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Windsong Housing Associates, Ltd.

Schedule O: Tax Liability on Residual Values

by participant

  Total PROJECT Western Housing Lender Individual Limited Partner Other IRS Corporate Limited Partner March Securities & Inv.Svcs. General Partner Collins & Associates Special Limited Partner ADJUSTMENT
PARTNERSHIP BASIS BEFORE SALE                          
Investment 2,739,000       1,369,500     1,369,500          
Costs Exp.During Const.                          
Tax Losses -3438345   -68767   -1684789     -1684789          
Cash Distributions -425679   -8514   -208583     -208583          
Resulting Basis -1125024   -77280   -523872     -523872          
                           
EFFECT ON BASIS OF SALE                          
Proceeds of Sale (gross) 13,137,194 13,137,194                      
Orig. Cost & Capital Replcmnt -8937756 -8937756                      
Costs Expensed During Const                          
Non-Cash Charges 4,667,583 4,667,583                      
Resulting Gain 8,867,021 8,867,021                      
Dist.of Gain to Partners 8,867,021   4,522,181   2,172,420     2,172,420          
                           
Resulting Basis 7,741,997   4,444,900   1,648,548     1,648,548          
                           
Final Cash Distribution -7741997   -2551528   -2595234     -2595234          
                           
Final Basis     1,893,372   -946686     -946686          
                           
Combined Capital Gain 8,867,021   2,628,809   3,119,106     3,119,106          
                           
Est. Tax Liability 1,933,846       1,060,496     873350          
Add'l Tax for Acc. Dep.                          



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