Note 5 - Partnership Income Taxes

9 Months Ended

Sep. 30, 2015

Notes

Note 5 - Partnership Income Taxes

Note 5 – Partnership Income Taxes

The Partnership was 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. During the year ended December 31, 2012, the Partnership paid approximately $66,000 as a required deposit for estimated 2012 New Jersey taxes, which was based on half of the previous year’s taxes. However, the Partnership’s estimate of the actual tax due for 2012 was approximately zero. The amount was refunded April 2015. As a result of the sale of Countryside during 2012, the Partnership is no longer subject to paying New Jersey taxes.