8. Taxable Loss

12 Months Ended

Mar. 30, 2013

Notes

8. Taxable Loss

8.     Taxable Loss

A reconciliation of the financial statement net income (loss) of the Trust for the years ended March 30, 2013, 2012 and 2011 to the tax return loss for the years ended December 31, 2012, 2011 and 2010 is as follows:

	2013	2012	2011
Financial statement net income (loss) for the years ended March 30, 2013, 2012 and 2011	$(7,626)	$2,585	$ 13,297
Add (less) net transactions occurring between
January 1, 2010 and March 30, 2010	--	--	(64,011)
January 1, 2011 and March 30, 2011	--	(56,423)	56,423
January 1, 2012 and March 30, 2012	78,928	(78,928)	--
January 1, 2013 and March 30, 2013	23,434	--	--
Adjusted financial statement net income (loss) for the years ended December 31, 2012, 2011 and 2010	94,736	(132,766)	5,709
Management Fees deductible for tax purposes when paid	(72,441)	86,495	(150,880)
Differences arising from equity in loss of investment in local partnerships	(297,896)	(461,155)	(607,788)
Difference in gain (loss) on sale of limited partner interests/local partnership properties	(168,307)	--
Other income from local partnerships	(36,250)	(6,250)	(2,500)
Other differences	(2,754)	(2,262)	2,812
Tax return loss for the years ended December 31, 2012, 2011 and 2010	$ (482,912)	$ (515,938)	$ (752,647)

The differences between the investment in local partnerships for tax and financial reporting purposes as of December 31, 2012 and 2011 are as follows:

	2012	2011
Investment in local partnerships - financial reporting	$ 2,435,800	$ 2,327,232
Investment in local partnerships - tax	(4,916,537)	(4,522,652)
	$ 7,352,337	$ 6,849,884

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 IRC Section 267.