Entity information:
TAX-BASIS FINANCIAL INFORMATION
A reconciliation of ordinary income for federal income tax reporting purposes to net income under accounting principles generally accepted in the United States is as follows:
 
 
2017
 
2016
 
2015
Net partnership ordinary income (loss) for federal income tax reporting purposes
 
$
5,948

 
$
165,691

 
$
(589,078
)
Plus: Items of current expense for tax reporting purposes only –
 
 
 
 
 
 
Intangible drilling cost
 
33,479

 
36,920

 
29,302

Dismantlement and abandonment cost
 
2,849

 
(2,969
)
 
773,696

Abandonment expense
 
—

 
—

 
38,419

Tax depreciation
 
66,618

 
125,021

 
125,591

 
 
102,946

 
158,972

 
967,008

Less: full cost DD&A expense
 
(261,228
)
 
(3,380,231
)
 
(478,748
)
Less: asset retirement obligation accretion
 
(105,135
)
 
(79,661
)
 
(126,687
)
Net income (loss)
 
$
(257,469
)
 
$
(3,135,229
)
 
$
(227,505
)

The Partnership’s tax bases in net oil and gas properties at December 31, 2017, and 2016 was $2,335,252 and $2,562,093, respectively, lower than the carrying value of oil and gas properties under full cost accounting. The difference reflects the timing deductions for depreciation, depletion and amortization, intangible drilling costs and dismantlement and abandonment costs. For federal income tax reporting, the Partnership had capitalized syndication cost of $8,660,878 at December 31, 2017, and 2016.
A reconciliation of liabilities for federal income tax reporting purposes to liabilities under accounting principles generally accepted in the United States is as follows:
 
 
December 31,
 
 
2017
 
2016
Liabilities for federal income tax purposes
 
$
245,629

 
$
106,624

Asset retirement liability
 
1,789,267

 
1,752,691

Liabilities under accounting principles generally accepted in the United States
 
$
2,034,896

 
$
1,859,315


Asset retirement liabilities for future dismantlement and abandonment costs are not recognized for federal income tax reporting purposes until settled.