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Tower Point Apartments (detail)

Schedule O: Tax Liability on Residual Values

by participant

  Total PROJECT Developer Lender Investor Other Public ADJUSTMENT
PARTNERSHIP BASIS BEFORE SALE                
Investment 7,969,658   539310   7,430,348      
Costs Exp.During Const.                
Tax Losses -581069   -5811   -575258      
Cash Distributions -4986167   -49862   -4811651 -124654    
Resulting Basis 2,402,422   483638   2,043,438 -124654    
                 
EFFECT ON BASIS OF SALE                
Proceeds of Sale (gross) 13,886,158 13,886,158            
Orig. Cost & Capital Replcmnt -14606159 -14606159            
Costs Expensed During Const                
Non-Cash Charges 7,856,317 7,856,317            
Resulting Gain 7,136,316 7,136,316            
Dist.of Gain to Partners 7,136,316   71363   6,886,545 178408    
                 
Resulting Basis 9,538,738   555001   8,929,983 53754    
                 
Final Cash Distribution -9538738   -95387   -9204882 -238468    
                 
Final Basis     459613   -274899 -184715    
                 
Combined Capital Gain 7,136,316   -388250   7,161,443 363123    
                 
Est. Tax Liability 2,434,891       2,434,891      
Add'l Tax for Acc. Dep.                


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