Note 6 - Income Taxes: Reconciliation of Book Net Assets (Liabilities) to Federal Tax Basis Net Assets (Liabilities) (Tables)

12 Months Ended

Dec. 31, 2012

Tables/Schedules

Reconciliation of Book Net Assets (Liabilities) to Federal Tax Basis Net Assets (Liabilities)

The following is a reconciliation between the Partnership’s reported amounts and the Federal tax basis of net assets (liabilities) (in thousands):
	December 31,
	2012	2011
Net deficit as reported	$ (7,129)	$(20,144)
Add (deduct):
Deferred offering costs	5,091	5,091
Investment in Local Limited Partnerships	(1,797)	(10,000)
Accrued interest	5,808	15,222
Other	(15)	1,574
Net asset (deficit) – Federal tax basis	$ 1,958	$ (8,257)