Discontinued Operations

12 Months Ended

Mar. 31, 2013

Disclosure Text Block [Abstract]

Discontinued Operation Disclosure [Text Block]

NOTE 11 – Discontinued Operations

The following table summarizes the financial position of the Local Partnerships that are classified as discontinued operations because the respective Local Partnerships were classified as assets held for sale or were sold. As of March 31, 2013, there were no assets classified as discontinued operations on the consolidated balance sheets. As of March 31, 2012, Sojourner Douglass, which was sold during the year ended March 31, 2012 and New Zion, which was classified as an asset held for sale, were classified as discontinued operations on the consolidated balance sheets.

Consolidated Balance Sheets:
			March 31,		March 31,
			2013		2012
	Assets
		Property and equipment – less accumulated depreciation of $0 and
		$1,509,057, respectively	$	-	$	1,381,810
		Cash and cash equivalents		-		100,512
		Cash held in escrow		-		300,798
		Other assets		-		10,547
	Total assets		$	-	$	1,793,667
	Liabilities
		Mortgage notes payable	$	-	$	562,445
		Accounts payable		-		9,017
		Accrued interest payable		-		3,282
		Security deposit payable		-		13,617
		Due to local general partners and affiliates		-		7,169
		Due to general partners and affiliates		-		195,070
	Total liabilities		$	-	$	790,600

The following table summarizes the results of operations of the Local Partnerships that are classified as discontinued operations. For the year ended March 31, 2013,Belmont, Marlton and New Zion, which were sold during the year ended March 31, 2013, were classified as discontinued operations in the consolidated financial statements. For the year ended March 31, 2012, Sojourner Douglass, which was sold during the year ended March 31, 2012, and Belmont, Marlton and New Zion, in order to present comparable results to the year ended March 31, 2013, were classified as discontinued operations in the consolidated financial statements.

Consolidated Statements of Discontinued Operations:

	Years Ended March 31,
	2013		2012*
Revenues
Rental income	$	888,797	$	1,291,569
Other		21,797		28,244
Gain on sale of properties(Note 10)		5,390,970		2,312,341
Total revenues		6,301,564		3,632,154
Expenses
General and administrative		257,471		395,000
General and administrative-related parties (Note 8)		43,505		74,261
Repairs and maintenance		234,283		226,669
Operating and other		100,044		182,869
Taxes		27,394		41,631
Insurance		40,122		67,399
Interest		211,550		258,135
Depreciation and amortization		83,261		168,140
Total expenses		997,630		1,414,104
Income from discontinued operations	$	5,303,934	$	2,218,050
Noncontrolling interest in income of subsidiaries from discontinued operations		(1,056,403)		(46,333)
Income from discontinued operations – Independence Tax Credit Plus LP IV	$	4,247,531	$	2,171,717
Income from discontinued operations – limited partners	$	4,205,056	$	2,150,000
Number of BACs outstanding		45,844		45,844
Income from discontinued operations – limited partners- per weighted average BAC	$	91.73	$	46.90
* Reclassified for comparative purposes.

Cash flows from discontinued operations:
			Years Ended March 31,
			2013		2012*
	Net cash (used in) provided by operating activities		$	(274,145)	$	2,148,064
	Net cash provided by (used in) investing activities		$	291,932	$	(66,535)
	Net cash used in financing activities		$	(141,208)	$	(2,089,311)
	*	Reclassified for comparative purposes.