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Analysis for Affordable Housing Study Commission:Trial 7: LIHTC (70%) & Bond w/ 221(d) Co-insurance

Schedule O: Tax Liability on Residual Values

by participant

  Total PROJECT Developer Lender Investor Other Public Secondary Lender ADJUSTMENT
PARTNERSHIP BASIS BEFORE SALE                  
Investment 5128203   3   5128200        
Costs Exp.During Const.                  
Tax Losses -2904280   -29043   -2875238        
Cash Distributions -706277   -7063   -699214        
Resulting Basis 1517646   -36103   1553748        
                   
EFFECT ON BASIS OF SALE                  
Proceeds of Sale (gross) 10171563 10171563              
Orig. Cost & Capital Replcmnt -10171563 -10171563              
Costs Expensed During Const                  
Non-Cash Charges 3584051 3584051              
Resulting Gain 3584051 3584051              
Dist.of Gain to Partners 3584051   35841   3548211        
                   
Resulting Basis 5101697   -262   5101959        
                   
Final Cash Distribution -5101716   -51017   -5050699        
                   
Final Basis -19   -51279   51260        
                   
Combined Capital Gain 3584070   87120   3496950        
                   
Est. Tax Liability 1188963       1188963        
Add'l Tax for Acc. Dep.                  



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