Income Taxes

3 Months Ended

Mar. 31, 2012

Income Taxes

Income Tax Disclosure [Text Block]

Note 5 – Partnership Income Taxes

The Partnership is subject to a New Jersey tax based upon the number of resident and non-resident limited partners and apportionment of income related to the Partnership’s investment in certain Local Partnerships. For the three months ended March 31, 2012 and 2011 the expense related to this tax is reflected in tax expense in the accompanying statements of operations. At December 31, 2011, the Partnership’s estimate of the balance of the tax due for 2011 to the state of New Jersey was approximately $44,000 and this amount was included in accounts payable and accrued expenses on the accompanying balance sheet as of December 31, 2011. The actual balance of the tax due for 2011 was approximately $87,000 and was paid subsequent to March 31, 2012. The additional tax owed for 2011 taxes is attributable to the sale of interest in Countryside as discussed above. The Partnership’s estimate of the tax due for 2012 is approximately $12,000 of which approximately $3,000 has been accrued at March 31, 2012 and is included in accounts payable and accrued expenses on the accompanying balance sheet. The Partnership accrued the additional $43,000 owed for 2011 taxes during the three months ended March 31, 2012 and this amount is reflected as a reduction in deferred revenue on the accompanying balance sheet as it will ultimately reduce the gain on sale.