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Spring Valley Hotel

Schedule O: Tax Liability on Residual Values

by participant

  Total PROJECT Developer Lender Investor Other Public ADJUSTMENT
PARTNERSHIP BASIS BEFORE SALE                
Investment 26131000 -2439244 22070244   6500000      
Costs Exp.During Const. -50000   -50000          
Tax Losses -32798366   -327984   -32470383      
Cash Distributions                
Resulting Basis -6717366 -2439244 21692260   -25970383      
                 
EFFECT ON BASIS OF SALE                
Proceeds of Sale (gross) 47932000 47932000            
Orig. Cost & Capital Replcmnt -26131000 -26131000            
Costs Expensed During Const                
Non-Cash Charges 11095127 11095127            
Resulting Gain 32896127 32896127            
Dist.of Gain to Partners 32896127   16448063   16448063      
                 
Resulting Basis 28618005   38140324   -9522319      
                 
Final Cash Distribution -31057249   -24509488   -6547761      
                 
Final Basis -2439244   13630836   -16070080      
                 
Combined Capital Gain 35335371   2817228   32518143      
                 
Est. Tax Liability 9105080       9105080      
Add'l Tax for Acc. Dep.                



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