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EXCEL - IDEA: XBRL DOCUMENT - CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES 2Financial_Report.xls
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EX-32.1 - EXHIBIT 32.1 - CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES 2ccip2912_ex32z1.htm
EX-31.2 - EXHIBIT 31.2 - CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES 2ccip2912_ex31z2.htm
EX-31.1 - EXHIBIT 31.1 - CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES 2ccip2912_ex31z1.htm
10-Q - FORM 10-Q - CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES 2ccip2912_10q.htm
v2.4.0.6
Note E - Fair Value of Financial Instruments
9 Months Ended
Sep. 30, 2012
Notes  
Note E - Fair Value of Financial Instruments

Note E – Fair Value of Financial Instruments

 

Financial Accounting Standards Board Accounting Standards Codification Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Partnership is required to classify these fair value measurements into one of three categories, based on the nature of the inputs used in the fair value measurement.  Level 1 of the hierarchy includes fair value measurements based on unadjusted quoted prices in active markets for identical assets or liabilities the Partnership can access at the measurement date.  Level 2 includes fair value measurements based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.  Level 3 includes fair value measurements based on unobservable inputs.  The classification of fair value measurements is subjective and generally accepted accounting principles requires the Partnership to disclose more detailed information regarding those fair value measurements classified within the lower levels of the hierarchy.  The Partnership believes that the carrying amount of its financial instruments (except for the mortgage note payable) approximates its fair value due to the short-term maturity of these instruments. The Partnership estimates the fair value of its mortgage note payable by discounting future cash flows using a discount rate commensurate with that currently believed to be available to the Partnership for similar term, mortgage notes payable. The Partnership has classified this fair value measurement within Level 2 of the fair value hierarchy. At September 30, 2012, the fair value of the Partnership's mortgage note payable at the Partnership's incremental borrowing rate was approximately $11,747,000.