Federal Income Taxes

12 Months Ended

Mar. 31, 2012

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

6.      Federal Income Taxes

The following schedules reconcile the reported financial statement net income (loss) for the fiscal years ended March 31, 2012 and 2011 to the net income (loss) reported on the Form 1065, U. S. Partnership Return of Income for the years ended December 31, 2011 and 2010:

	2011			2010
Net Income (Loss) per financial statements	$	918,807		$	(613,534	)
Equity in (income) losses of Local Limited Partnerships for financial
reporting purposes in excess of equity in losses for tax purposes		(341,033	)		36,272
Equity in losses of Local Limited Partnerships not recognized
for financial reporting purposes, net of recognition of
previously unrecognized losses		(78,586	)		(387,209	)
Adjustment to reflect March 31 fiscal year end to
December 31 taxable year end		(4,983	)		(12,463	)
Amortization for tax purposes in excess of amortization
for financial reporting purposes		(5,631	)		(5,479	)
Impairment on investments in Local Limited Partnerships
not deductible for tax purposes		-			599,103
Gain on disposition of investments in Local Limited Partnerships for
(financial reporting) tax purposes in excess of gain (loss)
for financial reporting (tax) purposes		(1,243,150	)		1,539,409
Cash distributions included in net income (loss) for financial
reporting purposes		(42,123	)		(26,432	)
Net Income (Loss) per tax return	$	(796,699	)	$	1,129,667

The differences in the assets and liabilities of the Fund for financial reporting purposes and tax purposes as of March 31, 2012 and December 31, 2011, respectively, are as follows:

	Financial
	Reporting		Tax
	Purposes		Purposes			Differences
Investments in Local Limited Partnerships	$	988,520	$	(2,224,173	)	$	3,212,693
Other assets	$	2,349,561	$	6,387,873		$	(4,038,312	)
Liabilities	$	33,194	$	30,880		$	2,314

The differences in the assets and liabilities of the Fund for financial reporting and tax purposes are primarily attributable to: (i) the cumulative equity in losses from Local Limited Partnerships for tax purposes is approximately $2,888,000 greater than for financial reporting purposes including approximately $1,546,000 of losses the Fund has not recognized related to certain Local Limited Partnerships whose cumulative equity in losses exceeded their total investment; (ii) the Fund has provided an impairment allowance of approximately $378,000 against its investments in Local Limited Partnerships for financial reporting purposes; (iii) organizational and offering costs of approximately $5,132,000 that have been capitalized for tax purposes are charged to Limited Partners’ equity for financial reporting purposes; (iv) the disposal of investment in one Local Limited Partnership during the quarter ended March 31, 2012 resulted in its removal from investments in Local Limited Partnerships for financial reporting purposes; and (v) distributions from three Local Limited Partnerships, totaling $271,145, received during the quarter ended March 31, 2012.

The differences in the assets and liabilities of the Fund for financial reporting purposes and tax purposes as of March 31, 2011 and December 31, 2010, respectively, are as follows:

	Financial
	Reporting		Tax
	Purposes		Purposes			Differences
Investments in Local Limited Partnerships	$	1,029,569	$	(1,462,147	)	$	2,491,716
Other assets	$	1,383,021	$	6,435,981		$	(5,052,960	)
Liabilities	$	26,510	$	44,315		$	(17,805	)

The differences in the assets and liabilities of the Fund for financial reporting and tax purposes are primarily attributable to: (i) the cumulative equity in losses from Local Limited Partnerships for tax purposes is approximately $3,031,000 greater than for financial reporting purposes including approximately $1,466,000 of losses the Fund has not recognized related to certain Local Limited Partnerships whose cumulative equity in losses exceeded their total investment; (ii) the Fund has provided an impairment allowance of approximately $846,000 against its investments in Local Limited Partnerships for financial reporting purposes; (iii) organizational and offering costs of approximately $5,132,000 that have been capitalized for tax purposes are charged to Limited Partners’ equity for financial reporting purposes; (iv) the disposal of investment in one Local Limited Partnership during the quarter ended March 31, 2011 resulted in its removal from investments in Local Limited Partnerships for financial reporting purposes; and (v) distributions from two Local Limited Partnerships, totaling $154,600, received during the quarter ended March 31, 2011.