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

12 Months Ended

Mar. 30, 2017

Tables/Schedules

Reconciliation of Financial Statement Net Income (Loss) to the Tax Return Income

	2017	2016
Financial statement net income (loss) for the years ended March 30, 2017 and 2016	$     1,227,862	$       (541,227)
Add (less) net transactions occurring between
January 1, 2015 and March 30, 2015	--	(46,752)
January 1, 2016 and March 30, 2016	(306,378)	306,378
January 1, 2017 and March 30, 2017	21,683	--
Adjusted financial statement net income (loss) for the years ended December 31, 2016 and 2015	943,167	(281,601)
Management Fees deductible for tax purposes when paid	63,326	123,537
Equity in loss of investment in local partnerships	(110,243)	(224,196)
Gain (loss) on sale of limited partner interests/local partnership properties	(147,589)	1,014,482
Other income from local partnerships	--	(13,562)
Other differences	124	--
Tax return income for the years ended December 31, 2016 and 2015	$        748,785	$        618,660