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

12 Months Ended

Mar. 30, 2018

Tables/Schedules

Reconciliation of Financial Statement Net Income to the Tax Return Income

	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