Note 5 - Income Taxes: Reconiliation of book Net Income (Loss) to Federal Tax basis Net Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2012

Tables/Schedules

Reconiliation of book Net Income (Loss) to Federal Tax basis Net Income (Loss)

A reconciliation follows:
	Years Ended December 31,
	2012	2011
	(in thousands)
Net income per financial statements	$ 2,295		$   295
Accrued interest	--		49
Gain on sale and extinguishment of debt	(2,476)		3,670
Other	(40)		17
Partnership’s share of Local Limited Partnership	(379)		1,257
Net income (loss) per tax return	$  (600)		$  5,288
Taxable income (loss) per limited partnership interest	$   (70.69)		$ 588.86