Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes

Income Tax Disclosure [Text Block]

Note C - Income Taxes

The Partnership is classified as a partnership for Federal income tax purposes. Accordingly, no provision for income taxes is made in the financial statements of the Partnership. Taxable income or loss of the Partnership is reported in the income tax returns of its partners.

The following is a reconciliation of reported net loss and Federal taxable loss for the years ended December 31, 2011 and 2010 (in thousands, except per unit data):

	2011	2010
Net loss as reported	$ (6,492)	$ (6,247)
Add (deduct):
Depreciation differences	3,561	2,698
Unearned income	(24)	3
Other	84	52
Federal taxable loss	$ (2,871)	$ (3,494)
Federal taxable loss per limited partnership unit	$ (28.36)	$ (34.51)

The following is a reconciliation between the Partnership's reported amounts and Federal tax basis of net liabilities (in thousands):

	2011	2010
Net liabilities as reported	$(30,106)	$(23,614)
Land and buildings	4,142	(1,990)
Accumulated depreciation	(7,602)	(5,027)
Deferred sales commission	7,947	7,947
Syndication and distribution costs	4,451	4,451
Other	413	348
Net liabilities - Federal tax basis	$(20,755)	$(17,885)