XML 19 R8.htm IDEA: XBRL DOCUMENT v3.19.2
2. Capital Contributions
12 Months Ended
Mar. 30, 2019
Notes  
2. Capital Contributions

2.       Capital Contributions

 

On March 12, 1990, the Partnership commenced the offering of units (the “Units”) through Merrill Lynch, Pierce, Fenner & Smith Incorporated (the "Selling Agent"). On June 13, 1990, December 27, 1990, December 31, 1991 and January 23, 1992, under the terms of the Amended and Restated Agreement of Limited Partnership of the Partnership, as amended (the "Partnership Agreement"), the General Partner admitted the Limited Partners to the Partnership in four closings. At these closings, subscriptions for a total of 35,883 Units representing $35,883,000 in Limited Partner capital contributions were accepted. In connection with the offering of Units, the Partnership incurred organization and offering costs of $4,418,530, of which $75,000 was capitalized as organization costs and $4,343,530 was charged to the Limited Partners' equity as syndication costs. The General Partner contributed $100 to the Partnership.

 

Net loss was allocated 99% to the Limited Partners and 1% to the General Partner in accordance with the Partnership Agreement until such time as the Limited Partners' capital reached zero as a result of loss allocations, after which all losses have been allocated to the General Partner. Net income will be allocated 100% to the General Partner until such time as the total allocation agrees to the excess losses allocated to the General Partner in prior years.