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Sequoyah Equities, Inc.

Schedule O: Tax Liability on Residual Values

by participant

  Total PROJECT Developer Lender Investor Other Public ADJUSTMENT
PARTNERSHIP BASIS BEFORE SALE                
Investment 5,393,025   -804399   6,197,424      
Costs Exp.During Const.                
Tax Losses -5431147       -5431147      
Cash Distributions                
Resulting Basis -38122   -804399   766277      
                 
EFFECT ON BASIS OF SALE                
Proceeds of Sale (gross) 3,438,123 3,438,123            
Orig. Cost & Capital Replcmnt -7600000 -7600000            
Costs Expensed During Const                
Non-Cash Charges 4,200,000 4,200,000            
Resulting Gain 38123 38123            
Dist.of Gain to Partners 38123       38123      
                 
Resulting Basis 1   -804399   804400      
                 
Final Cash Distribution -1       -1      
                 
Final Basis     -804399   804399      
                 
Combined Capital Gain 38123   804399   -766276      
                 
Est. Tax Liability -260534       -260534      
Add'l Tax for Acc. Dep.                



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