Note 5 - Income Taxes: Reconciliation of Book Net Assets (Liabilities) to Federal tax basis of Net Assets (Liabilties) (Tables)

12 Months Ended

Dec. 31, 2012

Tables/Schedules

Reconciliation of Book Net Assets (Liabilities) to Federal tax basis of Net Assets (Liabilties)

The following is a reconciliation between the Partnership’s reported amounts and the Federal tax basis of net assets at December 31, 2012 and 2011 (in thousands):
	2012	2011
Net assets as reported	$  8,891	$  5,591
Add (deduct):
Deferred offering costs	9,367	9,367
Investment in Local Partnerships	(13,392)	(9,319)
Other	3,673	3,708
Net assets – Federal tax basis	$  8,539	$  9,347