Federal Income Taxes

12 Months Ended

Mar. 31, 2013

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

5.      Federal Income Taxes

The following schedule reconciles the reported financial statement net loss for the fiscal years ended March 31, 2013 and 2012 to the net income (loss) reported on Form 1065, U.S. Partnership Return of Income for the years ended December 31, 2012 and 2011:

	2012			2011
Net Loss per financial statements	$	(408,738	)	$	(379,682	)
Equity in income of Local Limited Partnerships for financial     reporting purposes in excess of equity in income for tax     purposes		(16,792	)		(576	)
Recognition of previously unrecognized equity in losses of Local    Limited Partnerships for financial reporting purposes, net of    current year unrecognized losses		1,489,300			354,978
Adjustment to reflect March 31 fiscal year end to
December 31 taxable year end		(10,603	)		5,893
Amortization for tax purposes in excess of amortization
for financial reporting purposes		(20,117	)		(21,219	)
Impairment on investments in Local
Limited Partnerships not deductible for tax purposes		-			100,000
Gain (Loss) on disposition of investments in Local Limited Partnerships
for tax purposes in excess of gain recognized for financial     reporting purposes		(1,555,630	)		232,171
Net Income (Loss) per tax return	$	(522,580	)	$	291,565

The differences in the assets and liabilities of the Fund for financial reporting purposes and tax purposes as of March 31, 2013 and December 31, 2012, respectively, are as follows:

	Financial
	Reporting		Tax
	Purposes		Purposes			Differences
Investments in Local Limited Partnerships	$	-	$	(392,802	)	$	392,802
Other assets	$	636,695	$	5,398,994		$	(4,762,299	)
Liabilities	$	104,330	$	92,618		$	11,712

The differences in assets and liabilities of the Fund for financial reporting and tax purposes are primarily attributable to: (i) the cumulative equity in losses from Local Limited Partnerships for tax reporting purposes is approximately $1,410,000 more than for financial reporting purposes, including approximately $945,000 of losses the Fund has not recognized relating to certain Local Limited Partnerships whose cumulative equity in losses exceeded the total investment; (ii) the cumulative amortization of acquisition fees for tax purposes exceeds financial reporting purposes by approximately $17,000;  (iii) the Fund has provided an impairment allowance of approximately $1,035,000 against its investments in Local Limited Partnerships for financial reporting purposes; and (iv) organizational and offering costs of approximately $4,664,000 that have been capitalized for tax purposes are charged to Limited Partners’ equity for financial reporting purposes.

The differences in the assets and liabilities of the Fund for financial reporting purposes and tax purposes as of March 31, 2012 and December 31, 2011, respectively, are as follows:

	Financial
	Reporting		Tax
	Purposes		Purposes		Differences
Investments in Local Limited Partnerships	$	2,000,439	$	1,710,876	$	289,563
Other assets	$	95,178	$	4,783,151	$	(4,687,973	)
Liabilities	$	1,154,514	$	1,057,873	$	96,641

The differences in assets and liabilities of the Fund for financial reporting and tax purposes are primarily attributable to: (i) the cumulative equity in losses from Local Limited Partnerships for tax reporting purposes is approximately $5,193,000 more than for financial reporting purposes, including approximately $3,203,000 of losses the Fund has not recognized relating to certain Local Limited Partnerships whose cumulative equity in losses exceeded the total investment; (ii) the cumulative amortization of acquisition fees for tax purposes exceeds financial reporting purposes by approximately $177,000; (iii)  a reserve on advances to Local Limited Partnerships of approximately $1,417,000 for financial reporting purposes; (iv)  an impairment allowance of approximately $3,663,000 against its investments in Local Limited Partnerships for financial reporting purposes; and (v) organizational and offering costs of approximately $4,664,000 that have been capitalized for tax purposes are charged to Limited Partners’ equity for financial reporting purposes.