INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

6 Months Ended

Sep. 30, 2011

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At September 30, 2011 and 2010 the Partnership had limited partnership interests in 126 and 133 Operating Partnerships, respectively, which own apartment complexes. The number of Operating Partnerships in which the Partnership had limited partnership interests at September 30, 2011 and 2010 by series is as follows:

	2011		2010
Series 7		-		-
Series 9		22		24
Series 10		16		16
Series 11		16		16
Series 12		23		25
Series 14		49		52
		126		133

Under the terms of the Partnership's investment in each Operating Partnership, the Partnership is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations.

The contributions payable at September 30, 2011 and 2010 by series are as follows:

	2011		2010
Series 7	$	-	$	-
Series 9		-		-
Series 10		-		-
Series 11		-		-
Series 12		9,241		9,241
Series 14		160,733		160,733
	$	169,974	$	169,974

During the six months ended September 30, 2011 the Partnership disposed of four Operating Partnerships and received additional proceeds from two Operating Partnerships disposed of in the prior year. A summary of the dispositions by Series for September 30, 2011 is as follows:

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition		Gain/(Loss) on Disposition
Series 7		-		-	$	-	$	-
Series 9		2		-		140,000		140,000
Series 10		-		-		-		-
Series 11		-		-		54,381		54,381
Series 12		-		-		44,097		44,097
Series 14		1		1		397,317		397,317
Total		3		1	$	635,795	$	635,795

During the six months ended September 30, 2010 the Partnership disposed of three Operating Partnerships and received additional proceeds from two Operating Partnerships disposed of in the prior year. A summary of the dispositions by Series for September 30, 2010 is as follows:

	Operating Partnership Interest Transferred		Sale of Underlying Operating Partnership		Partnership Proceeds from Disposition		Gain/(Loss) on Disposition
Series 7		-		-	$	-	$	-
Series 9		-		-		-		-
Series 10		-		-		6,276		6,276
Series 11		-		1		1,191,654		1,191,654
Series 12		-		1		-		-
Series 14		-		1		73,862		73,862
Total		-		3	$	1,271,792	$	1,271,792

The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Partnership’s investment in the Operating Partnership. As such, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

The Partnership's fiscal year ends March 31 of each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership agreement, financial results for each of the Operating Partnerships are provided to the Partnership within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, 2011.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

	2011			2010
Revenues
Rental	$	10,503,663		$	12,600,906
Interest and other		262,881			328,156
		10,766,544			12,929,062
Expenses
Interest		1,603,312			2,069,117
Depreciation and amortization		2,537,255			3,110,047
Operating expenses		7,813,466			9,218,424
		11,954,033			14,397,588
NET LOSS	$	(1,187,489	)	$	(1,468,526	)
Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership*	$	(1,175,614	)	$	(1,453,841	)
Net loss allocated to other partners	$	(11,875	)	$	(14,685	)

*Amounts include $1,175,614 and $1,453,841 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

The Partnership accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Partnership adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Partnership recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 7

	2011		2010
Revenues
Rental	$	-	$	-
Interest and other		-		-
		-		-
Expenses
Interest		-		-
Depreciation and amortization		-		-
Operating expenses		-		-
		-		-
NET LOSS	$	-	$	-
Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership*	$	-	$	-
Net loss allocated to other partners	$	-	$	-

*Amounts include $0 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

The Partnership accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Partnership adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Partnership recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 9

	2011			2010
Revenues
Rental	$	1,119,363		$	2,433,720
Interest and other		32,037			63,025
		1,151,400			2,496,745
Expenses
Interest		179,679			397,675
Depreciation and amortization		306,567			631,185
Operating expenses		955,372			1,861,131
		1,441,618			2,889,991
NET LOSS	$	(290,218	)	$	(393,246	)
Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership*	$	(287,316	)	$	(389,314	)
Net loss allocated to other partners	$	(2,902	)	$	(3,932	)

*Amounts include $287,316 and $389,314 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

The Partnership accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Partnership adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Partnership recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 1 0

	2011			2010
Revenues
Rental	$	1,265,265		$	1,231,247
Interest and other		17,250			26,461
		1,282,515			1,257,708
Expenses
Interest		184,352			186,711
Depreciation and amortization		298,070			311,749
Operating expenses		967,561			991,238
		1,449,983			1,489,698
NET LOSS	$	(167,468	)	$	(231,990	)
Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership*	$	(165,793	)	$	(229,670	)
Net loss allocated to other partners	$	(1,675	)	$	(2,320	)

*Amounts include $165,793 and $229,670 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

The Partnership accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Partnership adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Partnership recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 1 1

	2011			2010
Revenues
Rental	$	1,534,367		$	1,993,597
Interest and other		24,416			37,135
		1,558,783			2,030,732
Expenses
Interest		192,321			314,652
Depreciation and amortization		395,888			508,926
Operating expenses		1,090,166			1,288,296
		1,678,375			2,111,874
NET LOSS	$	(119,592	)	$	(81,142	)
Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership*	$	(118,396	)	$	(80,331	)
Net loss allocated to other partners	$	(1,196	)	$	(811	)

*Amounts include $118,396 and $80,331 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

The Partnership accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Partnership adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Partnership recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 1 2

	2011			2010
Revenues
Rental	$	1,790,313		$	1,838,346
Interest and other		94,413			87,897
		1,884,726			1,926,243
Expenses
Interest		302,893			313,832
Depreciation and amortization		377,869			419,846
Operating expenses		1,298,269			1,299,931
		1,979,031			2,033,609
NET LOSS	$	(94,305	)	$	(107,366	)
Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership*	$	(93,362	)	$	(106,292	)
Net loss allocated to other partners	$	(943	)	$	(1,074	)

*Amounts include $93,362 and $106,292 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

The Partnership accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Partnership adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Partnership recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS

Six Months Ended June 30,

(Unaudited)

Series 14

	2011			2010
Revenues
Rental	$	4,794,355		$	5,103,996
Interest and other		94,765			113,638
		4,889,120			5,217,634
Expenses
Interest		744,067			856,247
Depreciation and amortization		1,158,861			1,238,341
Operating expenses		3,502,098			3,777,828
		5,405,026			5,872,416
NET LOSS	$	(515,906	)	$	(654,782	)
Net loss allocated to Boston Capital Tax Credit Fund II Limited Partnership*	$	(510,747	)	$	(648,234	)
Net loss allocated to other partners	$	(5,159	)	$	(6,548	)

*Amounts include $510,747 and $648,234 for 2011 and 2010, respectively, of loss not recognized under the equity method of accounting.

The Partnership accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Partnership adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Partnership recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.