7. Taxable Income

12 Months Ended

Mar. 30, 2018

Notes

7. Taxable Income

7.       Taxable Income

A reconciliation of the financial statement net income of the Trust for the years ended March 30, 2018 and 2017 to the tax return income for the years ended December 31, 2017 and 2016 is as follows:

	2018	2017
Financial statement net income for the years ended March 30, 2018 and 2017	$        827,932	$     1,227,862
Add (less) net transactions occurring between
January 1, 2016 and March 30, 2016	--	(306,378)
January 1, 2017 and March 30, 2017	(21,683)	21,683
January 1, 2018 and March 30, 2018	15,942	--
Adjusted financial statement net income for the years ended December 31, 2017 and 2016	822,191	943,167
Management Fees deductible for tax purposes when paid	(741,762)	63,326
Equity in loss of investment in local partnerships	(20,239)	(110,243)
Gain on sale of limited partner interests/local partnership properties	163,007	(147,589)
Other differences	23	124
Tax return income for the years ended December 31, 2017 and 2016	$        223,220	$        748,785

The differences between investment in local partnerships for financial reporting and tax purposes as of December 31, 2017 and 2016 are as follows:

	2017	2016
Investment in local partnerships - financial reporting	$                   --	$                 --
Investment in local partnerships - tax	(604,610)	(747,378)
	$         604,610	$       747,378

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.