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Covenant Village: 9% Tax Credit: $1.6M PBC

Schedule O: Tax Liability on Residual Values

by participant

  Total PROJECT NOAH Dev.Corp.(sub) Southeast Bank Syndication Palm Beach County IRS Underwriter/Syndctr ADJUSTMENT
PARTNERSHIP BASIS BEFORE SALE                  
Investment 2,404,315 -345685 -450000   2,400,000 800000      
Costs Exp.During Const. -5760   -58   -5702        
Tax Losses -2603194   -26032   -2577162        
Cash Distributions -355191   -3552   -351639        
Resulting Basis -559829 -345685 -479641   -534503 800000      
                   
EFFECT ON BASIS OF SALE                  
Proceeds of Sale (gross) 5,475,218 5,475,218              
Orig. Cost & Capital Replcmnt -5971211 -5971211              
Costs Expensed During Const                  
Non-Cash Charges 3,244,739 3,244,739              
Resulting Gain 2,748,746 2,748,746              
Dist.of Gain to Partners 2,748,746   765081   1,983,666        
                   
Resulting Basis 2,534,601   285439   1,449,162 800000      
                   
Final Cash Distribution -2534601   -1451667   -1082934        
                   
Final Basis     -1166228   366228 800000      
                   
Combined Capital Gain 2,748,746   1,931,309   1,617,438 -800000      
                   
Est. Tax Liability 549929       549929        
Add'l Tax for Acc. Dep.                  


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