7. Taxable Inome

12 Months Ended

Mar. 30, 2016

Notes

7. Taxable Inome

7.       Taxable Income

A reconciliation of the financial statement net loss of the Trust for the years ended March 30, 2016 and 2015 to the tax return income for the years ended December 31, 2015 and 2014 is as follows:

	2016	2015
Financial statement net loss for the years ended March 30, 2016 and 2015	$       (541,227)	$    (2,233,475)
Add (less) net transactions occurring between
January 1, 2014 and March 30, 2014	--	(48,016)
January 1, 2015 and March 30, 2015	(46,752)	46,752
January 1, 2016 and March 30, 2016	306,378	--
Adjusted financial statement net loss for the years ended December 31, 2015 and 2014	(281,601)	(2,234,739)
Management Fees deductible for tax purposes when paid	123,537	(125,281)
Equity in income (loss) of investment in local partnerships	(224,196)	2,032,373
Gain (loss) on sale of limited partner interests/local partnership properties	1,014,482	960,308
Write-off of Advances for tax purposes	--	(6,092)
Other income from local partnerships	(13,562)	(3,000)
Tax return income for the years ended December 31, 2015 and 2014	$        618,660	$        623,569

The differences between investment in local partnerships for financial reporting and tax purposes as of December 31, 2015 and 2014 are as follows:

	2015	2014
Investment in local partnerships - financial reporting	$                     --	$           395,782
Investment in local partnerships - tax	(215,752)	(870,491)
	$           215,752	$       1,266,273

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.