7. Taxable Income

12 Months Ended

Mar. 30, 2016

Notes

7. Taxable Income

7.     Taxable Income

A reconciliation of the financial statement net loss of the Partnership for the years ended March 30, 2016 and 2015 to the tax return income for the years ended December 31, 2015 and 2014 is as follows:

	2016	2015
Financial statement net loss for the years ended March 30, 2016 and 2015	$        (29,191)	$        (98,382)
Add (less) net transactions occurring between
January 1, 2014 and March 30, 2014	--	117,510
January 1, 2015 and March 30, 2015	(34,658)	34,658
January 1, 2016 and March 30, 2016	(72,175)	--
Adjusted financial statement net income (loss) for the years ended December 31, 2015 and 2014	(136,024)	53,786
Management Fees and Administration Fees deductible for tax purposes when paid	88,477	(161,024)
Equity in income (loss) of investment in local partnerships	(475,518)	1,336,561
Gain on sale of limited partner interests/local partnership properties	3,326,944	7,463,243
Other income from local partnerships	(14,507)	(160,923)
Other differences	251	--
Tax return income for the years ended December 31, 2015 and 2014	$ 2,789,623	$ 8,531,643

The differences between investment in local partnerships for financial reporting and tax purposes as of December 31, 2015 and 2014 are as follows:

	2015	2014
Investment in local partnerships - financial reporting	$                     --	$                     --
Investment in local partnerships - tax	(6,490,136)	(9,222,052)
	$       6,490,136	$       9,222,052

Payable to general partner and affiliates in the accompanying balance sheets represents accrued Management Fees and Administration Fees, which are not deductible for tax purposes until paid pursuant to IRC Section 267.