Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes

Income Tax Disclosure [Text Block]

NOTE 4 - INCOME TAXES

The Partnership is not taxed on its income. The partners are taxed in their individual capacities based upon their distributive share of the Partnership's taxable loss and are allowed the benefits to be derived from off-setting their distributive share of the tax losses against taxable income from other sources subject to passive loss limitations. The taxable income or loss differs from amounts included in the statements of operations because different methods are used in determining the losses of the Local Limited Partnership as discussed below. The tax loss is allocated to the partner groups in accordance with Section 704(b) of the Internal Revenue Code and therefore is not necessarily proportionate to the interest percentage owned.

A reconciliation follows:

	Years Ended December 31,
	2011	2010
	(in thousands)
Net loss per financial statements	$  (158)	$  (154)
Other	93	93
Partnership's share of Local Limited
Partnership	1,637	501
Income per tax return	$ 1,572	$   440
Income per limited partnership interest	$256.41	$ 71.84

The following is a reconciliation between the Partnership’s reported amounts and the Federal tax basis of net assets and liabilities:

	December 31,
	2011	2010
	(in thousands)
Net deficit as reported	$   (894)	$   (665)
(Deduct) add:
Investment in Partnerships	(8,661)	(10,463)
Syndication	9,843	9,843
Other	810	811
Net equity (deficit) – Federal tax basis	$  1,098	$   (474)