Reconciliation of the Partnerships's Financial Statement Net Income to Taxable Income

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Reconciliation of the Partnership's Financial Statement Net (Loss) Income to Taxable Income

 RECONCILIATION OF THE PARTNERSHIP'S FINANCIAL STATEMENT NET INCOME TO TAXABLE INCOME

For federal income tax purposes, the Partnership reports on a basis whereby:  (i) certain expenses are amortized rather than expensed when incurred; (ii) certain costs are amortized over a shorter period for tax purposes, as permitted by the Internal Revenue Code and underlying regulations, and (iii) certain costs are amortized over a longer period for tax purposes.  The Partnership records its share of income or losses from its investments in limited partnerships for federal income tax purposes as reported on the Local Partnerships' federal income tax returns (see Note 2.f.), including losses in excess of related investment amounts.  These returns are subject to examination and, therefore, possible adjustment by the IRS.

A reconciliation of the Partnership's financial statement net income to taxable income follows.

	For the years ended December 31,
	2012		2011
Financial statement net income	$	1,767,053	$	852,463
Adjustments:
Differences between financial statement
net income and taxable income related
to the Partnership's equity in the Local
Partnerships' income or losses and accrued
expenses	160,810		(149,380		)
Difference between financial statement
gain (loss) and tax gain (loss) from
foreclosure of a Local Partnership	—		2,956,645
Difference between financial statement gain and tax gain
from sale of interest in Local Partnership	3,941,057		—
Costs amortized over a shorter period for
income tax purposes	4,884		(10,106		)
Taxable income	$	5,873,804	$	3,649,622