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

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

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

  RECONCILIATION OF THE PARTNERSHIP'S FINANCIAL STATEMENT NET INCOME

    (LOSS) TO TAXABLE INCOME (LOSS)

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 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.e.), 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 (loss) to taxable income (loss) follows.

	For the years ended December 31,
	2012			2011
Financial statement net income (loss)	$	3,161,744		$	(448,182	)
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	(470,218		)	431,051
Differences between financial statement
gain and taxable gain from the sale or
transfer of properties	16,080,455			—
Impairment loss	605,612			—
Costs amortized over a shorter period
for income tax purposes	1,696			4,188
Taxable income (loss)	$	19,379,289		$	(12,943	)