Discontinued Operations

12 Months Ended

Mar. 31, 2014

Discontinued Operation Disclosure [Text Block]

NOTE 11 – Discontinued Operations

The following table summarizes the results of operations of the Local Partnerships that are classified as discontinued operations. For the year ended March 31, 2014, Guymon, which was sold during the year ended March 31, 2014, was classified as discontinued operations in the consolidated financial statements. For the year ended March 31, 2013, Belmont, Marlton and New Zion, which were sold during the year ended March 31, 2013, and Guymon, in order to present comparable results to the year ended March 31, 2014, were classified as discontinued operations in the consolidated financial statements.

Consolidated Statements of Discontinued Operations:


	Years Ended March 31,
	2014		2013*

Revenues

Rental income	$	554,137	$	1,601,873
Other		2,443		29,903
Gain on sale of properties(Note 10)		819,451		5,390,970

Total revenues		1,376,031		7,022,746

Expenses
General and administrative		559,376		372,763
General and administrative-related parties (Note 8)		37,222		85,651
Repairs and maintenance		89,084		343,730
Operating and other		179,867		304,901
Taxes		10,360		41,144
Insurance		21,727		64,521
Interest		66,844		306,154
Depreciation and amortization		79,585		190,395

Total expenses		1,044,065		1,709,259

Income from discontinued operations	$	331,966	$	5,313,487

Noncontrolling interest in loss (income) of subsidiaries from discontinued operations		703,371		(1,056,403)

Income from discontinued operations – Independence Tax Credit Plus LP IV	$	1,035,337	$	4,257,084

Income from discontinued operations – limited partners	$	1,024,983	$	4,214,513

Number of BACs outstanding		45,844		45,844

Income from discontinued operations – limited partners- per weighted average BAC	$	22.36	$	91.94

* Reclassified for comparative purposes.

Cash flows from discontinued operations:

			Years Ended March 31,
			2014		2013*

	Net cash used in operating activities		$	(703,643)	$	(1,718,770)

	Net cash provided by investing activities		$	678,099	$	3,722,004

	Net cash used in financing activities		$	-	$	(2,116,085)

	*	Reclassified for comparative purposes.