to home page  Home   E-Mail  SiteTree (all case studies)    HomePage    Index (this case study)    MV    AVI    FINFEES    CAPREP    CSF    MTGES    A87SCH    UNITMIX    Format420    Format418    Format424    Format426    Format421    Format409    Format410    Format411    Format401    Format423    Format413    Format414    Format412    Format404    Format425    Format429    Format402    Format422    Format428    Format405    Format406    Format407    Format408    Format415    Format416    Format417   

Covenant Village: 9% Tax Credit (S)

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 3,089,244   89244   2,400,000 600000      
Costs Exp.During Const. -5760   -58   -5702        
Tax Losses -2488178   -24882   -2463296        
Cash Distributions -164469   -1645   -162824        
Resulting Basis 430837   62660   -231823 600000      
                   
EFFECT ON BASIS OF SALE                  
Proceeds of Sale (gross) 5,509,789 5,509,789              
Orig. Cost & Capital Replcmnt -5975886 -5975886              
Costs Expensed During Const                  
Non-Cash Charges 2,789,224 2,789,224              
Resulting Gain 2,323,127 2,323,127              
Dist.of Gain to Partners 2,323,127   767669   1,555,457        
                   
Resulting Basis 2,753,964   830330   1,323,634 600000      
                   
Final Cash Distribution -2753964   -1118478   -1635486        
                   
Final Basis     -288148   -311852 600000      
                   
Combined Capital Gain 2,323,127   1,055,818   1,867,309 -600000      
                   
Est. Tax Liability 634885       634885        
Add'l Tax for Acc. Dep.                  


 Home   E-Mail  home at CD root