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601 LIBERTY HOTEL JV

Schedule O: Tax Liability on Residual Values

by participant

  Total PROJECT Developer Lender Investor Other Public ADJUSTMENT
PARTNERSHIP BASIS BEFORE SALE                
Investment 6880   1880   5000      
Costs Exp.During Const.                
Tax Losses -29372   -29372          
Cash Distributions -23514   -5879 -11757 -5879      
Resulting Basis -46006   -33370 -11757 -879      
                 
EFFECT ON BASIS OF SALE                
Proceeds of Sale (gross) 56160 56160            
Orig. Cost & Capital Replcmnt -49000 -49000            
Costs Expensed During Const                
Non-Cash Charges 58180 58180            
Resulting Gain 65340 65340            
Dist.of Gain to Partners 65340   16335 32670 16335      
                 
Resulting Basis 19335   -17035 20913 15457      
                 
Final Cash Distribution -19335   -4994 -6227 -8114      
                 
Final Basis     -22029 14686 7343      
                 
Combined Capital Gain 65340   38364 17984 8992      
                 
Est. Tax Liability 9591   9591          
Add'l Tax for Acc. Dep. 16195   16195          



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