16. Income Tax Reconciliation (unaudited)
As of December 31, 2016 and 2015, total Partners’ Equity attributable to the Partnership included in the consolidated financial statements was $47,624,350 and $39,537,933, respectively. As of December 31, 2016 and 2015, total Partners’ equity for federal income tax purposes was $47,624,350 and $39,537,933, respectively. The primary differences are organizational and offering expenses and distribution expenses, which are a reduction in Limited Partners’ capital accounts for financial reporting purposes but not for federal income tax reporting purposes and differences in depreciation and amortization for financial reporting purposes and federal income tax purposes.
The following table reconciles the net loss for financial statement reporting purposes to the net loss for federal income tax purposes for the years ended December 31, 2016 and 2015:
| For the Year Ended | For the Year Ended | |||||||
| December 31, 2016 | December 31, 2015 | |||||||
| Net loss per consolidated financial statements | $ | (3,628,680 | ) | $ | (2,999,219 | ) | ||
| Depreciation and amortization | (1,082,346 | ) | (125,388 | ) | ||||
| Gain on sale of partnership interest | — | 82,705 | ||||||
| Income from domestic partnerships | (573,794 | ) | 242,353 | |||||
| Interest income for tax purposes only | (94,171 | ) | 626,657 | |||||
| Guaranteed payments | 1,500,000 | 1,500,000 | ||||||
| Other book/tax differences | 578,515 | 203,281 | ||||||
| Foreign currency adjustment | 1,286,856 | — | ||||||
| Net income (loss) for federal income tax purposes | $ | (2,013,620 | ) | $ | (469,611 | ) | ||