Federal Income Taxes

12 Months Ended

Mar. 31, 2012

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

5.      Federal Income Taxes

The following schedule reconciles the reported financial statement net loss for the fiscal years ended March 31, 2012 and 2011 to the net loss reported on Form 1065, U.S. Partnership Return of Income for the years ended December 31, 2011 and 2010:

	2011			2010
Net Loss per financial statements	$	(557,625	)	$	(246,224	)
Equity in income (loss) of Local Limited Partnership for tax
purposes in excess of equity in income (loss) for financial
reporting purposes		(51,725	)		97,899
Adjustment to reflect March 31 fiscal year end to December 31
taxable year end		12,600			8,563
Amortization for tax purposes in excess of amortization for financial
reporting purposes		(1,392	)		(1,391	)
Net Loss per tax return	$	(598,142	)	$	(141,153	)

The differences in the assets and liabilities of the Partnership for financial reporting purposes and tax purposes as of March 31, 2012 and December 31, 2011, respectively, are as follows:

	Financial
	Reporting                                Tax
	Purposes                            Purposes				Differences
Investment in Local Limited Partnership	$	1,232,616	$	1,891,278	$	(658,662	)
Other assets	$	818,523	$	10,659,556	$	(9,841,033	)
Liabilities	$	109,620	$	87,929	$	21,691

The differences in assets and liabilities of the Partnership for financial reporting and tax purposes are primarily attributable to: (i) the cumulative equity in losses of Local Limited Partnership for tax reporting purposes is approximately $1,675,000 greater than for financial reporting purposes;  (ii) the cumulative  amortization of  acquisition  fees  for tax purposes exceeds financial reporting purposes by approximately $30,000; (iii) the Partnership has provided an impairment of approximately $2,364,000 against its investments in Local Limited Partnership for financial reporting purposes; and (iv) organizational and offering costs of approximately $9,500,000 that have been capitalized for tax purposes are charged to Limited Partners’ equity for financial reporting purposes.

The differences in the assets and liabilities of the Partnership for financial reporting purposes and tax purposes as of March 31, 2011 and December 31, 2010, respectively, are as follows:
 

	Financial
	Reporting		Tax
	Purposes		Purposes		Differences
Investment in Local Limited Partnership	$	1,355,943	$	2,067,722	$	(711,779	)
Other assets	$	1,170,662	$	11,098,583	$	(9,927,921	)
Liabilities	$	27,461	$	105,258	$	(77,797	)

The differences in assets and liabilities of the Partnership for financial reporting and tax purposes are primarily attributable to: (i) the cumulative equity in losses of Local Limited Partnership for tax reporting purposes is approximately $1,623,000 greater than for financial reporting purposes;  (ii) the cumulative  amortization of  acquisition  fees  for tax purposes exceeds financial reporting purposes by approximately $29,000; (iii) the Partnership has provided an impairment of approximately $2,364,000 against its investments in Local Limited Partnership for financial reporting purposes; and (iv) organizational and offering costs of approximately $9,500,000 that have been capitalized for tax purposes are charged to Limited Partners’ equity for financial reporting purposes.