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Covent Gardens 11

Schedule O: Tax Liability on Residual Values

by participant

  Total PROJECT Developer Lender Investor Other Public ADJUSTMENT
PARTNERSHIP BASIS BEFORE SALE                
Investment 541   1   540      
Costs Exp.During Const.                
Tax Losses -1710   -85   -1624      
Cash Distributions -317   -16   -301      
Resulting Basis -1486   -101   -1386      
                 
EFFECT ON BASIS OF SALE                
Proceeds of Sale (gross) 3545 3545            
Orig. Cost & Capital Replcmnt -4095 -4095            
Costs Expensed During Const                
Non-Cash Charges 2744 2744            
Resulting Gain 2194 2194            
Dist.of Gain to Partners 2194   2192   2      
                 
Resulting Basis 707   2091   -1384      
                 
Final Cash Distribution -707   -707   -1      
                 
Final Basis     1384   -1384      
                 
Combined Capital Gain 2194   807   1386      
                 
Est. Tax Liability 727   242   485      
Add'l Tax for Acc. Dep. 101   2   99      


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