NOTE 5 – Discontinued Operations

As of September 30, 2017, there were no assets classified as discontinued operations. The following table summarizes the financial position of Fawcett because it has been classified as assets held for sale as of March 31, 2017. (See Note 4).


	September 30,		March 31,
	2017		2017*
Assets
Property and equipment - (at cost, net of accumulated depreciation of $0 and $2,284,169, respectively)	$	—	$	51,133
Cash and cash equivalents		—		266,544
Cash held in escrow		—		142,923
Other assets		—		19,944
Total assets	$	—	$	480,544

Liabilities
Mortgage notes payable (net of deferred costs of $0 and $32,299, respectively)	$	—	$	1,527,076
Accounts payable		—		12,071
Accrued interest payable		—		56,839
Security deposits payable		—		14,391
Due to local general partners and affiliates		—		220,734
Total liabilities	$	—	$	1,831,111

The following table summarizes the results of operations of the Local Partnerships that are classified as discontinued operations. For the three and six months ended September 30, 2017, Fawcett which was sold in June 2017 was classified as discontinued operations. In order to present comparable results to the three and six months ended September 30, 2016, Bakery Village which was sold in September 2016 and Fawcett Street were classified as discontinued operations in the condensed consolidated financial statements.

Condensed Consolidated Statements of Discontinued Operations:


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

Revenues

Rental income	$	—	$	411,572	$	98,249	$	819,710
Other		—		17,294		1,512		39,561
Gain on sale of property		307,385		5,247,186		1,803,747		5,247,186

Total revenue		307,385		5,676,052		1,903,508		6,106,457

Expenses
General and administrative		—		98,748		22,749		228,351
General and administrative-related parties		—		24,811		156,436		50,941
Repairs and maintenance		—		91,458		32,980		165,852
Operating and other		—		57,158		16,523		116,113
Real estate taxes		—		26,365		—		52,408
Insurance		—		19,008		4,636		39,141
Interest		—		41,386		11,386		85,454
Depreciation and amortization		—		2,170		845		4,576

Total expenses		—		361,104		245,555		742,836

Income from discontinued operations		307,385		5,314,948		1,657,953		5,363,621

Noncontrolling interest in loss (income) of subsidiaries from discontinued operations		—		131,924		55,261		131,718

Income from discontinued operations – Independence Tax Credit Plus L.P. IV	$	307,385	$	5,446,872	$	1,713,214	$	5,495,339

Income from discontinued operations – limited partners	$	304,311	$	5,392,403	$	1,696,083	$	5,440,384

Number of BACs outstanding		45,844		45,844		45,844		45,844

Income from discontinued operations per weighted average BAC	$	6.64	$	117.63	$	37.00	$	118.67

*Reclassified for comparative purpose.

Cash Flows from Discontinued Operations:


	Six Months Ended
	September 30,
	2017		2016*

Net cash (used in) provided by operating activities	$	(480,736)	$	5,449,368

Net cash provided by (used in) investing activities	$	234,653	$	(2,337,867)

Net cash used in financing activities	$	(20,461)	$	(3,232,257)

*Reclassified for comparative purposes.