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NDC Covenant Village in Belle Glade - 144 Units

Schedule O: Tax Liability on Residual Values

by participant

  Total PROJECT NOAH Dev.Corp.(sub) Bond Trustee/Lender Syndication Southeast Bank Palm Beach County ADJUSTMENT
PARTNERSHIP BASIS BEFORE SALE                
Investment 2,774,214   1,097,214       1,677,000  
Costs Exp.During Const.                
Tax Losses 98772   98772          
Cash Distributions -1910424   -1910424          
Resulting Basis 962563   -714437       1,677,000  
                 
EFFECT ON BASIS OF SALE                
Proceeds of Sale (gross) 5,535,178 5,535,178            
Orig. Cost & Capital Replcmnt -5887195 -5887195            
Costs Expensed During Const                
Non-Cash Charges 2,600,490 2,600,490            
Resulting Gain 2,248,472 2,248,472            
Dist.of Gain to Partners 2,248,472   2,248,472          
                 
Resulting Basis 3,211,035   1,534,035       1,677,000  
                 
Final Cash Distribution -3211035   -3211035          
                 
Final Basis     -1677000       1,677,000  
                 
Combined Capital Gain 2,248,472   3,925,472       -1677000  
                 
Est. Tax Liability                
Add'l Tax for Acc. Dep.                


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