Discontinued Operations

9 Months Ended

Dec. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operation Disclosure [Text Block]

NOTE 6 – Discontinued Operations

The following table summarizes the financial position of the Local Partnerships that are classified as discontinued operations because the respective Local Partnerships were classified as assets held for sale or were sold. As of December 31,2013, Guymon, which was sold during the period, was classified as discontinued operations on the consolidated balance sheets. As of March 31, 2013,there were no assets classified as discontinued operations on the consolidated balance sheets

Consolidated Balance Sheets:
		December 31,	March 31,
		2013	2013
	Assets
	Liabilities

NOTE 6 – Discontinued Operations

The following table summarizes the results of operations of the Local Partnerships that are classified as discontinued operations. For the three and nine months endedDecember 31,2013,Guymon, which was sold during the period, was classified as discontinued operations in the consolidated financial statements. For the three and nine months endedDecember 31,2012,Belmont, Marlton and New Zion, which were sold during the period, and Guymon,in order to present comparable results to the nine months ended December 31,2013, were classified as discontinued operations in the consolidated financial statements.

Consolidated Statements of Discontinued Operations:

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2013		2012*		2013		2012*
Revenues
Rental income	$	187,813	$	412,259	$	562,267	$	1,343,291
Other		(7,366)		(22,246)		(12,787)		21,068
Gain on sale of properties(Note 4)		165,728		2,419,601		165,728		5,336,670
Total revenue		346,175		2,809,614		715,208		6,701,029
Expenses
General and administrative		50,166		88,251		110,504		322,152
General and administrative-related parties (Note 2)		10,783		24,922		32,171		83,499
Repairs and maintenance		37,734		74,573		61,160		237,064
Operating and other		58,876		77,998		158,265		234,042
Real estate taxes		3,437		8,664		10,312		30,946
Insurance		5,163		15,730		18,242		47,446
Interest		29,466		73,479		74,641		241,049
Depreciation and amortization		26,167		47,326		79,586		143,686
Total expenses		221,792		410,943		544,881		1,339,884
Income from discontinued operations		124,383		2,398,671		170,327		5,361,145
Noncontrolling interest in loss (income) of subsidiaries from discontinued operations		865,019		(628,344)		865,010		(1,089,405)
Income from discontinued operations – Independence Tax Credit Plus IV	$	989,402	$	1,770,327	$	1,035,337	$	4,271,740
Income from discontinued operations – limited partners	$	979,508	$	1,752,624	$	1,024,984	$	4,229,022
Number of BACs outstanding		45,844		45,844		45,844		45,844
Income from discontinued operations– limited partners- per weighted average BAC	$	21.36	$	38.23	$	22.36	$	92.25
* Reclassified for comparative purpose.

Cash Flows from Discontinued Operations:
	Nine Months Ended
	December 31,
		2013		2012*
Net cash provided by operating activities	$	2,746,525	$	1,296,962
Net cash provided by investing activities	$	241,826	$	3,611,972
Net cash used in financing activities	$	(3,013,895)	$	(5,034,517)
* Reclassified for comparative purposes.