7. Taxable Loss

12 Months Ended

Mar. 30, 2019

Notes

7. Taxable Loss

7.       Taxable Loss

A reconciliation of the financial statement net loss of the Partnership for the years ended March 30, 2019 and 2018 to the tax return loss for the years ended December 31, 2018 and 2017 is as follows:

	2019	2018
Financial statement net loss for the years ended March 30, 2019 and 2018	$(84,571)	$(88,291)
Add (less) net transactions occurring between
January 1, 2017 and March 30, 2017	--	(18,518)
January 1, 2018 and March 30, 2018	(24,938)	24,938
January 1, 2019 and March 30, 2019	20,896	--
Adjusted financial statement net loss for the years ended December 31, 2018 and 2017	(88,613)	(81,871)
Management Fees and Administration Fees deductible for tax purposes when paid	29,014	(686,599)
Equity in loss of investment in local partnerships	(240,116)	(221,866)
Gain on sale of limited partner interests/local partnership properties	--	(7,000)
Unrealized (gain)/loss on Pemberwick Fund and other	4,079	(2,136)
Tax return loss for the years ended December 31, 2018 and 2017	$(295,636)	$(999,472)

The differences between investment in local partnerships for financial reporting and tax purposes as of December 31, 2018 and 2017 are as follows:

	2018	2017
Investment in local partnerships - financial reporting	$                  --	$                  --
Investment in local partnerships - tax	(5,745,174)	(5,505,058)
	$    5,745,174	$     5,505,058

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.