Taxable Loss

12 Months Ended

Mar. 30, 2012

Income Taxes:

Income Tax Disclosure

8.     Taxable Loss

A reconciliation of the financial statement net income (loss) of the Trust for the years ended March 30, 2012, 2011 and 2010 to the tax return loss for the years ended December 31, 2011, 2010 and 2009 is as follows:

	2012			2011			2010
Financial statement net income (loss) for the years ended March 30, 2012, 2011 and 2010	$	2,585		$	13,297		$	(137,903	)
Add (less) net transactions occurring between
January 1, 2009 and March 30, 2009		--			--			(65,961	)
January 1, 2010 and March 30, 2010		--			(64,011	)		64,011
January 1, 2011 and March 30, 2011		(56,423	)		56,423			--
January 1, 2012 and March 30, 2012		(78,928	)		--			--
Adjusted financial statement net income (loss) for the years ended December 31, 2011, 2010 and 2009		(132,766	)		5,709			(139,853	)
Adjustment to Management Fees pursuant to Internal Revenue Code Section 267		86,495			(150,880	)		(49,225	)
Differences arising from equity in loss of investment in local partnerships		(461,155	)		(607,788	)		(1,016,795	)
Other income from local partnerships		(6,250	)		(2,500	)		--
Other differences		(2,262	)		2,812			799
Tax return loss for the years ended December 31, 2011, 2010 and 2009	$	(515,938	)	$	(752,647	)	$	(1,205,074	)

The differences between the investment in local partnerships for tax and financial reporting purposes as of December 31, 2011 and 2010 are as follows:

	2011			2010
Investment in local partnerships - financial reporting	$	2,327,232		$	2,297,912
Investment in local partnerships - tax		(4,522,652	)		(4,084,567	)
	$	6,849,884		$	6,382,479

Payable to manager and affiliates in the accompanying balance sheets represents accrued Management Fees, which are not deductible for tax purposes until paid pursuant to Internal Revenue Code Section 267.