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Covenant Village: 9% Tax Credit: $1.2M 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 5,123,558   2,123,558   2,400,000 600000      
Costs Exp.During Const.                  
Tax Losses -2416771   -24168   -2392603        
Cash Distributions -450927   -4509   -446417        
Resulting Basis 2,255,861   2,094,881   -439020 600000      
                   
EFFECT ON BASIS OF SALE                  
Proceeds of Sale (gross) 5,502,655 5,502,655              
Orig. Cost & Capital Replcmnt -6043552 -6043552              
Costs Expensed During Const                  
Non-Cash Charges 3,452,993 3,452,993              
Resulting Gain 2,912,095 2,912,095              
Dist.of Gain to Partners 2,912,095   772147   2,139,949        
                   
Resulting Basis 5,167,956   2,867,028   1,700,928 600000      
                   
Final Cash Distribution -5162196   -1141148   -4021048        
                   
Final Basis 5760   1,725,880   -2320120 600000      
                   
Combined Capital Gain 2,906,335   -953733   4,460,069 -600000      
                   
Est. Tax Liability 1,516,423       1,516,423        
Add'l Tax for Acc. Dep.                  


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