Note 11 - Reconciliation of Consolidated Financial Statement Income (Loss) to Taxable Income

12 Months Ended

Dec. 31, 2011

Note 11 - Reconciliation of Consolidated Financial Statement Income (Loss) to Taxable Income

A reconciliation of the consolidated financial statement net income (loss) of the Partnership and Carrollton to the income tax income of the Partnership for the years ended December 31, 2011, 2010 and 2009 is as follows:

	2011			2010			2009

Consolidated financial statement net income (loss)	$	(96,468	)	$	208,766		$	74,397

Excess depreciation for financial reporting purposes due to purchase accounting treatment, net of excess tax depreciation resulting from a step-up in basis		278,169			273,559			279,050

Nondeductible expenses		1,293			--			--

Deferred revenue		(1,685	)		(1,621	)		3,562

Amounts allocated to noncontrolling interest and other		(6,878	)		190			(43,708	)

Partnership tax return income	$	174,431		$	480,894		$	313,301

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

SECURED INCOME L P 10-K