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Covenant Village: 9% Tax Credit: $1.2M PBC: Semi-Annual

Schedule O: Tax Liability on Residual Values

by participant

  Total PROJECT Developer Lender Investor Other Public Underwriter/Syndctr ADJUSTMENT
PARTNERSHIP BASIS BEFORE SALE                  
Investment 2,441,594   -558406   2,400,000 600000      
Costs Exp.During Const. -5760   -58   -5702        
Tax Losses -2012667   -20127   -1992540        
Cash Distributions -274051   -2741   -271310        
Resulting Basis 149117   -581330   130448 600000      
                   
EFFECT ON BASIS OF SALE                  
Proceeds of Sale (gross) 5,505,104 5,505,104              
Orig. Cost & Capital Replcmnt -5956099 -5956099              
Costs Expensed During Const                  
Non-Cash Charges 2,723,739 2,723,739              
Resulting Gain 2,272,744 2,272,744              
Dist.of Gain to Partners 2,272,744   766238   1,506,506        
                   
Resulting Basis 2,421,862   184908   1,636,954 600000      
                   
Final Cash Distribution -2421862   -1114229   -1307633        
                   
Final Basis     -929322   329322 600000      
                   
Combined Capital Gain 2,272,744   1,695,560   1,177,185 -600000      
                   
Est. Tax Liability 400243       400243        
Add'l Tax for Acc. Dep.                  


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