | (46) | (46) | (4,559) | (4,559) | (4,605) | ||||
Distributions declared | (1,109) | (1,109) | (1,109) | ||||||
BALANCE at Mar. 31, 2024 | $ 543,295 | $ (233,575) | $ 309,720 | $ 60,152,030 | $ (97,763,989) | $ 39,358,468 | $ (840,229) | $ 906,280 | $ 1,216,000 |
ORGANIZATION
ORGANIZATION | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | 1. ORGANIZATION DiVall Insured Income Properties 2 Limited Partnership (the “Partnership”) was formed on November 20, 1987, pursuant to the Uniform Limited Partnership Act of the State of Wisconsin. The initial capital, contributed during 1987, consisted of $ 300 200 100 46,280.3 39,358,468 The Partnership is continuing its orderly liquidation process per the terms of Partnership Agreement as the Partnership’s term expired November 30, 2023. The Partnership had been in the business of owning and operating its investment portfolio of commercial real estate properties (the “Properties”) since the late 1980’s. The Partnership has sold six Properties in the last two years. The three remaining Properties are leased on a triple net basis to, and operated by, franchisees of the International Wendy’s Company under leases with terms through December 31, 2040. As of March 31, 2024, the Partnership owned three The Partnership Agreement (as defined below) provides that the Partnership is scheduled to be dissolved on November 30, 2023, or earlier upon the prior occurrence of any of the following events: (a) the disposition of all its Properties; (b) the written determination by the General Partner, that the Partnership’s assets may constitute “plan assets” for purposes of ERISA; (c) the agreement of limited partners owning a majority of the outstanding Interests to dissolve the Partnership; or (d) the dissolution, bankruptcy, death, withdrawal, or incapacity of the last remaining General Partner, unless an additional General Partner is elected previously by a majority of the limited partners. Pursuant to a consent solicitation that concluded on October 15, 2020, the Partnership solicited and obtained the affirmative consent of limited partners holding more than a majority of the Partnership’s outstanding Interests to authorize the General Partner, to sell the Properties prior to November 30, 2023 if the General Partner determined such sale to be in the best interest of the Partnership and, upon the sale of all Properties, to commence an orderly liquidation, wind-up and dissolution of the Partnership. In connection with such consent, the limited partners approved a resolution granting the General Partner the authority to sell all or substantially all of the Partnership’s assets prior to November 30, 2023 and subsequently liquidate and dissolve the Partnership, without further approval from the limited partners. On August 25, 2023, the General Partner adopted resolutions determining that it is in the best interest of the Partnership to sell all or substantially all of the Partnership’s assets, and providing that the General Partner will, upon the sale of such assets, liquidate and dissolve the Partnership in accordance with applicable law and the terms of the Partnership Agreement. |
RECENTLY ADOPTED ACCOUNTING PRI
RECENTLY ADOPTED ACCOUNTING PRINCIPLES | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENTLY ADOPTED ACCOUNTING PRINCIPLES | 2. RECENTLY ADOPTED ACCOUNTING PRINCIPLES None that would have a significant impact on the Partnership. |
PROPERTIES HELD FOR SALE_
PROPERTIES HELD FOR SALE: | 3 Months Ended |
Mar. 31, 2024 | |
Real Estate [Abstract] | |
PROPERTIES HELD FOR SALE: | 3. PROPERTIES HELD FOR SALE: The total cost of the Properties includes the original purchase price plus acquisition fees and other capitalized costs paid to an affiliate of the former general partners of the Partnership. As of March 31, 2024, the Partnership owned three Properties Held for Sale The Martintown Rd. Property in North Augusta, SC was listed for sale on December 22, 2021 and the listing contract expired in 2023. The Property was sold without agency directly to the tenant on March 31, 2023. The remaining three Wendy’s Properties were listed for sale on July 12, 2023. The components of the properties held for sale in the condensed balance sheets as of March 31, 2024 and December 31, 2023 are outlined below: SCHEDULE OF PROPERTY HELD FOR SALE March 31, December 31, 2024 2023 Balance Sheet: Land $ 725,765 $ 725,765 Building 1,810,991 1,810,991 Accumulated Depreciation (1,810,991 ) (1,810,991 ) Properties held for sale $ 725,765 $ 725,765 DIVALL INSURED INCOME PROPERTIES 2 LIMITED PARTNERSHIP NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS |
PARTNERSHIP AGREEMENT
PARTNERSHIP AGREEMENT | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
PARTNERSHIP AGREEMENT | 4. PARTNERSHIP AGREEMENT The Limited Partnership Agreement, as amended from time to time (collectively, the “Partnership Agreement”) was amended, effective as of October 20, 2020, to extend the term of the Partnership to November 30, 2023, or until dissolution prior thereto pursuant to the consent of the majority of the outstanding limited partnership interests. Under the terms of the Partnership Agreement, net profits or losses from operations are allocated 99 1 99 1 10 The provisions regarding distribution of Net Proceeds, as defined, provide that Net Proceeds are to be distributed as follows: (a) to the limited partners, an amount equal to 100 13.5 99 1 During the 2020 consent solicitation process, the Limited Partners approved two separate amendments to the Partnership Agreement. The amendments served to: (i) extend the term of the Partnership by three (3) years to November 30, 2023, and (ii) permit the General Partner to effect distributions at times that it deems appropriate, but no less often than semi-annually. |
TRANSACTIONS WITH GENERAL PARTN
TRANSACTIONS WITH GENERAL PARTNER AND ITS AFFILIATES | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
TRANSACTIONS WITH GENERAL PARTNER AND ITS AFFILIATES | 5. TRANSACTIONS WITH GENERAL PARTNER AND ITS AFFILIATES Pursuant to the terms of the Permanent Manager Agreement (“PMA”) executed in 1993 and renewed for an additional two-year term as of January 1, 2023, the General Partner receives a base fee (the “Base Fee”) for managing the Partnership equal to four percent of gross receipts, subject initially to a minimum annual Base Fee. The PMA also provides that the Partnership is responsible for reimbursement of the General Partner for office rent and related office overhead (“Expenses”) up to an initial annual maximum of $ 13,250 272,316 23,256 22,693 15,000 1,938 1,500 For purposes of computing the 4 Amounts paid and/or accrued to the General Partner and its affiliates for the three-month periods ended March 31, 2024 and 2023 are as follows: SCHEDULE OF AMOUNTS PAID AND/OR ACCRUED TO GENERAL PARTNER AND ITS AFFILIATES Incurred for the Incurred for the Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 (unaudited) (unaudited) General Partner Management fees $ 45,000 $ 68,079 Overhead allowance 4,500 5,814 Reimbursement for out-of-pocket expenses - 2,500 Cash distribution 1,109 5,111 Amounts paid and/or accrued to General Partner $ 50,609 $ 81,504 At March 31, 2024 and December 31, 2023, $ 30,157 29,048 DIVALL INSURED INCOME PROPERTIES 2 LIMITED PARTNERSHIP NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS As of March 31, 2024, Jesse Small, an Advisory Board Member, beneficially owned greater than ten percent of the Partnership’s outstanding limited partnership interests. Amounts paid to Mr. Small for his services as a member of the Advisory Board for the three month periods ended March 31, 2024 and 2023 are as follows: SCHEDULE OF ADVISORY BOARD FEES PAID TO JESSE SMALL Incurred for the Three Month Period ended March 31, 2024 Incurred for the Three Month Period ended March 31, 2023 (Unaudited) (Unaudited) Advisory Board Fees paid $ 375 $ 875 At March 31, 2024 and December 31, 2023 there were no |
CONTINGENT LIABILITIES
CONTINGENT LIABILITIES | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENT LIABILITIES | 6. CONTINGENT LIABILITIES According to the Partnership Agreement, TPG, as General Partner of the Partnership, may receive a disposition fee not to exceed three percent 3 In addition, fifty percent of all such disposition fees earned by TPG were to be escrowed until the aggregate amount of recovery of the funds misappropriated from the three original partnerships by the former general partners was greater than $ 4,500,000 6,000,000 4,500,000 6,000,000 16,296 6,000,000 6,000,000 |
PMA INDEMNIFICATION TRUST
PMA INDEMNIFICATION TRUST | 3 Months Ended |
Mar. 31, 2024 | |
PMA INDEMNIFICATION TRUST | 7. PMA INDEMNIFICATION TRUST The PMA provides that TPG will be indemnified from any claims or expenses arising out of, or relating to, TPG serving in the capacity of general partner or as substitute general partner, so long as such claims do not arise from fraudulent or criminal misconduct by TPG. The PMA provides that the Partnership fund this indemnification obligation by establishing a reserve of up to $ 250,000 259,320 |
LIMITED PARTNER STATE INCOME TA
LIMITED PARTNER STATE INCOME TAXES | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
LIMITED PARTNER STATE INCOME TAXES | 8. LIMITED PARTNER STATE INCOME TAXES For the 2023 tax year, state income taxes were paid on behalf of the Limited Partners to the states of South Carolina, Georgia and Ohio. In the state of South Carolina, composite tax was filed and paid on behalf of the Limited Partners in the amount of $ 204,869 In the states of Ohio and Georgia, PTE payments were made during the first quarter of 2024 and are reflected on the balance sheet as of December 31, 2023 as distributions payable totaling $ 234,495 |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE DISCLOSURES | 9. FAIR VALUE DISCLOSURES The Partnership has determined the fair value based on hierarchy that gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. The three levels of the fair value hierarchy under the accounting principle are described below: Level 1. Quoted prices in active markets for identical assets or liabilities. Level 2 Quoted prices for similar investments in active markets, quoted prices for identical or similar investments in markets that are not active, and inputs other than quoted prices that are observable for the investment. Level 3 Unobservable inputs for which there is little, if any, market activity for the investment. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation and the use of discounted cash flow models to value the investment. The fair value hierarchy is based on the lowest level of input that is significant to the fair value measurements. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. The assets held in the indemnification trust account are invested in one year treasury bills which are measured using level 1 fair value inputs. The Partnership assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Partnership’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the three month period ended March 31, 2024 and the year ended December 31, 2023, there were no such transfers. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 10. SUBSEQUENT EVENTS We have reviewed all material events through the date of this report in accordance with ASC 855-10. |
PROPERTIES HELD FOR SALE_ (Tabl
PROPERTIES HELD FOR SALE: (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Real Estate [Abstract] | |
SCHEDULE OF PROPERTY HELD FOR SALE | The components of the properties held for sale in the condensed balance sheets as of March 31, 2024 and December 31, 2023 are outlined below: SCHEDULE OF PROPERTY HELD FOR SALE March 31, December 31, 2024 2023 Balance Sheet: Land $ 725,765 $ 725,765 Building 1,810,991 1,810,991 Accumulated Depreciation (1,810,991 ) (1,810,991 ) Properties held for sale $ 725,765 $ 725,765 |
TRANSACTIONS WITH GENERAL PAR_2
TRANSACTIONS WITH GENERAL PARTNER AND ITS AFFILIATES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF AMOUNTS PAID AND/OR ACCRUED TO GENERAL PARTNER AND ITS AFFILIATES | Amounts paid and/or accrued to the General Partner and its affiliates for the three-month periods ended March 31, 2024 and 2023 are as follows: SCHEDULE OF AMOUNTS PAID AND/OR ACCRUED TO GENERAL PARTNER AND ITS AFFILIATES Incurred for the Incurred for the Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 (unaudited) (unaudited) General Partner Management fees $ 45,000 $ 68,079 Overhead allowance 4,500 5,814 Reimbursement for out-of-pocket expenses - 2,500 Cash distribution 1,109 5,111 Amounts paid and/or accrued to General Partner $ 50,609 $ 81,504 |
SCHEDULE OF ADVISORY BOARD FEES PAID TO JESSE SMALL | SCHEDULE OF ADVISORY BOARD FEES PAID TO JESSE SMALL Incurred for the Three Month Period ended March 31, 2024 Incurred for the Three Month Period ended March 31, 2023 (Unaudited) (Unaudited) Advisory Board Fees paid $ 375 $ 875 |
ORGANIZATION (Details Narrative
ORGANIZATION (Details Narrative) | Feb. 22, 1990 USD ($) shares | Nov. 20, 1987 USD ($) | Mar. 31, 2024 Integer |
Aggregate capital contributions | $ 300 | ||
Limited partnership interests outstanding | shares | 46,280.3 | ||
Proceeds to partnership, net of underwriting compensation and other offering costs | $ 39,358,468 | ||
Number of real estate properties | Integer | 3 | ||
Former General Partner [Member] | |||
Aggregate capital contributions | 200 | ||
Limited Partner [Member] | |||
Aggregate capital contributions | $ 100 |
SCHEDULE OF PROPERTY HELD FOR S
SCHEDULE OF PROPERTY HELD FOR SALE (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Real Estate [Abstract] | ||
Land | $ 725,765 | $ 725,765 |
Building | 1,810,991 | 1,810,991 |
Accumulated Depreciation | (1,810,991) | (1,810,991) |
Properties held for sale | $ 725,765 | $ 725,765 |
PROPERTIES HELD FOR SALE_ (Deta
PROPERTIES HELD FOR SALE: (Details Narrative) | Mar. 31, 2024 Integer |
Real Estate [Abstract] | |
Number of real estate properties | 3 |
PARTNERSHIP AGREEMENT (Details
PARTNERSHIP AGREEMENT (Details Narrative) | 3 Months Ended | |
Mar. 31, 2024 | Oct. 20, 2020 | |
Partnership agreement description | The amendments served to: (i) extend the term of the Partnership by three (3) years to November 30, 2023, and (ii) permit the General Partner to effect distributions at times that it deems appropriate, but no less often than semi-annually. | |
Limited Partner [Member] | ||
Net profits or losses from operations amended | 99% | |
Amended rate of net proceeds were to be distributed | 99% | |
Cumulative simple return on adjusted original capital | 10% | |
Amended distributions as percentage of adjusted original capital | 100% | |
Liquidation preference of limited partners amended | 13.50% | |
Net proceeds available for distribution | 99% | |
General Partner [Member] | ||
Net profits or losses from operations amended | 1% | |
Amended rate of net proceeds were to be distributed | 1% | |
Net proceeds available for distribution | 1% |
SCHEDULE OF AMOUNTS PAID AND_OR
SCHEDULE OF AMOUNTS PAID AND/OR ACCRUED TO GENERAL PARTNER AND ITS AFFILIATES (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Related Party Transactions [Abstract] | ||
Management fees | $ 45,000 | $ 68,079 |
Overhead allowance | 4,500 | 5,814 |
Reimbursement for out-of-pocket expenses | 2,500 | |
Cash distribution | 1,109 | 5,111 |
Amounts paid and/or accrued to General Partner | $ 50,609 | $ 81,504 |
SCHEDULE OF ADVISORY BOARD FEES
SCHEDULE OF ADVISORY BOARD FEES PAID TO JESSE SMALL (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Jesse Small [Member] | ||
Related Party Transaction [Line Items] | ||
Advisory Board Fees paid | $ 375 | $ 875 |
TRANSACTIONS WITH GENERAL PAR_3
TRANSACTIONS WITH GENERAL PARTNER AND ITS AFFILIATES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jan. 01, 2024 | Dec. 31, 2023 | Jan. 01, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | |||||
Fees paid percentage | 4% | ||||
Jesse Small [Member] | |||||
Related Party Transaction [Line Items] | |||||
Outstanding advisory board fees | $ 0 | $ 0 | $ 0 | ||
General Partner [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payable to general partner | 29,048 | $ 30,157 | 29,048 | ||
Permanent Manager Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Maximum reimbursement on office rent and related expenses | $ 13,250 | ||||
Minimum annual base fee | $ 15,000 | 22,693 | 272,316 | ||
Fees received from partnership, by general partner | $ 1,500 | $ 1,938 | $ 23,256 |
CONTINGENT LIABILITIES (Details
CONTINGENT LIABILITIES (Details Narrative) | 3 Months Ended |
Mar. 31, 2024 USD ($) Integer | |
Commitments and Contingencies Disclosure [Abstract] | |
Maximum percentage of disposition fees on sale of partnership properties | three percent |
Number of partnership properties for sale | Integer | 3 |
Recovery level description | In addition, fifty percent of all such disposition fees earned by TPG were to be escrowed until the aggregate amount of recovery of the funds misappropriated from the three original partnerships by the former general partners was greater than $4,500,000. Upon reaching such recovery level, full disposition fees would thereafter be payable and fifty percent of the previously escrowed amounts would be paid to TPG. At such time as the recovery exceeded $6,000,000 in the aggregate, the remaining escrowed disposition fees were to be paid to TPG. If such levels of recovery were not achieved, TPG would contribute the amounts escrowed toward the recovery until the three original partnerships were made whole. In lieu of a disposition fee escrow, fifty percent of all such disposition fees previously discussed were paid directly to a restoration account and then distributed among the three original partnerships; whereby the three original partnerships recorded the recoveries as income. After the recovery level of $4,500,000 was exceeded, fifty percent of the total disposition fee amount paid to the three original partnerships recovery through the restoration account (in lieu of the disposition fee escrow) was refunded to TPG during March 1996. The remaining fifty percent amount allocated to the Partnership through the restoration account, and which was previously reflected as Partnership recovery income, may be owed to TPG if the $6,000,000 recovery level is met. As of March 31, 2024, the Partnership may owe TPG $16,296 if the $6,000,000 recovery level is achieved. TPG does not expect any future refund, as it is uncertain that such a $6,000,000 recovery level will be achieved. |
Amount of recovery of funds | $ 4,500,000 |
Aggregate recovery of funds value | 6,000,000 |
Payable fee on achieving recovery level | $ 16,296 |
PMA INDEMNIFICATION TRUST (Deta
PMA INDEMNIFICATION TRUST (Details Narrative) | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Reserve related to partnership assets | $ 250,000 |
Earnings credited to the trust | $ 259,320 |
LIMITED PARTNER STATE INCOME _2
LIMITED PARTNER STATE INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Mar. 31, 2024 | |
Distributions payable | $ 234,495 | |
Limited Partner [Member] | ||
Composite tax | $ 204,869 |