NOTE 5 – Discontinued Operations

The following table summarizes the financial position of the last remaining Local Partnership which was sold on May 15, 2017 and has been classified as discontinued operations in the consolidated financial statements.


	September 30,		March 31,
	2017		2017
	(Unaudited)		(Audited)
ASSETS

Assets
Cash and cash equivalents	$	—	$	71,657
Cash held in escrow		—		304,851
Other assets		—		56,890
Total assets	$	—	$	433,398

Liabilities
Mortgage notes payable	$	—	$	6,641,508
Accounts payable		—		26,061
Accrued interest payable		—		8,645,541
Security deposits payable		—		48,940
Due to general partners and affiliates (Note 2)		—		224,703
Total liabilities	$	—	$	15,586,753

The following table summarizes the results of operations of the last remaining Local Partnership that is classified as discontinued operations. For the six months ended September 30, 2017, Renaissance Plaza which was sold on May 15, 2017, was classified as discontinued operations in the consolidated financial statements. In order to present comparable results for the six months ended September 30, 2016, Renaissance Plaza was classified as discontinued operations in the consolidated financial statements.


	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2017		2016		2017		2016

Revenues	$	—	$	—	$	—	$	—

Rental income		—		200,801		188,906		405,410
Other		—		—		3,585		10,662
(Loss) gain on sale of property (Note 4)		(240)		5,908		15,254,683		—

Total revenue		(240)		206,709		15,447,174		416,072

Expenses
General and administrative		—		85,015		58,947		211,492
General and administrative-related parties (Note 2)		—		15,121		13,248		30,397
Repairs and maintenance		—		62,299		40,464		107,804
Operating and other		—		20,313		29,286		41,351
Real estate taxes		—		14,152		13,626		28,173
Insurance		—		8,750		7,500		17,500
Interest		—		104,719		104,414		209,437
Depreciation and amortization		—		—		—		—

Total expenses		—		310,369		267,485		646,154

Income (loss) from discontinued operations		(240)		(103,660)		15,179,689		(230,082)

Noncontrolling interest in (income) loss of subsidiaries from discontinued operations		—		1,048		(571,741)		2,324

Income (loss) from discontinued operations – Independence Tax Credit Plus L.P. II	$	(240)	$	(102,612)	$	14,607,948	$	(227,758)

Income (loss) from discontinued operations – limited partners	$	(238)	$	(101,586)	$	14,461,869	$	(225,480)

Number of BACs outstanding		58,928		58,928		58,928		58,928

Income (loss) from discontinued operations per weighted average BAC	$	(0.00)	$	(1.72)	$	245.42	$	(3.82)

Cash flows from discontinued operations:


	Six Months Ended
	September 30,
	2017		2016

Net cash provided by (used in) operating activities	$	6,383,380	$	(18,564)

Net cash provided by (used in) investing activities	$	186,471	$	(18,433)

Net cash used in financing activities	$	(6,641,508)	$	(9,647)