Document and Entity Information
Document and Entity Information | 12 Months Ended |
Mar. 31, 2019USD ($)shares | |
Document and Entity Information [Abstract] | |
Document Type | 10-K |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | BOSTON CAPITAL TAX CREDIT FUND V LP |
Entity Central Index Key | 0001267425 |
Current Fiscal Year End Date | --03-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Public Float | $ | $ 0 |
Entity Common Stock, Shares Outstanding | shares | 0 |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Small Business | true |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
ASSETS | ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | $ 0 | $ 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 707,501 | 1,914,566 |
Other assets | 106,411 | 106,411 |
Assets | 813,912 | 2,020,977 |
LIABILITIES | ||
Accounts payable and accrued expenses | 343 | 343 |
Accounts payable - affiliates | 8,362,077 | 8,649,793 |
Capital contributions payable | 101 | 101 |
Total Liabilities | 8,362,521 | 8,650,237 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor limited partner | 0 | 0 |
Limited partners | (7,268,534) | (6,351,484) |
General partner | (280,075) | (277,776) |
Partners Capital | (7,548,609) | (6,629,260) |
Liabilities and Stockholders' Equity | 813,912 | 2,020,977 |
Series 47 [Member] | ||
ASSETS | ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 243,174 | 776,230 |
Other assets | 0 | 0 |
Assets | 243,174 | 776,230 |
LIABILITIES | ||
Accounts payable and accrued expenses | 0 | 0 |
Accounts payable - affiliates | 3,190,337 | 3,459,744 |
Capital contributions payable | 0 | 0 |
Total Liabilities | 3,190,337 | 3,459,744 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor limited partner | 0 | 0 |
Limited partners | (2,863,087) | (2,600,097) |
General partner | (84,076) | (83,417) |
Partners Capital | (2,947,163) | (2,683,514) |
Liabilities and Stockholders' Equity | 243,174 | 776,230 |
Series 48 [Member] | ||
ASSETS | ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 209,712 | 666,873 |
Other assets | 0 | 0 |
Assets | 209,712 | 666,873 |
LIABILITIES | ||
Accounts payable and accrued expenses | 0 | 0 |
Accounts payable - affiliates | 1,850,341 | 2,138,501 |
Capital contributions payable | 0 | 0 |
Total Liabilities | 1,850,341 | 2,138,501 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor limited partner | 0 | 0 |
Limited partners | (1,585,765) | (1,417,187) |
General partner | (54,864) | (54,441) |
Partners Capital | (1,640,629) | (1,471,628) |
Liabilities and Stockholders' Equity | 209,712 | 666,873 |
Series 49 [Member] | ||
ASSETS | ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 254,615 | 471,463 |
Other assets | 106,411 | 106,411 |
Assets | 361,026 | 577,874 |
LIABILITIES | ||
Accounts payable and accrued expenses | 343 | 343 |
Accounts payable - affiliates | 3,321,399 | 3,051,548 |
Capital contributions payable | 101 | 101 |
Total Liabilities | 3,321,843 | 3,051,992 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor limited partner | 0 | 0 |
Limited partners | (2,819,682) | (2,334,200) |
General partner | (141,135) | (139,918) |
Partners Capital | (2,960,817) | (2,474,118) |
Liabilities and Stockholders' Equity | $ 361,026 | $ 577,874 |
BALANCE SHEETS _Parenthetical_
BALANCE SHEETS [Parenthetical] - $ / shares | Mar. 31, 2019 | Mar. 31, 2018 |
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 |
Units of limited partnership interest, authorized | 15,500,000 | 15,500,000 |
Assignor Limited Partners Capital Account Units Issued | 11,777,706 | 11,777,706 |
Assignor Limited Partners Capital Account Units Outstanding | 11,777,706 | 11,777,706 |
Units of limited partnership interest, issued | 11,777,706 | 11,777,706 |
Units of limited partnership interest, outstanding | 11,754,506 | 11,763,506 |
Series 47 [Member] | ||
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 |
Units of limited partnership interest, authorized | 15,500,000 | 15,500,000 |
Assignor Limited Partners Capital Account Units Issued | 3,478,334 | 3,478,334 |
Assignor Limited Partners Capital Account Units Outstanding | 3,478,334 | 3,478,334 |
Units of limited partnership interest, issued | 3,478,334 | 3,478,334 |
Units of limited partnership interest, outstanding | 3,473,634 | 3,476,634 |
Series 48 [Member] | ||
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 |
Units of limited partnership interest, authorized | 15,500,000 | 15,500,000 |
Assignor Limited Partners Capital Account Units Issued | 2,299,372 | 2,299,372 |
Assignor Limited Partners Capital Account Units Outstanding | 2,299,372 | 2,299,372 |
Units of limited partnership interest, issued | 2,299,372 | 2,299,372 |
Units of limited partnership interest, outstanding | 2,291,372 | 2,293,872 |
Series 49 [Member] | ||
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 |
Units of limited partnership interest, authorized | 15,500,000 | 15,500,000 |
Assignor Limited Partners Capital Account Units Issued | 6,000,000 | 6,000,000 |
Assignor Limited Partners Capital Account Units Outstanding | 6,000,000 | 6,000,000 |
Units of limited partnership interest, issued | 6,000,000 | 6,000,000 |
Units of limited partnership interest, outstanding | 5,989,500 | 5,993,000 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Income | |||
Interest income | $ 7,723 | $ 3,262 | |
Other income | 117,546 | 209,432 | |
Total income | 125,269 | 212,694 | |
Share of gain (loss) from operating limited partnerships | [1] | 8,261 | 649,375 |
Expenses and loss | |||
Professional fees | 120,926 | 92,512 | |
Partnership management fee | 830,032 | 964,098 | |
General and administrative expenses | 101,921 | 70,206 | |
Impairment loss | 0 | 238,657 | |
Operating expenses | 1,052,879 | 1,365,473 | |
NET INCOME (LOSS) | (919,349) | (503,404) | |
Net income (loss) allocated to general partner | (2,299) | (1,259) | |
Net income (loss) allocated to limited partner | $ (917,050) | $ (502,145) | |
Net income (loss) per BAC | $ (0.08) | $ (0.04) | |
Series 47 [Member] | |||
Income | |||
Interest income | $ 2,468 | $ 1,133 | |
Other income | 30,323 | 66,192 | |
Total income | 32,791 | 67,325 | |
Share of gain (loss) from operating limited partnerships | [2] | 8,261 | 584,687 |
Expenses and loss | |||
Professional fees | 39,635 | 27,882 | |
Partnership management fee | 233,594 | 296,786 | |
General and administrative expenses | 31,472 | 21,650 | |
Impairment loss | 0 | 0 | |
Operating expenses | 304,701 | 346,318 | |
NET INCOME (LOSS) | (263,649) | 305,694 | |
Net income (loss) allocated to general partner | (659) | 764 | |
Net income (loss) allocated to limited partner | $ (262,990) | $ 304,930 | |
Net income (loss) per BAC | $ (0.08) | $ 0.09 | |
Series 48 [Member] | |||
Income | |||
Interest income | $ 2,573 | $ 913 | |
Other income | 28,331 | 51,414 | |
Total income | 30,904 | 52,327 | |
Share of gain (loss) from operating limited partnerships | [3] | 0 | 343,500 |
Expenses and loss | |||
Professional fees | 35,438 | 25,168 | |
Partnership management fee | 139,405 | 183,660 | |
General and administrative expenses | 25,062 | 18,289 | |
Impairment loss | 0 | 0 | |
Operating expenses | 199,905 | 227,117 | |
NET INCOME (LOSS) | (169,001) | 168,710 | |
Net income (loss) allocated to general partner | (423) | 422 | |
Net income (loss) allocated to limited partner | $ (168,578) | $ 168,288 | |
Net income (loss) per BAC | $ (0.07) | $ 0.07 | |
Series 49 [Member] | |||
Income | |||
Interest income | $ 2,682 | $ 1,216 | |
Other income | 58,892 | 91,826 | |
Total income | 61,574 | 93,042 | |
Share of gain (loss) from operating limited partnerships | 0 | (278,812) | |
Expenses and loss | |||
Professional fees | 45,853 | 39,462 | |
Partnership management fee | 457,033 | 483,652 | |
General and administrative expenses | 45,387 | 30,267 | |
Impairment loss | 0 | 238,657 | |
Operating expenses | 548,273 | 792,038 | |
NET INCOME (LOSS) | (486,699) | (977,808) | |
Net income (loss) allocated to general partner | (1,217) | (2,445) | |
Net income (loss) allocated to limited partner | $ (485,482) | $ (975,363) | |
Net income (loss) per BAC | $ (0.08) | $ (0.16) | |
[1] | Includes $8,261 and $928,187, respectively, in 2019 and 2018 from gain on disposal of operating limited partnership. | ||
[2] | Includes $8,261 and $584,687, respectively, in 2019 and 2018 from gain on disposal of operating limited partnership. | ||
[3] | Includes $- and $343,500, respectively, in 2019 and 2018 from gain on disposal of operating limited partnership. |
STATEMENTS OF OPERATIONS _Paren
STATEMENTS OF OPERATIONS [Parenthetical] - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Gain (Loss) on Sale of Equity Investments | $ 8,261 | $ 928,187 |
Series 47 [Member] | ||
Gain (Loss) on Sale of Equity Investments | 8,261 | 584,687 |
Series 48 [Member] | ||
Gain (Loss) on Sale of Equity Investments | $ 0 | $ 343,500 |
STATEMENTS OF CHANGES IN PARTNE
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - USD ($) | Total | Limited Partner [Member] | General Partner [Member] | Series 47 [Member] | Series 47 [Member]Limited Partner [Member] | Series 47 [Member]General Partner [Member] | Series 48 [Member] | Series 48 [Member]Limited Partner [Member] | Series 48 [Member]General Partner [Member] | Series 49 [Member] | Series 49 [Member]Limited Partner [Member] | Series 49 [Member]General Partner [Member] |
Partners' capital (deficit) at Mar. 31, 2017 | $ (6,125,856) | $ (5,849,339) | $ (276,517) | $ (2,989,208) | $ (2,905,027) | $ (84,181) | $ (1,640,338) | $ (1,585,475) | $ (54,863) | $ (1,496,310) | $ (1,358,837) | $ (137,473) |
Net income (loss) | (503,404) | (502,145) | (1,259) | 305,694 | 304,930 | 764 | 168,710 | 168,288 | 422 | (977,808) | (975,363) | (2,445) |
Partners' capital (deficit) at Mar. 31, 2018 | (6,629,260) | (6,351,484) | (277,776) | (2,683,514) | (2,600,097) | (83,417) | (1,471,628) | (1,417,187) | (54,441) | (2,474,118) | (2,334,200) | (139,918) |
Net income (loss) | (919,349) | (917,050) | (2,299) | (263,649) | (262,990) | (659) | (169,001) | (168,578) | (423) | (486,699) | (485,482) | (1,217) |
Partners' capital (deficit) at Mar. 31, 2019 | $ (7,548,609) | $ (7,268,534) | $ (280,075) | $ (2,947,163) | $ (2,863,087) | $ (84,076) | $ (1,640,629) | $ (1,585,765) | $ (54,864) | $ (2,960,817) | $ (2,819,682) | $ (141,135) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Cash flows from operating activities | |||
Net income (loss) | $ (919,349) | $ (503,404) | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Share of (gain) loss from operating limited partnerships | [1] | (8,261) | (649,375) |
Impairment loss | 0 | 238,657 | |
Changes in assets and liabilities | |||
Accounts payable - affiliates | (287,716) | 659,282 | |
Net cash used in operating activities | (1,215,326) | (254,840) | |
Cash flows from investing activities | |||
Proceeds from disposition of operating limited partnerships | 8,261 | 928,187 | |
Net cash provided by investing activities | 8,261 | 928,187 | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (1,207,065) | 673,347 | |
Cash and cash equivalents, beginning | 1,914,566 | 1,241,219 | |
Cash and cash equivalents, end | 707,501 | 1,914,566 | |
Series 47 [Member] | |||
Cash flows from operating activities | |||
Net income (loss) | (263,649) | 305,694 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Share of (gain) loss from operating limited partnerships | [2] | (8,261) | (584,687) |
Impairment loss | 0 | 0 | |
Changes in assets and liabilities | |||
Accounts payable - affiliates | (269,407) | 97,398 | |
Net cash used in operating activities | (541,317) | (181,595) | |
Cash flows from investing activities | |||
Proceeds from disposition of operating limited partnerships | 8,261 | 584,687 | |
Net cash provided by investing activities | 8,261 | 584,687 | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (533,056) | 403,092 | |
Cash and cash equivalents, beginning | 776,230 | 373,138 | |
Cash and cash equivalents, end | 243,174 | 776,230 | |
Series 48 [Member] | |||
Cash flows from operating activities | |||
Net income (loss) | (169,001) | 168,710 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Share of (gain) loss from operating limited partnerships | [3] | 0 | (343,500) |
Impairment loss | 0 | 0 | |
Changes in assets and liabilities | |||
Accounts payable - affiliates | (288,160) | 150,784 | |
Net cash used in operating activities | (457,161) | (24,006) | |
Cash flows from investing activities | |||
Proceeds from disposition of operating limited partnerships | 0 | 343,500 | |
Net cash provided by investing activities | 0 | 343,500 | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (457,161) | 319,494 | |
Cash and cash equivalents, beginning | 666,873 | 347,379 | |
Cash and cash equivalents, end | 209,712 | 666,873 | |
Series 49 [Member] | |||
Cash flows from operating activities | |||
Net income (loss) | (486,699) | (977,808) | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Share of (gain) loss from operating limited partnerships | 0 | 278,812 | |
Impairment loss | 0 | 238,657 | |
Changes in assets and liabilities | |||
Accounts payable - affiliates | 269,851 | 411,100 | |
Net cash used in operating activities | (216,848) | (49,239) | |
Cash flows from investing activities | |||
Proceeds from disposition of operating limited partnerships | 0 | 0 | |
Net cash provided by investing activities | 0 | 0 | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (216,848) | (49,239) | |
Cash and cash equivalents, beginning | 471,463 | 520,702 | |
Cash and cash equivalents, end | $ 254,615 | $ 471,463 | |
[1] | Includes $8,261 and $928,187, respectively, in 2019 and 2018 from gain on disposal of operating limited partnership. | ||
[2] | Includes $8,261 and $584,687, respectively, in 2019 and 2018 from gain on disposal of operating limited partnership. | ||
[3] | Includes $- and $343,500, respectively, in 2019 and 2018 from gain on disposal of operating limited partnership. |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Boston Capital Tax Credit Fund V L.P. (the “Fund” or “Partnership”) was formed under the laws of the State of Delaware on October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which have been organized to acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated apartment complexes which qualified for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986. Accordingly, the apartment complexes are restricted as to rent charges and operating methods. The general partner of the Fund is Boston Capital Associates V L.L.C. and the limited partner is BCTC V Assignor Corp. (the “assignor limited partner”). In accordance with the limited partnership agreement, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99.75% to the assignees and .25% to the general partner. A Registration Statement on Form S-11 and the related prospectus, (the "Prospectus") were filed with the Securities and Exchange Commission and became effective January 2, 2004 in connection with a public offering ("Offering") in one or more series of a minimum of 250,000 BACs and a maximum of 7,000,000 BACs at $10 per BAC. On August 10, 2004, an amendment to Form S-11, which registered an additional 8,500,000 BACs for sale to the public in one or more series became effective. As of December 31, 2005, subscriptions had been received and accepted by the Fund for 11,777,706 BAC's representing capital contributions of $117,777,060. The BAC’s issued and outstanding in each series at March 31, 2019 and 2018 are as follows: Issued Outstanding 2019 2018 2019 2018 Series 47 3,478,334 3,478,334 3,473,634 3,476,634 Series 48 2,299,372 2,299,372 2,291,372 2,293,872 Series 49 6,000,000 6,000,000 5,989,500 5,993,000 11,777,706 11,777,706 11,754,506 11,763,506 Investments in Operating Limited Partnerships The Fund accounts for its investments in operating limited partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes the individual operating limited partnership’s losses only to the extent that the Fund’s share of losses from the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships. Unrecognized losses are suspended and offset against future individual operating limited partnership income. After the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the partnership’s share of losses and, accordingly, a valuation allowance is recorded against the receivables. Accordingly, the Fund recorded a valuation allowance of $120,000 as of March 31, 2019 and 2018. The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the sum of the total amount of the remaining tax credits and the estimated residual value of the investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships. Impairment losses have been recognized for the years ended March 31, 2019 and March 31, 2018, of $- and $238,657, respectively. Capital contributions to operating limited partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected. The Fund records tax credit adjusters as a reduction in investments in operating limited partnerships and capital contributions payable. The operating limited partnerships maintain their financial statements based on a calendar year and the Fund utilizes a March 31 year-end. The Fund records losses and income from the operating limited partnerships on a calendar year basis which is not materially different from losses and income generated if the operating limited partnerships utilized a March 31 year-end. The Fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount. The operating limited partnerships record capital contributions from the Fund when received. In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party is required to consolidate the VIE. The Fund determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts and circumstances. In determining whether it is the primary beneficiary, the Partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the Partnership’s financial statements. Based on this guidance, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund’s balance in investment in operating limited partnerships, advances to operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these operating limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating general partners and their guarantee against credit recapture. Income Taxes The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a Fund. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2015 remain open. Cash and Cash Equivalents Cash equivalents include money market accounts having original maturities at date of acquisition of three months or less. The carrying value approximates fair value because of the short maturity of these instruments. Fiscal Year For financial reporting purposes, the Fund uses a March 31 year-end, whereas for income tax reporting purposes, the Fund uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting. Net Loss per Beneficial Assignee Certificate Net loss per beneficial assignee partnership unit is calculated based upon the weighted average number of units outstanding during the year. The weighted average number of units in Series 47 , 48 and 49 at March 31, 2019 and 2018 are as follows: 2019 2018 Series 47 3,475,884 3,477,909 Series 48 2,293,247 2,294,622 Series 49 5,992,125 5,994,500 11,761,256 11,767,031 Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE B - RELATED PARTY TRANSACTIONS During the years ended March 31, 2019 and 2018, the Fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc. (BCP), Boston Capital Services, Inc. (BCS), Boston Capital Holdings Limited Partnership (BCHLP) and Boston Capital Asset Management Limited Partnership (BCAM), as follows: The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various asset management and reporting fees paid by the Operating Partnerships. The fund management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the years ended March 31, 2019 and 2018, are as follows: 2019 Gross Fund Management Fee Asset Management and Reporting Fee Fund Management Fee net of Asset Management and Reporting Fee Series 47 $ 250,608 $ 17,014 $ 233,594 Series 48 155,340 15,935 139,405 Series 49 511,104 54,071 457,033 $ 917,052 $ 87,020 $ 830,032 2018 Gross Fund Management Fee Asset Management and Reporting Fee Fund Management Fee net of Asset Management and Reporting Fee Series 47 $ 337,070 $ 40,284 $ 296,786 Series 48 200,784 17,124 183,660 Series 49 511,100 27,448 483,652 $ 1,048,954 $ 84,856 $ 964,098 All fund management fees will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the partnership's interests in operating limited partnerships. As of March 31, 2019 and 2018, total fund management fees accrued were $8,362,077 and $8,649,793, respectively. The fund management fees paid by the Fund for the years ended March 31, 2019 and 2018 are as follows: 2019 2018 Series 47 $ 520,015 $ 239,672 Series 48 443,500 50,000 Series 49 241,253 100,000 $ 1,204,768 $ 389,672 General and administrative expenses and professional fees incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership for each series for the years ended March 31, 2019 and 2018, charged to each series’ operations are as follows: 2019 2018 Series 47 $ 17,835 $ 16,833 Series 48 15,902 15,071 Series 49 22,844 20,255 $ 56,581 $ 52,159 |
INVESTMENTS IN OPERATING LIMITE
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | 12 Months Ended |
Mar. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments Disclosure [Text Block] | NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS At March 31, 2019 and 2018, the Fund has limited partnership interests in operating limited partnerships which own or are constructing operating apartment complexes. The number of operating limited partnerships in which the Fund has limited partnership interests at March 31, 2019 and 2018 by series are as follows: 2019 2018 Series 47 12 12 Series 48 9 9 Series 49 24 24 45 45 During the year ended March 31, 2019 the Fund did not dispose of any Operating Partnerships. A summary of the dispositions by Series for March 31, 2019 is as follows: Operating Partnership Interest Transferred Sale of Underlying Operating Partnership Partnership Proceeds from Disposition Gain/(Loss) on Disposition Series 47 - - $ 8,261 $ 8,261 Series 48 - - - $ - Series 49 - - - - - - $ 8,261 $ 8,261 During the year ended March 31, 2018, the Fund disposed of three Operating Partnerships. A summary of the dispositions by Series for March 31, 2018 is as follows: Operating Partnership Interest Transferred Sale of Underlying Operating Partnership Partnership Proceeds from Disposition Gain/(Loss) on Disposition Series 47 1 1 $ 584,687 $ 584,687 Series 48 1 - 343,500 343,500 Series 49 - - - - 2 1 $ 928,187 $ 928,187 The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Partnership’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements. Under the terms of the Fund’s investment in each operating limited partnership, the Fund is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction and/or operations. At March 31, 2019 and 2018, contributions are payable to operating limited partnerships as follows: 2019 2018 Series 47 $ - $ - Series 48 - - Series 49 101 101 $ 101 $ 101 The fund’s investments in operating limited partnerships at March 31, 2019 are summarized as follows: Total Series 47 Series 48 Series 49 Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 76,215,127 $ 18,281,713 $ 12,641,817 $ 45,291,597 Cumulative distributions from operating limited partnerships (631,103 ) (181,171 ) (156,968 ) (292,964 ) Cumulative impairment loss in investments in operating limited partnerships (45,260,615 ) (12,005,556 ) (6,247,466 ) (27,007,593 ) Cumulative losses from operating limited partnerships (30,323,409 ) (6,094,986 ) (6,237,383 ) (17,991,040 ) Investments in operating limited partnerships per balance sheets - - - - Total Series 47 Series 48 Series 49 The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2019 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2018 (see note A). (384,817 ) - - (384,817 ) Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). (13,981,780 ) (1,968,815 ) (1,622,844 ) (10,390,121 ) The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). 333,626 - - 333,626 Cumulative impairment loss in investments in operating limited partnerships 45,260,615 12,005,556 6,247,466 27,007,593 Other 365,857 (128,706 ) (97,191 ) 591,754 Equity per operating limited partnerships’ combined financial statements $ 31,593,501 $ 9,908,035 $ 4,527,431 $ 17,158,035 The fund’s investments in operating limited partnerships at March 31, 2018 are summarized as follows: Total Series 47 Series 48 Series 49 Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 76,215,127 $ 18,281,713 $ 12,641,817 $ 45,291,597 Cumulative distributions from operating limited partnerships (631,103 ) (181,171 ) (156,968 ) (292,964 ) Cumulative impairment loss in investments in operating limited partnerships (45,076,559 ) (11,934,196 ) (6,177,246 ) (26,965,117 ) Cumulative losses from operating limited partnerships (30,507,465 ) (6,166,346 ) (6,307,603 ) (18,033,516 ) Investments in operating limited partnerships per balance sheets - - - - Total Series 47 Series 48 Series 49 The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2018 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2017 (see note A). (384,817 ) - - (384,817 ) Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). (11,608,176 ) (1,350,984 ) (1,188,616 ) (9,068,576 ) The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). 333,626 - - 333,626 Cumulative impairment loss in investments in operating limited partnerships 45,076,559 11,934,196 6,177,246 26,965,117 Other 504,541 (97,005 ) (67,774 ) 669,320 Equity per operating limited partnerships’ combined financial statements $ 33,921,733 $ 10,486,207 $ 4,920,856 $ 18,514,670 The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2018 are as follows: COMBINED SUMMARIZED BALANCE SHEETS Total Series 47 Series 48 Series 49 ASSETS Buildings and improvements, net of accumulated depreciation $ 145,585,266 $ 39,816,213 $ 25,478,305 $ 80,290,748 Land 14,092,429 4,061,785 2,801,342 7,229,302 Other assets 16,733,513 4,454,343 2,716,753 9,562,417 $ 176,411,208 $ 48,332,341 $ 30,996,400 $ 97,082,467 LIABILITIES AND PARTNERS’ CAPITAL Mortgages and construction loans payable $ 123,597,649 $ 34,114,981 $ 23,143,314 $ 66,339,354 Accounts payable and accrued expenses 2,555,897 677,203 800,962 1,077,732 Other liabilities 13,928,705 1,793,741 2,088,920 10,046,044 140,082,251 36,585,925 26,033,196 77,463,130 PARTNERS’ CAPITAL Boston Capital Tax Credit Fund V L.P. 31,593,501 9,908,035 4,527,431 17,158,035 Other partners 4,735,456 1,838,381 435,773 2,461,302 36,328,957 11,746,416 4,963,204 19,619,337 $ 176,411,208 $ 48,332,341 $ 30,996,400 $ 97,082,467 The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2017 are as follows: COMBINED SUMMARIZED BALANCE SHEETS Total Series 47 Series 48 Series 49 ASSETS Buildings and improvements, net of accumulated depreciation $ 151,521,641 $ 41,201,660 $ 26,563,277 $ 83,756,704 Land 14,092,429 4,061,785 2,801,342 7,229,302 Other assets 15,339,655 4,258,239 2,641,843 8,439,573 $ 180,953,725 $ 49,521,684 $ 32,006,462 $ 99,425,579 LIABILITIES AND PARTNERS’ CAPITAL Mortgages and construction loans payable $ 124,582,023 $ 34,176,149 $ 23,389,735 $ 67,016,139 Accounts payable and accrued expenses 2,939,277 922,544 767,182 1,249,551 Other liabilities 13,830,978 1,748,764 2,147,713 9,934,501 141,352,278 36,847,457 26,304,630 78,200,191 PARTNERS’ CAPITAL Boston Capital Tax Credit Fund V L.P. 33,921,733 10,486,207 4,920,856 18,514,670 Other partners 5,679,714 2,188,020 780,976 2,710,718 39,601,447 12,674,227 5,701,832 21,225,388 $ 180,953,725 $ 49,521,684 $ 32,006,462 $ 99,425,579 The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2018 in which Series 47 through Series 49 had an interest as of December 31, 2018 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total Series 47 Series 48 Series 49 Revenue Rent $ 27,111,119 $ 7,823,098 $ 4,800,175 $ 14,487,846 Interest and other 563,068 144,494 89,010 329,564 27,674,187 7,967,592 4,889,185 14,817,410 Expenses Interest 4,004,668 983,283 546,515 2,474,870 Depreciation and amortization 6,602,675 1,719,420 1,159,457 3,723,798 Taxes and insurance 3,345,353 1,075,906 558,066 1,711,381 Repairs and maintenance 4,141,219 1,255,838 816,163 2,069,218 Operating expenses 10,931,036 3,274,491 1,955,362 5,701,183 Other expenses 813,654 267,413 281,343 264,898 29,838,605 8,576,351 5,316,906 15,945,348 NET INCOME (LOSS) $ (2,164,418 ) $ (608,759 ) $ (427,721 ) $ (1,127,938 ) Net income (loss) allocated to Boston Capital Tax Credit Fund V L.P. * $ (2,515,087 ) $ (617,831 ) $ (436,928 ) $ (1,460,328 ) Net income (loss) allocated to other partners $ 350,669 $ 9,072 $ 9,207 $ 332,390 * Amount includes $617,831 $436,928 and $1,460,328 for Series 47, Series 48 and Series 49, respectively, of loss not recognized under the equity method of accounting as described in note A. The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2017 in which Series 47 through Series 49 had an interest as of December 31, 2017 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total Series 47 Series 48 Series 49 Revenue Rent $ 26,165,746 $ 7,462,574 $ 4,555,665 $ 14,147,507 Interest and other 679,673 162,294 96,314 421,065 26,845,419 7,624,868 4,651,979 14,568,572 Expenses Interest 3,837,515 910,864 464,186 2,462,465 Depreciation and amortization 6,544,906 1,682,462 1,147,891 3,714,553 Taxes and insurance 3,180,705 984,122 540,275 1,656,308 Repairs and maintenance 3,630,230 1,080,753 642,573 1,906,904 Operating expenses 10,203,611 2,984,871 1,884,180 5,334,560 Other expenses 840,014 287,129 285,206 267,679 28,236,981 7,930,201 4,964,311 15,342,469 NET INCOME (LOSS) $ (1,391,562 ) $ (305,333 ) $ (312,332 ) $ (773,897 ) Net income (loss) allocated to Boston Capital Tax Credit Fund V L.P. * $ (1,806,959 ) $ (390,578 ) $ (347,614 ) $ (1,068,767 ) Net income (loss) allocated to other partners $ 415,397 $ 85,245 $ 35,282 $ 294,870 * Amount includes $390,578, $347,614 and $789,955 for Series 47, Series 48 and Series 49, respectively, of loss not recognized under the equity method of accounting as described in note A. |
RECONCILIATION OF FINANCIAL STA
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN | 12 Months Ended |
Mar. 31, 2019 | |
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Abstract] | |
ReconciliationOfFinancialStatementNetIncomeLossToIncomeTaxReturnDisclosure [Text Block] | NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN For income tax purposes, the fund reports using a December 31 year-end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2019 is reconciled as follows: Total Series 47 Series 48 Series 49 Net income (loss) for financial reporting purposes $ (919,349 ) $ (263,649 ) $ (169,001 ) $ (486,699 ) Accrued partnership management fee not deducted for income tax purposes (287,716 ) (269,407 ) (288,160 ) 269,851 Other (2,647,128 ) (777,309 ) (2,005,696 ) 135,877 Excess of tax depreciation over book depreciation on operating limited partnership assets (1,476,485 ) (451,984 ) (246,460 ) (778,041 ) Impairment loss not recognized for tax purposes - - - - Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (2,515,087 ) (617,831 ) (436,928 ) (1,460,328 ) Difference due to fiscal year for book purposes and calendar year for tax purposes 1,262,944 247,378 113,483 902,083 Income (loss) for tax return purposes, December 31, 2018 $ (6,582,821 ) $ (2,132,802 ) $ (3,032,762 ) $ (1,417,257 ) For income tax purposes, the fund reports using a December 31 year-end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2018 is reconciled as follows: Total Series 47 Series 48 Series 49 Net income (loss) for financial reporting purposes $ (503,404 ) $ 305,694 $ 168,710 $ (977,808 ) Accrued partnership management fee not deducted for income tax purposes 659,282 97,398 150,784 411,100 Other 947,068 431,883 246,324 268,861 Excess of tax depreciation over book depreciation on operating limited partnership assets (1,630,867 ) (516,698 ) (280,736 ) (833,433 ) Impairment loss not recognized for tax purposes 238,657 - - 238,657 Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (1,528,147 ) (390,578 ) (347,614 ) (789,955 ) Difference due to fiscal year for book purposes and calendar year for tax purposes (908,686 ) (449,512 ) (366,747 ) (92,427 ) Income (loss) for tax return purposes, December 31, 2017 $ (2,726,097 ) $ (521,813 ) $ (429,279 ) $ (1,775,005 ) The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2019 are as follows: Total Series 47 Series 48 Series 49 Investments in operating limited partnerships - tax return December 31, 2018 $ 19,222,164 $ 4,220,349 $ 811,629 $ 14,190,186 Impairment loss in investment in operating limited partnerships (45,260,615 ) (12,005,556 ) (6,247,466 ) (27,007,593 ) Operating limited partnership losses not recognized for financial reporting purposes under the equity method (13,981,780 ) (1,968,815 ) (1,622,844 ) (10,390,121 ) Other 40,020,231 9,754,022 7,058,681 23,207,528 Investments in operating limited partnerships - as reported $ - $ - $ - $ - The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2018 are as follows: Total Series 47 Series 48 Series 49 Investments in operating limited partnerships - tax return December 31, 2017 $ 26,611,014 $ 6,466,601 $ 3,845,678 $ 16,298,735 Impairment loss in investment in operating limited partnerships (45,076,559 ) (11,934,196 ) (6,177,246 ) (26,965,117 ) Operating limited partnership losses not recognized for financial reporting purposes under the equity method (11,608,176 ) (1,350,984 ) (1,188,616 ) (9,068,576 ) Other 30,073,721 6,818,579 3,520,184 19,734,958 Investments in operating limited partnerships - as reported $ - $ - $ - $ - |
CASH EQUIVALENTS
CASH EQUIVALENTS | 12 Months Ended |
Mar. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE E- CASH EQUIVALENTS Cash equivalents of $702,647 and $1,903,865 as of March 31, 2019 and 2018, respectively, include money market accounts with interest rates ranging from 0.35% to 0.75% per annum. |
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK | 12 Months Ended |
Mar. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | NOTE F - CONCENTRATION OF CREDIT RISK The Fund maintains its cash and cash equivalent balances in several accounts in various financial institutions. The balances are generally insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits by each institution. At times, the balances may exceed these insurance limits; however, the Fund has not experienced any losses with respect to it balances in excess of FDIC insurance. Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2019. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE G - SUBSEQUENT EVENTS Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure. The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes. Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS The Fund’s financial instruments relate to other assets and accounts payable - affiliates. Management has not disclosed the fair value of these financial instruments because determination of such fair value is deemed to be impractical. The other assets and accounts payable - affiliates are due from or owed to affiliates of the Fund. The unique nature of these financial instruments makes determination of any fair value impractical. See note B for disclosure of the carrying amount and terms of these financial instruments. |
ORGANIZATION AND SUMMARY OF S_2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Investment In Operating Limited Partnerships [Policy Text Block] | Investments in Operating Limited Partnerships The Fund accounts for its investments in operating limited partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes the individual operating limited partnership’s losses only to the extent that the Fund’s share of losses from the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships. Unrecognized losses are suspended and offset against future individual operating limited partnership income. After the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the partnership’s share of losses and, accordingly, a valuation allowance is recorded against the receivables. Accordingly, the Fund recorded a valuation allowance of $120,000 as of March 31, 2019 and 2018. The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the sum of the total amount of the remaining tax credits and the estimated residual value of the investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships. Impairment losses have been recognized for the years ended March 31, 2019 and March 31, 2018, of $- and $238,657, respectively. Capital contributions to operating limited partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected. The Fund records tax credit adjusters as a reduction in investments in operating limited partnerships and capital contributions payable. The operating limited partnerships maintain their financial statements based on a calendar year and the Fund utilizes a March 31 year-end. The Fund records losses and income from the operating limited partnerships on a calendar year basis which is not materially different from losses and income generated if the operating limited partnerships utilized a March 31 year-end. The Fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount. The operating limited partnerships record capital contributions from the Fund when received. In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party is required to consolidate the VIE. The Fund determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts and circumstances. In determining whether it is the primary beneficiary, the Partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the Partnership’s financial statements. Based on this guidance, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund’s balance in investment in operating limited partnerships, advances to operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these operating limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating general partners and their guarantee against credit recapture. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a Fund. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2015 remain open. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash equivalents include money market accounts having original maturities at date of acquisition of three months or less. The carrying value approximates fair value because of the short maturity of these instruments. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year For financial reporting purposes, the Fund uses a March 31 year-end, whereas for income tax reporting purposes, the Fund uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting. |
Earnings Per Beneficial Assignee Partnership Unit [Policy Text Block] | Net Loss per Beneficial Assignee Certificate Net loss per beneficial assignee partnership unit is calculated based upon the weighted average number of units outstanding during the year. The weighted average number of units in Series 47 , 48 and 49 at March 31, 2019 and 2018 are as follows: 2019 2018 Series 47 3,475,884 3,477,909 Series 48 2,293,247 2,294,622 Series 49 5,992,125 5,994,500 11,761,256 11,767,031 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
ORGANIZATION AND SUMMARY OF S_3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Limited Partners' Capital Account by Class [Table Text Block] | The BAC’s issued and outstanding in each series at March 31, 2019 and 2018 are as follows: Issued Outstanding 2019 2018 2019 2018 Series 47 3,478,334 3,478,334 3,473,634 3,476,634 Series 48 2,299,372 2,299,372 2,291,372 2,293,872 Series 49 6,000,000 6,000,000 5,989,500 5,993,000 11,777,706 11,777,706 11,754,506 11,763,506 |
Schedule Of Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earnings Per Share [Table Text Block] | The weighted average number of units in Series 47, 48 and 49 at March 31, 2019 and 2018 are as follows: 2019 2018 Series 47 3,475,884 3,477,909 Series 48 2,293,247 2,294,622 Series 49 5,992,125 5,994,500 11,761,256 11,767,031 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Fund Management Fee and Reporting Fee [Table Text Block] | The fund management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the years ended March 31, 2019 and 2018, are as follows: 2019 Gross Fund Asset Management Fund Management Fee Series 47 $ 250,608 $ 17,014 $ 233,594 Series 48 155,340 15,935 139,405 Series 49 511,104 54,071 457,033 $ 917,052 $ 87,020 $ 830,032 2018 Gross Fund Asset Management Fund Management Fee Series 47 $ 337,070 $ 40,284 $ 296,786 Series 48 200,784 17,124 183,660 Series 49 511,100 27,448 483,652 $ 1,048,954 $ 84,856 $ 964,098 |
Schedule Of Management Fees Paid [Table Text Block] | The fund management fees paid by the Fund for the years ended March 31, 2019 and 2018 are as follows: 2019 2018 Series 47 $ 520,015 $ 239,672 Series 48 443,500 50,000 Series 49 241,253 100,000 $ 1,204,768 $ 389,672 |
Schedule Of General Administrative And Professional Fees [Table Text Block] | General and administrative expenses and professional fees incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership for each series for the years ended March 31, 2019 and 2018, charged to each series’ operations are as follows: 2019 2018 Series 47 $ 17,835 $ 16,833 Series 48 15,902 15,071 Series 49 22,844 20,255 $ 56,581 $ 52,159 |
INVESTMENTS IN OPERATING LIMI_2
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule Of Number Of Operating Partnerships [Table Text Block] | The number of operating limited partnerships in which the Fund has limited partnership interests at March 31, 2019 and 2018 by series are as follows: 2019 2018 Series 47 12 12 Series 48 9 9 Series 49 24 24 45 45 |
Schedule Of Number Of Operating Partnerships Disposed [Table Text Block] | A summary of the dispositions by Series for March 31, 2019 is as follows: Operating Sale of Underlying Partnership Proceeds Gain/(Loss) on Series 47 - - $ 8,261 $ 8,261 Series 48 - - - $ - Series 49 - - - - - - $ 8,261 $ 8,261 During the year ended March 31, 2018, the Fund disposed of three Operating Partnerships. A summary of the dispositions by Series for March 31, 2018 is as follows: Operating Transferred Sale of Underlying Partnership Proceeds Gain/(Loss) on Series 47 1 1 $ 584,687 $ 584,687 Series 48 1 - 343,500 343,500 Series 49 - - - - 2 1 $ 928,187 $ 928,187 |
Schedule Of Contribution Payable To Operating Limited Partnerships [Table Text Block] | These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction and/or operations. At March 31, 2019 and 2018, contributions are payable to operating limited partnerships as follows: 2019 2018 Series 47 $ - $ - Series 48 - - Series 49 101 101 $ 101 $ 101 |
Schedule Of Fund Investment In Operating Partnerships [Table Text Block] | The fund’s investments in operating limited partnerships at March 31, 2019 are summarized as follows: Total Series 47 Series 48 Series 49 Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 76,215,127 $ 18,281,713 $ 12,641,817 $ 45,291,597 Cumulative distributions from operating limited partnerships (631,103 ) (181,171 ) (156,968 ) (292,964 ) Cumulative impairment loss in investments in operating limited partnerships (45,260,615 ) (12,005,556 ) (6,247,466 ) (27,007,593 ) Cumulative losses from operating limited partnerships (30,323,409 ) (6,094,986 ) (6,237,383 ) (17,991,040 ) Investments in operating limited partnerships per balance sheets - - - - Total Series 47 Series 48 Series 49 The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2019 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2018 (see note A). (384,817 ) - - (384,817 ) Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). (13,981,780 ) (1,968,815 ) (1,622,844 ) (10,390,121 ) The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). 333,626 - - 333,626 Cumulative impairment loss in investments in operating limited partnerships 45,260,615 12,005,556 6,247,466 27,007,593 Other 365,857 (128,706 ) (97,191 ) 591,754 Equity per operating limited partnerships’ combined financial statements $ 31,593,501 $ 9,908,035 $ 4,527,431 $ 17,158,035 Total Series 47 Series 48 Series 49 Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 76,215,127 $ 18,281,713 $ 12,641,817 $ 45,291,597 Cumulative distributions from operating limited partnerships (631,103 ) (181,171 ) (156,968 ) (292,964 ) Cumulative impairment loss in investments in operating limited partnerships (45,076,559 ) (11,934,196 ) (6,177,246 ) (26,965,117 ) Cumulative losses from operating limited partnerships (30,507,465 ) (6,166,346 ) (6,307,603 ) (18,033,516 ) Investments in operating limited partnerships per balance sheets - - - - Total Series 47 Series 48 Series 49 The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2018 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2017 (see note A). (384,817 ) - - (384,817 ) Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). (11,608,176 ) (1,350,984 ) (1,188,616 ) (9,068,576 ) The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). 333,626 - - 333,626 Cumulative impairment loss in investments in operating limited partnerships 45,076,559 11,934,196 6,177,246 26,965,117 Other 504,541 (97,005 ) (67,774 ) 669,320 Equity per operating limited partnerships’ combined financial statements $ 33,921,733 $ 10,486,207 $ 4,920,856 $ 18,514,670 |
Schedule Of Summarized Balance Sheets In Operating Partnerships [Table Text Block] | The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2018 are as follows: COMBINED SUMMARIZED BALANCE SHEETS Total Series 47 Series 48 Series 49 ASSETS Buildings and improvements, net of accumulated depreciation $ 145,585,266 $ 39,816,213 $ 25,478,305 $ 80,290,748 Land 14,092,429 4,061,785 2,801,342 7,229,302 Other assets 16,733,513 4,454,343 2,716,753 9,562,417 $ 176,411,208 $ 48,332,341 $ 30,996,400 $ 97,082,467 LIABILITIES AND PARTNERS’ CAPITAL Mortgages and construction loans payable $ 123,597,649 $ 34,114,981 $ 23,143,314 $ 66,339,354 Accounts payable and accrued expenses 2,555,897 677,203 800,962 1,077,732 Other liabilities 13,928,705 1,793,741 2,088,920 10,046,044 140,082,251 36,585,925 26,033,196 77,463,130 PARTNERS’ CAPITAL Boston Capital Tax Credit Fund V L.P. 31,593,501 9,908,035 4,527,431 17,158,035 Other partners 4,735,456 1,838,381 435,773 2,461,302 36,328,957 11,746,416 4,963,204 19,619,337 $ 176,411,208 $ 48,332,341 $ 30,996,400 $ 97,082,467 The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2017 are as follows: COMBINED SUMMARIZED BALANCE SHEETS Total Series 47 Series 48 Series 49 ASSETS Buildings and improvements, net of accumulated depreciation $ 151,521,641 $ 41,201,660 $ 26,563,277 $ 83,756,704 Land 14,092,429 4,061,785 2,801,342 7,229,302 Other assets 15,339,655 4,258,239 2,641,843 8,439,573 $ 180,953,725 $ 49,521,684 $ 32,006,462 $ 99,425,579 LIABILITIES AND PARTNERS’ CAPITAL Mortgages and construction loans payable $ 124,582,023 $ 34,176,149 $ 23,389,735 $ 67,016,139 Accounts payable and accrued expenses 2,939,277 922,544 767,182 1,249,551 Other liabilities 13,830,978 1,748,764 2,147,713 9,934,501 141,352,278 36,847,457 26,304,630 78,200,191 PARTNERS’ CAPITAL Boston Capital Tax Credit Fund V L.P. 33,921,733 10,486,207 4,920,856 18,514,670 Other partners 5,679,714 2,188,020 780,976 2,710,718 39,601,447 12,674,227 5,701,832 21,225,388 $ 180,953,725 $ 49,521,684 $ 32,006,462 $ 99,425,579 |
Schedule Of Summarized Statement Of Operations In Operating Partnerships [Table Text Block] | The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2018 in which Series 47 through Series 49 had an interest as of December 31, 2018 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total Series 47 Series 48 Series 49 Revenue Rent $ 27,111,119 $ 7,823,098 $ 4,800,175 $ 14,487,846 Interest and other 563,068 144,494 89,010 329,564 27,674,187 7,967,592 4,889,185 14,817,410 Expenses Interest 4,004,668 983,283 546,515 2,474,870 Depreciation and amortization 6,602,675 1,719,420 1,159,457 3,723,798 Taxes and insurance 3,345,353 1,075,906 558,066 1,711,381 Repairs and maintenance 4,141,219 1,255,838 816,163 2,069,218 Operating expenses 10,931,036 3,274,491 1,955,362 5,701,183 Other expenses 813,654 267,413 281,343 264,898 29,838,605 8,576,351 5,316,906 15,945,348 NET INCOME (LOSS) $ (2,164,418 ) $ (608,759 ) $ (427,721 ) $ (1,127,938 ) Net income (loss) allocated to Boston Capital Tax Credit Fund V L.P. * $ (2,515,087 ) $ (617,831 ) $ (436,928 ) $ (1,460,328 ) Net income (loss) allocated to other partners $ 350,669 $ 9,072 $ 9,207 $ 332,390 * Amount includes $617,831 $436,928 and $1,460,328 for Series 47, Series 48 and Series 49, respectively, of loss not recognized under the equity method of accounting as described in note A. The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2017 in which Series 47 through Series 49 had an interest as of December 31, 2017 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total Series 47 Series 48 Series 49 Revenue Rent $ 26,165,746 $ 7,462,574 $ 4,555,665 $ 14,147,507 Interest and other 679,673 162,294 96,314 421,065 26,845,419 7,624,868 4,651,979 14,568,572 Expenses Interest 3,837,515 910,864 464,186 2,462,465 Depreciation and amortization 6,544,906 1,682,462 1,147,891 3,714,553 Taxes and insurance 3,180,705 984,122 540,275 1,656,308 Repairs and maintenance 3,630,230 1,080,753 642,573 1,906,904 Operating expenses 10,203,611 2,984,871 1,884,180 5,334,560 Other expenses 840,014 287,129 285,206 267,679 28,236,981 7,930,201 4,964,311 15,342,469 NET INCOME (LOSS) $ (1,391,562 ) $ (305,333 ) $ (312,332 ) $ (773,897 ) Net income (loss) allocated to Boston Capital Tax Credit Fund V L.P. * $ (1,806,959 ) $ (390,578 ) $ (347,614 ) $ (1,068,767 ) Net income (loss) allocated to other partners $ 415,397 $ 85,245 $ 35,282 $ 294,870 * Amount includes $390,578, $347,614 and $789,955 for Series 47, Series 48 and Series 49, respectively, of loss not recognized under the equity method of accounting as described in note A. |
RECONCILIATION OF FINANCIAL S_2
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Abstract] | |
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Table Text Block] | For income tax purposes, the fund reports using a December 31 year-end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2019 is reconciled as follows: Total Series 47 Series 48 Series 49 Net income (loss) for financial reporting purposes $ (919,349 ) $ (263,649 ) $ (169,001 ) $ (486,699 ) Accrued partnership management fee not deducted for income tax purposes (287,716 ) (269,407 ) (288,160 ) 269,851 Other (2,647,128 ) (777,309 ) (2,005,696 ) 135,877 Excess of tax depreciation over book depreciation on operating limited partnership assets (1,476,485 ) (451,984 ) (246,460 ) (778,041 ) Impairment loss not recognized for tax purposes - - - - Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (2,515,087 ) (617,831 ) (436,928 ) (1,460,328 ) Difference due to fiscal year for book purposes and calendar year for tax purposes 1,262,944 247,378 113,483 902,083 Income (loss) for tax return purposes, December 31, 2018 $ (6,582,821 ) $ (2,132,802 ) $ (3,032,762 ) $ (1,417,257 ) For income tax purposes, the fund reports using a December 31 year-end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2018 is reconciled as follows: Total Series 47 Series 48 Series 49 Net income (loss) for financial reporting purposes $ (503,404 ) $ 305,694 $ 168,710 $ (977,808 ) Accrued partnership management fee not deducted for income tax purposes 659,282 97,398 150,784 411,100 Other 947,068 431,883 246,324 268,861 Excess of tax depreciation over book depreciation on operating limited partnership assets (1,630,867 ) (516,698 ) (280,736 ) (833,433 ) Impairment loss not recognized for tax purposes 238,657 - - 238,657 Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (1,528,147 ) (390,578 ) (347,614 ) (789,955 ) Difference due to fiscal year for book purposes and calendar year for tax purposes (908,686 ) (449,512 ) (366,747 ) (92,427 ) Income (loss) for tax return purposes, December 31, 2017 $ (2,726,097 ) $ (521,813 ) $ (429,279 ) $ (1,775,005 ) |
Schedule Of Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Table Text Block] | The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2019 are as follows: Total Series 47 Series 48 Series 49 Investments in operating limited partnerships - tax return December 31, 2018 $ 19,222,164 $ 4,220,349 $ 811,629 $ 14,190,186 Impairment loss in investment in operating limited partnerships (45,260,615 ) (12,005,556 ) (6,247,466 ) (27,007,593 ) Operating limited partnership losses not recognized for financial reporting purposes under the equity method (13,981,780 ) (1,968,815 ) (1,622,844 ) (10,390,121 ) Other 40,020,231 9,754,022 7,058,681 23,207,528 Investments in operating limited partnerships - as reported $ - $ - $ - $ - The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2018 are as follows: Total Series 47 Series 48 Series 49 Investments in operating limited partnerships - tax return December 31, 2017 $ 26,611,014 $ 6,466,601 $ 3,845,678 $ 16,298,735 Impairment loss in investment in operating limited partnerships (45,076,559 ) (11,934,196 ) (6,177,246 ) (26,965,117 ) Operating limited partnership losses not recognized for financial reporting purposes under the equity method (11,608,176 ) (1,350,984 ) (1,188,616 ) (9,068,576 ) Other 30,073,721 6,818,579 3,520,184 19,734,958 Investments in operating limited partnerships - as reported $ - $ - $ - $ - |
ORGANIZATION AND SUMMARY OF S_4
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2005 |
Capital Unit [Line Items] | |||
BAC's Issued | 11,777,706 | 11,777,706 | 11,777,706 |
BAC's Outstanding | 11,754,506 | 11,763,506 | |
Series Forty Seven [Member] | |||
Capital Unit [Line Items] | |||
BAC's Issued | 3,478,334 | 3,478,334 | |
BAC's Outstanding | 3,473,634 | 3,476,634 | |
Series Forty Eight [Member] | |||
Capital Unit [Line Items] | |||
BAC's Issued | 2,299,372 | 2,299,372 | |
BAC's Outstanding | 2,291,372 | 2,293,872 | |
Series Forty Nine [Member] | |||
Capital Unit [Line Items] | |||
BAC's Issued | 6,000,000 | 6,000,000 | |
BAC's Outstanding | 5,989,500 | 5,993,000 |
ORGANIZATION AND SUMMARY OF S_5
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - shares | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earnings Per Share [Line Items] | ||
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted | 11,761,256 | 11,767,031 |
Series Forty Seven [Member] | ||
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earnings Per Share [Line Items] | ||
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted | 3,475,884 | 3,477,909 |
Series Forty Eight [Member] | ||
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earnings Per Share [Line Items] | ||
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted | 2,293,247 | 2,294,622 |
Series Forty Nine [Member] | ||
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earnings Per Share [Line Items] | ||
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted | 5,992,125 | 5,994,500 |
ORGANIZATION AND SUMMARY OF S_6
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2004 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2005 | |
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 0.25% | |||
Limited Partners' Capital Account, Units Issued | 11,777,706 | 11,777,706 | 11,777,706 | |
Limited Partners' Contributed Capital | $ 117,777,060 | |||
Impairment loss | $ 0 | $ 238,657 | ||
Minimum Units Of Limited Partners Beneficial Interest For Sale | 250,000 | |||
Maximum Units Of Limited Partners Beneficial Interest For Sale | 7,000,000 | |||
Limited Partners Capital Account Per Units | $ 10 | |||
Limited Partners Capital Account Additional Units Registered For Sale | 8,500,000 | |||
BOSTON CAPITAL TAX CREDIT FUND V LP [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 99.75% | |||
Collectibility of Receivables [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | $ 120,000 | $ 120,000 | ||
Series Forty Nine [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Limited Partners' Capital Account, Units Issued | 6,000,000 | 6,000,000 | ||
Impairment loss | $ 0 | $ 238,657 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Related Party Transaction [Line Items] | ||
Gross Fund Management Fee | $ 917,052 | $ 1,048,954 |
Asset Management and Reporting Fee | 87,020 | 84,856 |
Fund Management Fee net of Asset Management and Reporting Fee | 830,032 | 964,098 |
Series Forty Seven [Member] | ||
Related Party Transaction [Line Items] | ||
Gross Fund Management Fee | 250,608 | 337,070 |
Asset Management and Reporting Fee | 17,014 | 40,284 |
Fund Management Fee net of Asset Management and Reporting Fee | 233,594 | 296,786 |
Series Forty Eight [Member] | ||
Related Party Transaction [Line Items] | ||
Gross Fund Management Fee | 155,340 | 200,784 |
Asset Management and Reporting Fee | 15,935 | 17,124 |
Fund Management Fee net of Asset Management and Reporting Fee | 139,405 | 183,660 |
Series Forty Nine [Member] | ||
Related Party Transaction [Line Items] | ||
Gross Fund Management Fee | 511,104 | 511,100 |
Asset Management and Reporting Fee | 54,071 | 27,448 |
Fund Management Fee net of Asset Management and Reporting Fee | $ 457,033 | $ 483,652 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details 1) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Related Party Transaction [Line Items] | ||
Management Fees Paid | $ 1,204,768 | $ 389,672 |
Series Forty Seven [Member] | ||
Related Party Transaction [Line Items] | ||
Management Fees Paid | 520,015 | 239,672 |
Series Forty Eight [Member] | ||
Related Party Transaction [Line Items] | ||
Management Fees Paid | 443,500 | 50,000 |
Series Forty Nine [Member] | ||
Related Party Transaction [Line Items] | ||
Management Fees Paid | $ 241,253 | $ 100,000 |
RELATED PARTY TRANSACTIONS (D_3
RELATED PARTY TRANSACTIONS (Details 2) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
General Administrative And Professional Fees [Line Items] | ||
General Administrative And Professional Fee Amount Paid | $ 56,581 | $ 52,159 |
Series Forty Seven [Member] | ||
General Administrative And Professional Fees [Line Items] | ||
General Administrative And Professional Fee Amount Paid | 17,835 | 16,833 |
Series Forty Eight [Member] | ||
General Administrative And Professional Fees [Line Items] | ||
General Administrative And Professional Fee Amount Paid | 15,902 | 15,071 |
Series Forty Nine [Member] | ||
General Administrative And Professional Fees [Line Items] | ||
General Administrative And Professional Fee Amount Paid | $ 22,844 | $ 20,255 |
RELATED PARTY TRANSACTIONS (D_4
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Related Party Transaction [Line Items] | ||
Percentage Of Annual Management Fee | 0.50% | |
Due to Affiliate | $ 8,362,077 | $ 8,649,793 |
INVESTMENTS IN OPERATING LIMI_3
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details) - Number | Mar. 31, 2019 | Mar. 31, 2018 |
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 45 | 45 |
Series Forty Seven [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 12 | 12 |
Series Forty Eight [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 9 | 9 |
Series Forty Nine [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 24 | 24 |
INVESTMENTS IN OPERATING LIMI_4
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 1) | 12 Months Ended | ||
Mar. 31, 2019USD ($)Number | Mar. 31, 2018USD ($)Number | ||
Number Of Operating Partnerships Disposed [Line Items] | |||
Operating Partnership Interest Transferred | Number | 0 | 2 | |
Sale of Underlying Operating Partnership | Number | 0 | 1 | |
Partnership Proceeds from Disposition | $ | $ 8,261 | $ 928,187 | |
Gain/(Loss) on Disposition | $ | [1] | $ 8,261 | $ 649,375 |
Series Forty Seven [Member] | |||
Number Of Operating Partnerships Disposed [Line Items] | |||
Operating Partnership Interest Transferred | Number | 0 | 1 | |
Sale of Underlying Operating Partnership | Number | 0 | 1 | |
Partnership Proceeds from Disposition | $ | $ 8,261 | $ 584,687 | |
Gain/(Loss) on Disposition | $ | [2] | $ 8,261 | $ 584,687 |
Series Forty Eight [Member] | |||
Number Of Operating Partnerships Disposed [Line Items] | |||
Operating Partnership Interest Transferred | Number | 0 | 1 | |
Sale of Underlying Operating Partnership | Number | 0 | 0 | |
Partnership Proceeds from Disposition | $ | $ 0 | $ 343,500 | |
Gain/(Loss) on Disposition | $ | [3] | $ 0 | $ 343,500 |
Series Forty Nine [Member] | |||
Number Of Operating Partnerships Disposed [Line Items] | |||
Operating Partnership Interest Transferred | Number | 0 | 0 | |
Sale of Underlying Operating Partnership | Number | 0 | 0 | |
Partnership Proceeds from Disposition | $ | $ 0 | $ 0 | |
Gain/(Loss) on Disposition | $ | $ 0 | $ (278,812) | |
[1] | Includes $8,261 and $928,187, respectively, in 2019 and 2018 from gain on disposal of operating limited partnership. | ||
[2] | Includes $8,261 and $584,687, respectively, in 2019 and 2018 from gain on disposal of operating limited partnership. | ||
[3] | Includes $- and $343,500, respectively, in 2019 and 2018 from gain on disposal of operating limited partnership. |
INVESTMENTS IN OPERATING LIMI_5
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 2) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Contributions Payable [Line Items] | ||
Capital Contribution Payable | $ 101 | $ 101 |
Series Forty Seven [Member] | ||
Contributions Payable [Line Items] | ||
Capital Contribution Payable | 0 | 0 |
Series Forty Eight [Member] | ||
Contributions Payable [Line Items] | ||
Capital Contribution Payable | 0 | 0 |
Series Forty Nine [Member] | ||
Contributions Payable [Line Items] | ||
Capital Contribution Payable | $ 101 | $ 101 |
INVESTMENTS IN OPERATING LIMI_6
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 3) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Funds Investments In Operating Limited Partnerships [Line Items] | ||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | $ 76,215,127 | $ 76,215,127 | ||
Cumulative distributions from operating limited partnerships | (631,103) | (631,103) | ||
Cumulative impairment loss in investments in operating limited partnerships | (45,260,615) | (45,076,559) | ||
Cumulative losses from operating limited partnerships | (30,323,409) | (30,507,465) | ||
Investments in operating limited partnerships per balance sheets | 0 | 0 | ||
The fund has recorded capital contributions to the operating limited partnerships | (384,817) | (384,817) | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | (13,981,780) | (11,608,176) | ||
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | 333,626 | 333,626 | ||
Cumulative impairment loss in investments in operating limited partnerships | 45,260,615 | 45,076,559 | ||
Other | 365,857 | 504,541 | ||
Equity per operating limited partnerships' combined financial statements | 31,593,501 | $ 31,593,501 | 33,921,733 | $ 33,921,733 |
Series Forty Seven [Member] | ||||
Funds Investments In Operating Limited Partnerships [Line Items] | ||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | 18,281,713 | 18,281,713 | ||
Cumulative distributions from operating limited partnerships | (181,171) | (181,171) | ||
Cumulative impairment loss in investments in operating limited partnerships | (12,005,556) | (11,934,196) | ||
Cumulative losses from operating limited partnerships | (6,094,986) | (6,166,346) | ||
Investments in operating limited partnerships per balance sheets | 0 | 0 | ||
The fund has recorded capital contributions to the operating limited partnerships | 0 | 0 | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | (1,968,815) | (1,350,984) | ||
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | 0 | 0 | ||
Cumulative impairment loss in investments in operating limited partnerships | 12,005,556 | 11,934,196 | ||
Other | (128,706) | (97,005) | ||
Equity per operating limited partnerships' combined financial statements | 9,908,035 | 9,908,035 | 10,486,207 | 10,486,207 |
Series Forty Eight [Member] | ||||
Funds Investments In Operating Limited Partnerships [Line Items] | ||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | 12,641,817 | 12,641,817 | ||
Cumulative distributions from operating limited partnerships | (156,968) | (156,968) | ||
Cumulative impairment loss in investments in operating limited partnerships | (6,247,466) | (6,177,246) | ||
Cumulative losses from operating limited partnerships | (6,237,383) | (6,307,603) | ||
Investments in operating limited partnerships per balance sheets | 0 | 0 | ||
The fund has recorded capital contributions to the operating limited partnerships | 0 | 0 | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | (1,622,844) | (1,188,616) | ||
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | 0 | 0 | ||
Cumulative impairment loss in investments in operating limited partnerships | 6,247,466 | 6,177,246 | ||
Other | (97,191) | (67,774) | ||
Equity per operating limited partnerships' combined financial statements | 4,527,431 | 4,527,431 | 4,920,856 | 4,920,856 |
Series Forty Nine [Member] | ||||
Funds Investments In Operating Limited Partnerships [Line Items] | ||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | 45,291,597 | 45,291,597 | ||
Cumulative distributions from operating limited partnerships | (292,964) | (292,964) | ||
Cumulative impairment loss in investments in operating limited partnerships | (27,007,593) | (26,965,117) | ||
Cumulative losses from operating limited partnerships | (17,991,040) | (18,033,516) | ||
Investments in operating limited partnerships per balance sheets | 0 | 0 | ||
The fund has recorded capital contributions to the operating limited partnerships | (384,817) | (384,817) | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | (10,390,121) | (9,068,576) | ||
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | 333,626 | 333,626 | ||
Cumulative impairment loss in investments in operating limited partnerships | 27,007,593 | 26,965,117 | ||
Other | 591,754 | 669,320 | ||
Equity per operating limited partnerships' combined financial statements | $ 17,158,035 | $ 17,158,035 | $ 18,514,670 | $ 18,514,670 |
INVESTMENTS IN OPERATING LIMI_7
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 4) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | $ 145,585,266 | $ 151,521,641 | ||
Land | 14,092,429 | 14,092,429 | ||
Other assets | 16,733,513 | 15,339,655 | ||
Total Assets | 176,411,208 | 180,953,725 | ||
LIABILITIES AND PARTNERS' CAPITAL | ||||
Mortgages and construction loans payable | 123,597,649 | 124,582,023 | ||
Accounts payable and accrued expenses | 2,555,897 | 2,939,277 | ||
Other liabilities | 13,928,705 | 13,830,978 | ||
Total Liabilities | 140,082,251 | 141,352,278 | ||
PARTNERS' CAPITAL | ||||
Boston Capital Tax Credit Fund V L.P. | $ 31,593,501 | 31,593,501 | $ 33,921,733 | 33,921,733 |
Other partners | 4,735,456 | 5,679,714 | ||
Partners Capital | 36,328,957 | 39,601,447 | ||
Liabilities and Stockholders' Equity | 176,411,208 | 180,953,725 | ||
Series Forty Seven [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 39,816,213 | 41,201,660 | ||
Land | 4,061,785 | 4,061,785 | ||
Other assets | 4,454,343 | 4,258,239 | ||
Total Assets | 48,332,341 | 49,521,684 | ||
LIABILITIES AND PARTNERS' CAPITAL | ||||
Mortgages and construction loans payable | 34,114,981 | 34,176,149 | ||
Accounts payable and accrued expenses | 677,203 | 922,544 | ||
Other liabilities | 1,793,741 | 1,748,764 | ||
Total Liabilities | 36,585,925 | 36,847,457 | ||
PARTNERS' CAPITAL | ||||
Boston Capital Tax Credit Fund V L.P. | 9,908,035 | 9,908,035 | 10,486,207 | 10,486,207 |
Other partners | 1,838,381 | 2,188,020 | ||
Partners Capital | 11,746,416 | 12,674,227 | ||
Liabilities and Stockholders' Equity | 48,332,341 | 49,521,684 | ||
Series Forty Eight [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 25,478,305 | 26,563,277 | ||
Land | 2,801,342 | 2,801,342 | ||
Other assets | 2,716,753 | 2,641,843 | ||
Total Assets | 30,996,400 | 32,006,462 | ||
LIABILITIES AND PARTNERS' CAPITAL | ||||
Mortgages and construction loans payable | 23,143,314 | 23,389,735 | ||
Accounts payable and accrued expenses | 800,962 | 767,182 | ||
Other liabilities | 2,088,920 | 2,147,713 | ||
Total Liabilities | 26,033,196 | 26,304,630 | ||
PARTNERS' CAPITAL | ||||
Boston Capital Tax Credit Fund V L.P. | 4,527,431 | 4,527,431 | 4,920,856 | 4,920,856 |
Other partners | 435,773 | 780,976 | ||
Partners Capital | 4,963,204 | 5,701,832 | ||
Liabilities and Stockholders' Equity | 30,996,400 | 32,006,462 | ||
Series Forty Nine [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 80,290,748 | 83,756,704 | ||
Land | 7,229,302 | 7,229,302 | ||
Other assets | 9,562,417 | 8,439,573 | ||
Total Assets | 97,082,467 | 99,425,579 | ||
LIABILITIES AND PARTNERS' CAPITAL | ||||
Mortgages and construction loans payable | 66,339,354 | 67,016,139 | ||
Accounts payable and accrued expenses | 1,077,732 | 1,249,551 | ||
Other liabilities | 10,046,044 | 9,934,501 | ||
Total Liabilities | 77,463,130 | 78,200,191 | ||
PARTNERS' CAPITAL | ||||
Boston Capital Tax Credit Fund V L.P. | $ 17,158,035 | 17,158,035 | $ 18,514,670 | 18,514,670 |
Other partners | 2,461,302 | 2,710,718 | ||
Partners Capital | 19,619,337 | 21,225,388 | ||
Liabilities and Stockholders' Equity | $ 97,082,467 | $ 99,425,579 |
INVESTMENTS IN OPERATING LIMI_8
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 5) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | |||
Revenue | ||||
Rent | $ 27,111,119 | $ 26,165,746 | ||
Interest and other | 563,068 | 679,673 | ||
Operating Partnerships Revenues | 27,674,187 | 26,845,419 | ||
Expenses | ||||
Interest | 4,004,668 | 3,837,515 | ||
Depreciation and amortization | 6,602,675 | 6,544,906 | ||
Taxes and insurance | 3,345,353 | 3,180,705 | ||
Repairs and maintenance | 4,141,219 | 3,630,230 | ||
Operating expenses | 10,931,036 | 10,203,611 | ||
Other expenses | 813,654 | 840,014 | ||
Operating Partnerships Total Expenses | 29,838,605 | 28,236,981 | ||
NET INCOME (LOSS) | (2,164,418) | (1,391,562) | ||
Net income (loss) allocated to Boston Capital Tax Credit Fund V L.P. | (2,515,087) | [1] | (1,806,959) | [2] |
Net income (loss) allocated to other partners | 350,669 | 415,397 | ||
Series Forty Seven [Member] | ||||
Revenue | ||||
Rent | 7,823,098 | 7,462,574 | ||
Interest and other | 144,494 | 162,294 | ||
Operating Partnerships Revenues | 7,967,592 | 7,624,868 | ||
Expenses | ||||
Interest | 983,283 | 910,864 | ||
Depreciation and amortization | 1,719,420 | 1,682,462 | ||
Taxes and insurance | 1,075,906 | 984,122 | ||
Repairs and maintenance | 1,255,838 | 1,080,753 | ||
Operating expenses | 3,274,491 | 2,984,871 | ||
Other expenses | 267,413 | 287,129 | ||
Operating Partnerships Total Expenses | 8,576,351 | 7,930,201 | ||
NET INCOME (LOSS) | (608,759) | (305,333) | ||
Net income (loss) allocated to Boston Capital Tax Credit Fund V L.P. | (617,831) | [1] | (390,578) | [2] |
Net income (loss) allocated to other partners | 9,072 | 85,245 | ||
Series Forty Eight [Member] | ||||
Revenue | ||||
Rent | 4,800,175 | 4,555,665 | ||
Interest and other | 89,010 | 96,314 | ||
Operating Partnerships Revenues | 4,889,185 | 4,651,979 | ||
Expenses | ||||
Interest | 546,515 | 464,186 | ||
Depreciation and amortization | 1,159,457 | 1,147,891 | ||
Taxes and insurance | 558,066 | 540,275 | ||
Repairs and maintenance | 816,163 | 642,573 | ||
Operating expenses | 1,955,362 | 1,884,180 | ||
Other expenses | 281,343 | 285,206 | ||
Operating Partnerships Total Expenses | 5,316,906 | 4,964,311 | ||
NET INCOME (LOSS) | (427,721) | (312,332) | ||
Net income (loss) allocated to Boston Capital Tax Credit Fund V L.P. | (436,928) | [1] | (347,614) | [2] |
Net income (loss) allocated to other partners | 9,207 | 35,282 | ||
Series Forty Nine [Member] | ||||
Revenue | ||||
Rent | 14,487,846 | 14,147,507 | ||
Interest and other | 329,564 | 421,065 | ||
Operating Partnerships Revenues | 14,817,410 | 14,568,572 | ||
Expenses | ||||
Interest | 2,474,870 | 2,462,465 | ||
Depreciation and amortization | 3,723,798 | 3,714,553 | ||
Taxes and insurance | 1,711,381 | 1,656,308 | ||
Repairs and maintenance | 2,069,218 | 1,906,904 | ||
Operating expenses | 5,701,183 | 5,334,560 | ||
Other expenses | 264,898 | 267,679 | ||
Operating Partnerships Total Expenses | 15,945,348 | 15,342,469 | ||
NET INCOME (LOSS) | (1,127,938) | (773,897) | ||
Net income (loss) allocated to Boston Capital Tax Credit Fund V L.P. | (1,460,328) | [1] | (1,068,767) | [2] |
Net income (loss) allocated to other partners | $ 332,390 | $ 294,870 | ||
[1] | Amount includes $617,831 $436,928 and $1,460,328 for Series 47, Series 48 and Series 49, respectively, of loss not recognized under the equity method of accounting as described in note A. | |||
[2] | Amount includes $390,578, $347,614 and $789,955 for Series 47, Series 48 and Series 49, respectively, of loss not recognized under the equity method of accounting as described in note A. |
INVESTMENTS IN OPERATING LIMI_9
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Series Forty Seven [Member] | ||
Investments In Operating Limited Partnerships [Line Items] | ||
Income Loss Not Recognized Under Equity Method Accounting | $ 617,831 | $ 390,578 |
Series Forty Eight [Member] | ||
Investments In Operating Limited Partnerships [Line Items] | ||
Income Loss Not Recognized Under Equity Method Accounting | 436,928 | 347,614 |
Series Forty Nine [Member] | ||
Investments In Operating Limited Partnerships [Line Items] | ||
Income Loss Not Recognized Under Equity Method Accounting | $ 1,460,328 | $ 789,955 |
RECONCILIATION OF FINANCIAL S_3
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | $ (919,349) | $ (503,404) |
Accrued partnership management fee not deducted for income tax purposes | (287,716) | 659,282 |
Other | (2,647,128) | 947,068 |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (1,476,485) | (1,630,867) |
Impairment loss not recognized for tax purposes | 0 | 238,657 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (2,515,087) | (1,528,147) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | 1,262,944 | (908,686) |
Income (loss) for tax return purposes | (6,582,821) | (2,726,097) |
Series Forty Seven [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | (263,649) | 305,694 |
Accrued partnership management fee not deducted for income tax purposes | (269,407) | 97,398 |
Other | (777,309) | 431,883 |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (451,984) | (516,698) |
Impairment loss not recognized for tax purposes | 0 | 0 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (617,831) | (390,578) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | 247,378 | (449,512) |
Income (loss) for tax return purposes | (2,132,802) | (521,813) |
Series Forty Eight [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | (169,001) | 168,710 |
Accrued partnership management fee not deducted for income tax purposes | (288,160) | 150,784 |
Other | (2,005,696) | 246,324 |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (246,460) | (280,736) |
Impairment loss not recognized for tax purposes | 0 | 0 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (436,928) | (347,614) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | 113,483 | (366,747) |
Income (loss) for tax return purposes | (3,032,762) | (429,279) |
Series Forty Nine [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | (486,699) | (977,808) |
Accrued partnership management fee not deducted for income tax purposes | 269,851 | 411,100 |
Other | 135,877 | 268,861 |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (778,041) | (833,433) |
Impairment loss not recognized for tax purposes | 0 | 238,657 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (1,460,328) | (789,955) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | 902,083 | (92,427) |
Income (loss) for tax return purposes | $ (1,417,257) | $ (1,775,005) |
RECONCILIATION OF FINANCIAL S_4
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Details 1) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return | $ 19,222,164 | $ 26,611,014 |
Impairment loss in investment in operating limited partnerships | (45,260,615) | (45,076,559) |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | (13,981,780) | (11,608,176) |
Other | 40,020,231 | 30,073,721 |
Investments in operating limited partnerships - as reported | 0 | 0 |
Series Forty Seven [Member] | ||
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return | 4,220,349 | 6,466,601 |
Impairment loss in investment in operating limited partnerships | (12,005,556) | (11,934,196) |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | (1,968,815) | (1,350,984) |
Other | 9,754,022 | 6,818,579 |
Investments in operating limited partnerships - as reported | 0 | 0 |
Series Forty Eight [Member] | ||
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return | 811,629 | 3,845,678 |
Impairment loss in investment in operating limited partnerships | (6,247,466) | (6,177,246) |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | (1,622,844) | (1,188,616) |
Other | 7,058,681 | 3,520,184 |
Investments in operating limited partnerships - as reported | 0 | 0 |
Series Forty Nine [Member] | ||
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return | 14,190,186 | 16,298,735 |
Impairment loss in investment in operating limited partnerships | (27,007,593) | (26,965,117) |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | (10,390,121) | (9,068,576) |
Other | 23,207,528 | 19,734,958 |
Investments in operating limited partnerships - as reported | $ 0 | $ 0 |
CASH EQUIVALENTS (Details Textu
CASH EQUIVALENTS (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash and Cash Equivalents [Line Items] | ||
Cash Equivalents, at Carrying Value | $ 702,647 | $ 1,903,865 |
Money Market Accounts Interest Rate Minimum | 0.35% | |
Money Market Accounts Interest Rate Maximum | 0.75% |