7. Taxable Inome: Reconciliation of Financial Statement Net Loss to the Tax Return Income (Tables)

12 Months Ended

Mar. 30, 2015

Tables/Schedules

Reconciliation of Financial Statement Net Loss to the Tax Return Income

	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