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Turnkey Syndication (+2.5%/yr):Trial 7: Conv.Fin.: 9% LIHTC:$1.2M FAHP

Schedule O: Tax Liability on Residual Values

by participant

  Total PROJECT Operator General Partner Investor Other Public Secondary Lender Underwriter/Syndctr General Partner Operator ADJUSTMENT
PARTNERSHIP BASIS BEFORE SALE                        
Investment 2,734,992   350000   2,384,992              
Costs Exp.During Const. -5760     -58 -5702              
Tax Losses -1272071     -12721 -1259350              
Cash Distributions -355600     -3556 -352044              
Resulting Basis 1,101,561   350000 -16334 767895              
                         
EFFECT ON BASIS OF SALE                        
Proceeds of Sale (gross) 5,492,330 5,492,330                    
Orig. Cost & Capital Replcmnt -5958427 -5958427                    
Costs Expensed During Const                        
Non-Cash Charges 2,914,666 2,914,666                    
Resulting Gain 2,448,569 2,448,569                    
Dist.of Gain to Partners 2,448,569   748466 17001 1,683,102              
                         
Resulting Basis 3,550,130   1,098,466 667 2,450,997              
                         
Final Cash Distribution -3550155   -1098466 -24517 -2427172              
                         
Final Basis -25     -23850 23825              
                         
Combined Capital Gain 2,448,594   748466 40851 1,659,277              
                         
Est. Tax Liability 564154       564154              
Add'l Tax for Acc. Dep.                        



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