7. Taxable Inome

12 Months Ended

Mar. 30, 2015

Notes

7. Taxable Inome

7.     Taxable Income

A reconciliation of the financial statement net loss of the Trust for the years ended March 30, 2015 and 2014 to the tax return income for the years ended December 31, 2014 and 2013 is as follows:

	2015	2014
Financial statement net loss for the years ended March 30, 2015 and 2014	$    (2,233,475)	$            (4,164)
Add (less) net transactions occurring between
January 1, 2013 and March 30, 2013	--	(23,434)
January 1, 2014 and March 30, 2014	(48,016)	48,016
January 1, 2015 and March 30, 2015	46,752	--
Adjusted financial statement net income (loss) for the years ended December 31, 2014 and 2013	(2,234,739)	20,418
Management Fees deductible for tax purposes when paid	(125,281)	(95,582)
Equity in income (loss) of investment in local partnerships	2,032,373	875,949
Gain on sale of limited partner interests/local partnership properties	960,308	2,274,932
Write-off of Advances for tax purposes	(6,092)	(90,000)
Other income from local partnerships	(3,000)	(52,500)
Other differences	--	3,128
Tax return income for the years ended December 31, 2014 and 2013	$        623,569	$     2,934,347

The differences between investment in local partnerships for financial reporting and tax purposes as of December 31, 2014 and 2013 are as follows:

	2014	2013
Investment in local partnerships - financial reporting	$           395,782	$       2,518,186
Investment in local partnerships - tax	(870,491)	(1,737,768)
	$       1,266,273	$       4,255,954

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.