Note 5 - Income Taxes: Reconciliation of Book Net Assets (Liabilities) to Federal Tax Basis Net Assets (Liabilities) (Tables)

12 Months Ended

Dec. 31, 2012

Tables/Schedules

Reconciliation of Book Net Assets (Liabilities) to Federal Tax Basis Net Assets (Liabilities)

The following is a reconciliation between the Partnership’s reported amounts and the Federal tax basis of net assets (in thousands):
	December 31,
	2012	2011
Net assets as reported	$  2,456	$    161
Add (deduct):
Deferred offering costs	4,976	4,976
Investment in Local Limited Partnerships	(6,262)	(3,820)
Accrued interest	--	1,198
Other	291	(454)
Net equity – Federal tax basis	$  1,461	$  2,061