Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended |
Dec. 31, 2013 | |
Document Information [Line Items] | ' |
Entity Registrant Name | 'BOSTON CAPITAL TAX CREDIT FUND V LP |
Entity Central Index Key | '0001267425 |
Current Fiscal Year End Date | '--03-31 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 0 |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Document Fiscal Period Focus | 'Q3 |
Document Fiscal Year Focus | '2014 |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
ASSETS | ' | ' |
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) | $26,545,045 | $27,607,726 |
OTHER ASSETS | ' | ' |
Cash and cash equivalents | 767,104 | 1,060,658 |
Acquisition costs, net | 2,231,445 | 2,746,392 |
Other assets | 106,411 | 106,411 |
Assets | 29,650,005 | 31,521,187 |
LIABILITIES | ' | ' |
Accounts payable and accrued expenses | 843 | 843 |
Accounts payable affiliates | 4,486,496 | 3,833,125 |
Capital contributions payable | 101 | 101 |
Total Liabilities | 4,487,440 | 3,834,069 |
PARTNERS' CAPITAL (DEFICIT) | ' | ' |
Units of limited partnership interest | 25,360,862 | 27,879,103 |
General Partner | -198,297 | -191,985 |
Partners Capital | 25,162,565 | 27,687,118 |
Liabilities and Stockholders' Equity | 29,650,005 | 31,521,187 |
Series Forty Seven [Member] | ' | ' |
ASSETS | ' | ' |
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) | 6,205,445 | 6,296,006 |
OTHER ASSETS | ' | ' |
Cash and cash equivalents | 61,580 | 116,970 |
Acquisition costs, net | 1,084,379 | 1,334,621 |
Other assets | 0 | 0 |
Assets | 7,351,404 | 7,747,597 |
LIABILITIES | ' | ' |
Accounts payable and accrued expenses | 385 | 385 |
Accounts payable affiliates | 2,134,691 | 1,843,433 |
Capital contributions payable | 0 | 0 |
Total Liabilities | 2,135,076 | 1,843,818 |
PARTNERS' CAPITAL (DEFICIT) | ' | ' |
Units of limited partnership interest | 5,279,996 | 5,965,728 |
General Partner | -63,668 | -61,949 |
Partners Capital | 5,216,328 | 5,903,779 |
Liabilities and Stockholders' Equity | 7,351,404 | 7,747,597 |
Series Forty Eight [Member] | ' | ' |
ASSETS | ' | ' |
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) | 4,791,597 | 4,833,619 |
OTHER ASSETS | ' | ' |
Cash and cash equivalents | 167,796 | 194,790 |
Acquisition costs, net | 451,602 | 555,816 |
Other assets | 0 | 0 |
Assets | 5,410,995 | 5,584,225 |
LIABILITIES | ' | ' |
Accounts payable and accrued expenses | 115 | 115 |
Accounts payable affiliates | 1,247,445 | 1,068,660 |
Capital contributions payable | 0 | 0 |
Total Liabilities | 1,247,560 | 1,068,775 |
PARTNERS' CAPITAL (DEFICIT) | ' | ' |
Units of limited partnership interest | 4,203,788 | 4,554,923 |
General Partner | -40,353 | -39,473 |
Partners Capital | 4,163,435 | 4,515,450 |
Liabilities and Stockholders' Equity | 5,410,995 | 5,584,225 |
Series Forty Nine [Member] | ' | ' |
ASSETS | ' | ' |
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) | 15,548,003 | 16,478,101 |
OTHER ASSETS | ' | ' |
Cash and cash equivalents | 537,728 | 748,898 |
Acquisition costs, net | 695,464 | 855,955 |
Other assets | 106,411 | 106,411 |
Assets | 16,887,606 | 18,189,365 |
LIABILITIES | ' | ' |
Accounts payable and accrued expenses | 343 | 343 |
Accounts payable affiliates | 1,104,360 | 921,032 |
Capital contributions payable | 101 | 101 |
Total Liabilities | 1,104,804 | 921,476 |
PARTNERS' CAPITAL (DEFICIT) | ' | ' |
Units of limited partnership interest | 15,877,078 | 17,358,452 |
General Partner | -94,276 | -90,563 |
Partners Capital | 15,782,802 | 17,267,889 |
Liabilities and Stockholders' Equity | $16,887,606 | $18,189,365 |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS [Parenthetical] (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Beneficial assignee certificate, par value (in dollars per share) | $10 | $10 |
Units of limited partnership interest, authorized | 15,500,000 | 15,500,000 |
Units of limited partnership interest, issued | 11,777,706 | 11,777,706 |
Units of limited partnership interest, outstanding | 11,777,706 | 11,777,706 |
Series Forty Seven [Member] | ' | ' |
Beneficial assignee certificate, par value (in dollars per share) | $10 | $10 |
Units of limited partnership interest, authorized | 15,500,000 | 15,500,000 |
Units of limited partnership interest, issued | 3,478,334 | 3,478,334 |
Units of limited partnership interest, outstanding | 3,478,334 | 3,478,334 |
Series Forty Eight [Member] | ' | ' |
Beneficial assignee certificate, par value (in dollars per share) | $10 | $10 |
Units of limited partnership interest, authorized | 15,500,000 | 15,500,000 |
Units of limited partnership interest, issued | 2,299,372 | 2,299,372 |
Units of limited partnership interest, outstanding | 2,299,372 | 2,299,372 |
Series Forty Nine [Member] | ' | ' |
Beneficial assignee certificate, par value (in dollars per share) | $10 | $10 |
Units of limited partnership interest, authorized | 15,500,000 | 15,500,000 |
Units of limited partnership interest, issued | 6,000,000 | 6,000,000 |
Units of limited partnership interest, outstanding | 6,000,000 | 6,000,000 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income | ' | ' | ' | ' |
Interest income | $506 | $602 | $1,580 | $3,190 |
Total income | 506 | 602 | 1,580 | 3,190 |
Share of loss from Operating Partnerships (Note D) | -350,882 | -323,334 | -1,049,771 | -1,091,440 |
Expenses | ' | ' | ' | ' |
Professional fees | 14,361 | 62,548 | 118,125 | 152,573 |
Fund management fee, net (Note C) | 260,072 | 235,287 | 787,968 | 760,993 |
Amortization | 171,649 | 184,718 | 514,947 | 554,154 |
General and administrative expenses | 27,440 | 27,500 | 55,322 | 59,318 |
Operating expenses | 473,522 | 510,053 | 1,476,362 | 1,527,038 |
NET LOSS | -823,898 | -832,785 | -2,524,553 | -2,615,288 |
Net loss allocated to assignees | -821,838 | -830,703 | -2,518,241 | -2,608,750 |
Net loss allocated to general partner | -2,060 | -2,082 | -6,312 | -6,538 |
Net loss per BAC (in dollars per share) | ($0.07) | ($0.07) | ($0.21) | ($0.22) |
Series Forty Seven [Member] | ' | ' | ' | ' |
Income | ' | ' | ' | ' |
Interest income | 18 | 36 | 66 | 385 |
Total income | 18 | 36 | 66 | 385 |
Share of loss from Operating Partnerships (Note D) | -27,152 | -9,458 | -88,359 | -67,226 |
Expenses | ' | ' | ' | ' |
Professional fees | 10,477 | 61,468 | 61,045 | 94,104 |
Fund management fee, net (Note C) | 90,586 | 82,121 | 270,916 | 269,379 |
Amortization | 83,414 | 83,414 | 250,242 | 250,242 |
General and administrative expenses | 7,850 | 8,497 | 16,955 | 18,573 |
Operating expenses | 192,327 | 235,500 | 599,158 | 632,298 |
NET LOSS | -219,461 | -244,922 | -687,451 | -699,139 |
Net loss allocated to assignees | -218,912 | -244,310 | -685,732 | -697,391 |
Net loss allocated to general partner | -549 | -612 | -1,719 | -1,748 |
Net loss per BAC (in dollars per share) | ($0.06) | ($0.07) | ($0.20) | ($0.20) |
Series Forty Eight [Member] | ' | ' | ' | ' |
Income | ' | ' | ' | ' |
Interest income | 43 | 49 | 136 | 442 |
Total income | 43 | 49 | 136 | 442 |
Share of loss from Operating Partnerships (Note D) | -9,246 | -39,641 | -42,022 | -146,502 |
Expenses | ' | ' | ' | ' |
Professional fees | 1,941 | 0 | 22,400 | 23,224 |
Fund management fee, net (Note C) | 53,095 | 47,130 | 169,785 | 155,431 |
Amortization | 34,738 | 34,738 | 104,214 | 104,214 |
General and administrative expenses | 6,228 | 6,755 | 13,730 | 15,525 |
Operating expenses | 96,002 | 88,623 | 310,129 | 298,394 |
NET LOSS | -105,205 | -128,215 | -352,015 | -444,454 |
Net loss allocated to assignees | -104,942 | -127,894 | -351,135 | -443,343 |
Net loss allocated to general partner | -263 | -321 | -880 | -1,111 |
Net loss per BAC (in dollars per share) | ($0.05) | ($0.06) | ($0.15) | ($0.19) |
Series Forty Nine [Member] | ' | ' | ' | ' |
Income | ' | ' | ' | ' |
Interest income | 445 | 517 | 1,378 | 2,363 |
Total income | 445 | 517 | 1,378 | 2,363 |
Share of loss from Operating Partnerships (Note D) | -314,484 | -274,235 | -919,390 | -877,712 |
Expenses | ' | ' | ' | ' |
Professional fees | 1,943 | 1,080 | 34,680 | 35,245 |
Fund management fee, net (Note C) | 116,391 | 106,036 | 347,267 | 336,183 |
Amortization | 53,497 | 66,566 | 160,491 | 199,698 |
General and administrative expenses | 13,362 | 12,248 | 24,637 | 25,220 |
Operating expenses | 185,193 | 185,930 | 567,075 | 596,346 |
NET LOSS | -499,232 | -459,648 | -1,485,087 | -1,471,695 |
Net loss allocated to assignees | -497,984 | -458,499 | -1,481,374 | -1,468,016 |
Net loss allocated to general partner | ($1,248) | ($1,149) | ($3,713) | ($3,679) |
Net loss per BAC (in dollars per share) | ($0.08) | ($0.08) | ($0.25) | ($0.24) |
CONDENSED_STATEMENTS_OF_CHANGE
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) (USD $) | Total | Assignees [Member] | General Partner [Member] | Series Forty Seven [Member] | Series Forty Seven [Member] | Series Forty Seven [Member] | Series Forty Eight [Member] | Series Forty Eight [Member] | Series Forty Eight [Member] | Series Forty Nine [Member] | Series Forty Nine [Member] | Series Forty Nine [Member] |
Assignees [Member] | General Partner [Member] | Assignees [Member] | General Partner [Member] | Assignees [Member] | General Partner [Member] | |||||||
Partners' capital (deficit) at Mar. 31, 2013 | $27,687,118 | $27,879,103 | ($191,985) | $5,903,779 | $5,965,728 | ($61,949) | $4,515,450 | $4,554,923 | ($39,473) | $17,267,889 | $17,358,452 | ($90,563) |
Net loss | -2,524,553 | -2,518,241 | -6,312 | -687,451 | -685,732 | -1,719 | -352,015 | -351,135 | -880 | -1,485,087 | -1,481,374 | -3,713 |
Partners' capital (deficit) at Dec. 31, 2013 | 25,162,565 | 25,360,862 | -198,297 | 5,216,328 | 5,279,996 | -63,668 | 4,163,435 | 4,203,788 | -40,353 | 15,782,802 | 15,877,078 | -94,276 |
Partners' capital (deficit) at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -823,898 | ' | ' | -219,461 | ' | ' | -105,205 | ' | ' | -499,232 | ' | ' |
Partners' capital (deficit) at Dec. 31, 2013 | $25,162,565 | ' | ' | $5,216,328 | ' | ' | $4,163,435 | ' | ' | $15,782,802 | ' | ' |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($2,524,553) | ($2,615,288) |
Adjustments to reconcile net loss to net cash used in operating activities | ' | ' |
Amortization | 514,947 | 554,154 |
Distributions from Operating Partnerships | 12,910 | 62,610 |
Share of Loss from Operating Partnerships | 1,049,771 | 1,091,440 |
Changes in assets and liabilities | ' | ' |
Increase in other assets | 0 | -60,000 |
Increase (Decrease) in accounts payable affiliates | 653,371 | 78,371 |
Net cash used in operating activities | -293,554 | -888,713 |
Cash flows from investing activities: | ' | ' |
Capital contributions paid to Operating Partnerships | 0 | -101,655 |
Net cash used in investing activities | 0 | -101,655 |
DECREASE IN CASH AND CASH EQUIVALENTS | -293,554 | -990,368 |
Cash and cash equivalents, beginning | 1,060,658 | 2,051,958 |
Cash and cash equivalents, ending | 767,104 | 1,061,590 |
Supplemental schedule of noncash investing and financing activities: | ' | ' |
The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships | 0 | 230,663 |
Series Forty Seven [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net loss | -687,451 | -699,139 |
Adjustments to reconcile net loss to net cash used in operating activities | ' | ' |
Amortization | 250,242 | 250,242 |
Distributions from Operating Partnerships | 2,202 | 14,422 |
Share of Loss from Operating Partnerships | 88,359 | 67,226 |
Changes in assets and liabilities | ' | ' |
Increase in other assets | 0 | 0 |
Increase (Decrease) in accounts payable affiliates | 291,258 | 216,258 |
Net cash used in operating activities | -55,390 | -150,991 |
Cash flows from investing activities: | ' | ' |
Capital contributions paid to Operating Partnerships | 0 | -91,654 |
Net cash used in investing activities | 0 | -91,654 |
DECREASE IN CASH AND CASH EQUIVALENTS | -55,390 | -242,645 |
Cash and cash equivalents, beginning | 116,970 | 366,067 |
Cash and cash equivalents, ending | 61,580 | 123,422 |
Supplemental schedule of noncash investing and financing activities: | ' | ' |
The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships | 0 | 0 |
Series Forty Eight [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net loss | -352,015 | -444,454 |
Adjustments to reconcile net loss to net cash used in operating activities | ' | ' |
Amortization | 104,214 | 104,214 |
Distributions from Operating Partnerships | 0 | 18,549 |
Share of Loss from Operating Partnerships | 42,022 | 146,502 |
Changes in assets and liabilities | ' | ' |
Increase in other assets | 0 | 0 |
Increase (Decrease) in accounts payable affiliates | 178,785 | 28,785 |
Net cash used in operating activities | -26,994 | -146,404 |
Cash flows from investing activities: | ' | ' |
Capital contributions paid to Operating Partnerships | 0 | -10,001 |
Net cash used in investing activities | 0 | -10,001 |
DECREASE IN CASH AND CASH EQUIVALENTS | -26,994 | -156,405 |
Cash and cash equivalents, beginning | 194,790 | 348,763 |
Cash and cash equivalents, ending | 167,796 | 192,358 |
Supplemental schedule of noncash investing and financing activities: | ' | ' |
The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships | 0 | 0 |
Series Forty Nine [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net loss | -1,485,087 | -1,471,695 |
Adjustments to reconcile net loss to net cash used in operating activities | ' | ' |
Amortization | 160,491 | 199,698 |
Distributions from Operating Partnerships | 10,708 | 29,639 |
Share of Loss from Operating Partnerships | 919,390 | 877,712 |
Changes in assets and liabilities | ' | ' |
Increase in other assets | 0 | -60,000 |
Increase (Decrease) in accounts payable affiliates | 183,328 | -166,672 |
Net cash used in operating activities | -211,170 | -591,318 |
Cash flows from investing activities: | ' | ' |
Capital contributions paid to Operating Partnerships | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
DECREASE IN CASH AND CASH EQUIVALENTS | -211,170 | -591,318 |
Cash and cash equivalents, beginning | 748,898 | 1,337,128 |
Cash and cash equivalents, ending | 537,728 | 745,810 |
Supplemental schedule of noncash investing and financing activities: | ' | ' |
The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships | $0 | $230,663 |
ORGANIZATION
ORGANIZATION | 9 Months Ended | |||
Dec. 31, 2013 | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | |||
NOTE A – ORGANIZATION | ||||
Boston Capital Tax Credit Fund V L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). The general partner of the Fund is Boston Capital Associates V LLC, a Delaware limited liability company. The members of the general partner are Boston Capital Companion Limited Partnership, a Massachusetts limited partnership, and John P. Manning, who is the managing member. Additional managers of the general partner are Jeffrey H. Goldstein and Marc N. Teal. The general partner of Boston Capital Companion Limited Partnership is Boston Capital Partners II Corporation whose sole shareholder is John P. Manning. John P. Manning is the principal of Boston Capital Partners, Inc. | ||||
The assignor limited partner is BCTC V Assignor Corp., a Delaware corporation which is wholly-owned by John P. Manning. The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner will be assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors will be entitled to all the rights and economic benefits of a limited partner of the Fund, including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund. | ||||
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, 2013, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060. | ||||
Below is a summary of the BACs sold and total equity raised, by series, as of December 31, 2013: | ||||
Series | Closing Date | BACs Sold | Equity Raised | |
Series 47 | 30-Apr-04 | 3,478,334 | $34,783,340 | |
Series 48 | 12-Aug-04 | 2,299,372 | $22,993,720 | |
Series 49 | 29-Apr-05 | 6,000,000 | $60,000,000 | |
The Fund concluded its public offering of BACs in the Fund on April 29, 2005. | ||||
ACCOUNTING_AND_FINANCIAL_REPOR
ACCOUNTING AND FINANCIAL REPORTING POLICIES | 9 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Significant Accounting Policies [Text Block] | ' | ||
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES | |||
The condensed financial statements herein as of December 31, 2013 and for the nine months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account. | |||
The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2013. | |||
Amortization | |||
Acquisition costs were originally amortized on the straight-line method over 27.5 years. An impairment loss has been recognized for the years ended March 31, 2013 and 2012 of $209,097 and $153,715, respectively, for Series 49. As of March 31, 2013, the lives of the remaining acquisition costs were reassessed and determined to be 4 years for all Series. | |||
Accumulated amortization of acquisition costs by Series for the quarters ended December 31, 2013 and 2012 are as follows: | |||
2013 | 2012 | ||
Series 47 | $1,829,852 | $1,496,196 | |
Series 48 | 382,118 | 243,166 | |
Series 49 | 160,491 | 199,698 | |
$2,372,461 | $1,939,060 | ||
The annual amortization for deferred acquisition costs for the years ending December 31, 2014, 2015, 2016 and 2017 is estimated to be $686,597, $686,597, $686,597, and $171,654, respectively. | |||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended | ||
Dec. 31, 2013 | |||
Related Party Transactions [Abstract] | ' | ||
Related Party Transactions Disclosure [Text Block] | ' | ||
NOTE C - RELATED PARTY TRANSACTIONS | |||
The Fund has entered into several transactions with various affiliates of the general partner, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management L.P. as follows: | |||
An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management L.P. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management L.P., the amounts accrued are not net of reporting fees received. The fund management fee accrued for the quarters ended December 31, 2013 and 2012 are as follows: | |||
2013 | 2012 | ||
Series 47 | $ 97,086 | $ 97,086 | |
Series 48 | 59,595 | 59,595 | |
Series 49 | 127,776 | 127,776 | |
Total | $284,457 | $284,457 | |
The fund management fees paid for the quarters ended December 31, 2013 and 2012 are as follows: | |||
2013 | 2012 | ||
Series 47 | $ - | $ - | |
Series 48 | - | - | |
Series 49 | - | - | |
Total | $ - | $ - | |
The fund management fees paid for the nine months ended December 31, 2013 and 2012 are as follows: | |||
2013 | 2012 | ||
Series 47 | $ - | $ 75,000 | |
Series 48 | - | 150,000 | |
Series 49 | 200,000 | 550,000 | |
Total | $200,000 | $775,000 | |
INVESTMENTS_IN_OPERATING_PARTN
INVESTMENTS IN OPERATING PARTNERSHIPS | 9 Months Ended | |||
Dec. 31, 2013 | ||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||
Equity Method Investments Disclosure [Text Block] | ' | |||
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS | ||||
At December 31, 2013 and 2012, the Fund has limited partnership interests in 50 Operating Partnerships, which own or are constructing apartment complexes. | ||||
The breakdown of Operating Partnerships within the Fund at December 31, 2013 and 2012 is as follows: | ||||
2013 | 2012 | |||
Series 47 | 15 | 15 | ||
Series 48 | 11 | 11 | ||
Series 49 | 24 | 24 | ||
Total | 50 | 50 | ||
The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the financial results available for the Operating Partnerships are for the nine months ended September 30, 2013. | ||||
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS | ||||
Nine Months Ended September 30, | ||||
(Unaudited) | ||||
Total | ||||
2013 | 2012 | |||
Revenues | ||||
Rental | $ 16,670,966 | $ 16,484,462 | ||
Interest and other | 599,963 | 589,570 | ||
17,270,929 | 17,074,032 | |||
Expenses | ||||
Interest | 2,593,131 | 2,744,263 | ||
Depreciation and amortization | 5,725,282 | 5,663,875 | ||
Operating expenses | 11,097,879 | 10,637,104 | ||
19,416,292 | 19,045,242 | |||
NET LOSS | ($2,145,363) | ($1,971,210) | ||
Net loss allocated to Boston Capital Tax Credit Fund V L.P.* | ||||
($2,123,910) | ($1,951,499) | |||
Net loss allocated to other Partners | $ (21,453) | $ (19,711) | ||
* Amounts include $1,074,139 and $860,059 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting. | ||||
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income. | ||||
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS | ||||
Nine Months Ended September 30, | ||||
(Unaudited) | ||||
Series 47 | ||||
2013 | 2012 | |||
Revenues | ||||
Rental | $ 6,456,508 | $ 6,374,113 | ||
Interest and other | 198,951 | 179,991 | ||
6,655,459 | 6,554,104 | |||
Expenses | ||||
Interest | 949,392 | 1,016,227 | ||
Depreciation and amortization | 1,867,099 | 1,824,932 | ||
Operating expenses | 4,332,492 | 4,127,986 | ||
7,148,983 | 6,969,145 | |||
NET LOSS | $ (493,524) | $ (415,041) | ||
Net loss allocated to Boston Capital Tax Credit Fund V L.P.* | ||||
$ (488,589) | $ (410,891) | |||
Net loss allocated to other Partners | $ (4,935) | $ (4,150) | ||
* Amounts include $400,230 and $343,665 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting. | ||||
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income. | ||||
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS | ||||
Nine Months Ended September 30, | ||||
(Unaudited) | ||||
Series 48 | ||||
2013 | 2012 | |||
Revenues | ||||
Rental | $ 3,625,930 | $ 3,549,267 | ||
Interest and other | 123,745 | 107,136 | ||
3,749,675 | 3,656,403 | |||
Expenses | ||||
Interest | 459,386 | 508,824 | ||
Depreciation and amortization | 1,183,137 | 1,180,910 | ||
Operating expenses | 2,309,588 | 2,262,104 | ||
3,952,111 | 3,951,838 | |||
NET LOSS | $ (202,436) | $ (295,435) | ||
Net loss allocated to Boston Capital Tax Credit Fund V L.P.* | ||||
$ (200,412) | $ (292,481) | |||
Net loss allocated to other Partners | $ (2,024) | $ (2,954) | ||
* Amounts include $158,390 and $145,979 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting. | ||||
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income. | ||||
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS | ||||
Nine Months Ended September 30, | ||||
(Unaudited) | ||||
Series 49 | ||||
2013 | 2012 | |||
Revenues | ||||
Rental | $ 6,588,528 | $ 6,561,082 | ||
Interest and other | 277,267 | 302,443 | ||
6,865,795 | 6,863,525 | |||
Expenses | ||||
Interest | 1,184,353 | 1,219,212 | ||
Depreciation and amortization | 2,675,046 | 2,658,033 | ||
Operating expenses | 4,455,799 | 4,247,014 | ||
8,315,198 | 8,124,259 | |||
NET LOSS | ($1,449,403) | ($1,260,734) | ||
Net loss allocated to Boston Capital Tax Credit Fund V L.P.* | ||||
($1,434,909) | ($1,248,127) | |||
Net loss allocated to other Partners | $ (14,494) | $ (12,607) | ||
* Amounts include $515,519 and $370,415 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting. | ||||
The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income. | ||||
TAXABLE_LOSS
TAXABLE LOSS | 9 Months Ended |
Dec. 31, 2013 | |
Taxable Loss [Abstract] | ' |
Taxable Loss [Text Block] | ' |
NOTE E - TAXABLE LOSS | |
The Fund's taxable loss for the calendar year ended December 31, 2013 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods. | |
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Relating To Partnership Disclosure [Text Block] | ' |
NOTE F - 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 partnership. 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 2010 remain open. | |
ORGANIZATION_Tables
ORGANIZATION (Tables) | 9 Months Ended | |||
Dec. 31, 2013 | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||
Schedule of Limited Partners Capital Account by Class [Table Text Block] | ' | |||
Below is a summary of the BACs sold and total equity raised, by series, as of December 31, 2013: | ||||
Series | Closing Date | BACs Sold | Equity Raised | |
Series 47 | 30-Apr-04 | 3,478,334 | $34,783,340 | |
Series 48 | 12-Aug-04 | 2,299,372 | $22,993,720 | |
Series 49 | 29-Apr-05 | 6,000,000 | $60,000,000 | |
ACCOUNTING_AND_FINANCIAL_REPOR1
ACCOUNTING AND FINANCIAL REPORTING POLICIES (Tables) | 9 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Schedule Of Accumulated Amortization Of Acquisition Costs [Table Text Block] | ' | ||
Accumulated amortization of acquisition costs by Series for the quarters ended December 31, 2013 and 2012 are as follows: | |||
2013 | 2012 | ||
Series 47 | $1,829,852 | $1,496,196 | |
Series 48 | 382,118 | 243,166 | |
Series 49 | 160,491 | 199,698 | |
$2,372,461 | $1,939,060 | ||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended | ||
Dec. 31, 2013 | |||
Related Party Transactions [Abstract] | ' | ||
Schedule Of Gross Management Fee [Table Text Block] | ' | ||
The fund management fee accrued for the quarters ended December 31, 2013 and 2012 are as follows: | |||
2013 | 2012 | ||
Series 47 | $ 97,086 | $ 97,086 | |
Series 48 | 59,595 | 59,595 | |
Series 49 | 127,776 | 127,776 | |
Total | $284,457 | $284,457 | |
Schedule Of Management Fees Paid [Table Text Block] | ' | ||
The fund management fees paid for the quarters ended December 31, 2013 and 2012 are as follows: | |||
2013 | 2012 | ||
Series 47 | $ - | $ - | |
Series 48 | - | - | |
Series 49 | - | - | |
Total | $ - | $ - | |
The fund management fees paid for the nine months ended December 31, 2013 and 2012 are as follows: | |||
2013 | 2012 | ||
Series 47 | $ - | $ 75,000 | |
Series 48 | - | 150,000 | |
Series 49 | 200,000 | 550,000 | |
Total | $200,000 | $775,000 | |
INVESTMENTS_IN_OPERATING_PARTN1
INVESTMENTS IN OPERATING PARTNERSHIPS (Tables) | 9 Months Ended | |||
Dec. 31, 2013 | ||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||
Schedule Of Number Of Operating Partnerships [Table Text Block] | ' | |||
The breakdown of Operating Partnerships within the Fund at December 31, 2013 and 2012 is as follows: | ||||
2013 | 2012 | |||
Series 47 | 15 | 15 | ||
Series 48 | 11 | 11 | ||
Series 49 | 24 | 24 | ||
Total | 50 | 50 | ||
Schedule Of Summarized Statement Of Operations In Operating Partnerships [Table Text Block] | ' | |||
Accordingly, the financial results available for the Operating Partnerships are for the nine months ended September 30, 2013. | ||||
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS | ||||
Nine Months Ended September 30, | ||||
(Unaudited) | ||||
Total | ||||
2013 | 2012 | |||
Revenues | ||||
Rental | $ 16,670,966 | $ 16,484,462 | ||
Interest and other | 599,963 | 589,570 | ||
17,270,929 | 17,074,032 | |||
Expenses | ||||
Interest | 2,593,131 | 2,744,263 | ||
Depreciation and amortization | 5,725,282 | 5,663,875 | ||
Operating expenses | 11,097,879 | 10,637,104 | ||
19,416,292 | 19,045,242 | |||
NET LOSS | ($2,145,363) | ($1,971,210) | ||
Net loss allocated to Boston Capital Tax Credit Fund V L.P.* | ||||
($2,123,910) | ($1,951,499) | |||
Net loss allocated to other Partners | $ (21,453) | $ (19,711) | ||
* Amounts include $1,074,139 and $860,059 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting. | ||||
Series 47 | ||||
2013 | 2012 | |||
Revenues | ||||
Rental | $ 6,456,508 | $ 6,374,113 | ||
Interest and other | 198,951 | 179,991 | ||
6,655,459 | 6,554,104 | |||
Expenses | ||||
Interest | 949,392 | 1,016,227 | ||
Depreciation and amortization | 1,867,099 | 1,824,932 | ||
Operating expenses | 4,332,492 | 4,127,986 | ||
7,148,983 | 6,969,145 | |||
NET LOSS | $ (493,524) | $ (415,041) | ||
Net loss allocated to Boston Capital Tax Credit Fund V L.P.* | ||||
$ (488,589) | $ (410,891) | |||
Net loss allocated to other Partners | $ (4,935) | $ (4,150) | ||
* Amounts include $400,230 and $343,665 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting. | ||||
Series 48 | ||||
2013 | 2012 | |||
Revenues | ||||
Rental | $ 3,625,930 | $ 3,549,267 | ||
Interest and other | 123,745 | 107,136 | ||
3,749,675 | 3,656,403 | |||
Expenses | ||||
Interest | 459,386 | 508,824 | ||
Depreciation and amortization | 1,183,137 | 1,180,910 | ||
Operating expenses | 2,309,588 | 2,262,104 | ||
3,952,111 | 3,951,838 | |||
NET LOSS | $ (202,436) | $ (295,435) | ||
Net loss allocated to Boston Capital Tax Credit Fund V L.P.* | ||||
$ (200,412) | $ (292,481) | |||
Net loss allocated to other Partners | $ (2,024) | $ (2,954) | ||
* Amounts include $158,390 and $145,979 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting. | ||||
Series 49 | ||||
2013 | 2012 | |||
Revenues | ||||
Rental | $ 6,588,528 | $ 6,561,082 | ||
Interest and other | 277,267 | 302,443 | ||
6,865,795 | 6,863,525 | |||
Expenses | ||||
Interest | 1,184,353 | 1,219,212 | ||
Depreciation and amortization | 2,675,046 | 2,658,033 | ||
Operating expenses | 4,455,799 | 4,247,014 | ||
8,315,198 | 8,124,259 | |||
NET LOSS | ($1,449,403) | ($1,260,734) | ||
Net loss allocated to Boston Capital Tax Credit Fund V L.P.* | ||||
($1,434,909) | ($1,248,127) | |||
Net loss allocated to other Partners | $ (14,494) | $ (12,607) | ||
* Amounts include $515,519 and $370,415 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting. | ||||
ORGANIZATION_Details
ORGANIZATION (Details) (USD $) | 9 Months Ended | |
Dec. 31, 2013 | Mar. 31, 2013 | |
BACs Sold | 11,777,706 | 11,777,706 |
Equity Raised | $117,777,060 | ' |
Series Forty Seven [Member] | ' | ' |
Closing Date | 30-Apr-04 | ' |
BACs Sold | 3,478,334 | 3,478,334 |
Equity Raised | 34,783,340 | ' |
Series Forty Eight [Member] | ' | ' |
Closing Date | 12-Aug-04 | ' |
BACs Sold | 2,299,372 | 2,299,372 |
Equity Raised | 22,993,720 | ' |
Series Forty Nine [Member] | ' | ' |
Closing Date | 29-Apr-05 | ' |
BACs Sold | 6,000,000 | 6,000,000 |
Equity Raised | $60,000,000 | ' |
ORGANIZATION_Details_Textual
ORGANIZATION (Details Textual) (USD $) | 1 Months Ended | ||
Aug. 31, 2004 | Dec. 31, 2013 | Mar. 31, 2013 | |
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 | ' | ' |
Limited Partners Capital Account, Units Issued | ' | 11,777,706 | 11,777,706 |
Limited Partners Contributed Capital | ' | $117,777,060 | ' |
ACCOUNTING_AND_FINANCIAL_REPOR2
ACCOUNTING AND FINANCIAL REPORTING POLICIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Amortization Of Acquisition Costs | $2,372,461 | $1,939,060 |
Series Forty Seven [Member] | ' | ' |
Accumulated Amortization Of Acquisition Costs | 1,829,852 | 1,496,196 |
Series Forty Eight [Member] | ' | ' |
Accumulated Amortization Of Acquisition Costs | 382,118 | 243,166 |
Series Forty Nine [Member] | ' | ' |
Accumulated Amortization Of Acquisition Costs | $160,491 | $199,698 |
ACCOUNTING_AND_FINANCIAL_REPOR3
ACCOUNTING AND FINANCIAL REPORTING POLICIES (Details Textual) (USD $) | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | |
Series Forty Seven [Member] | Series Forty Eight [Member] | Series Forty Nine [Member] | Series Forty Nine [Member] | |||
Amortization Period Of Acquisition Costs | ' | '27 years 6 months | ' | ' | ' | ' |
Impairment Loss Of Acquisition Costs | ' | ' | ' | ' | $209,097 | $153,715 |
Amortization Of Acquisition Cost Remaining Contractual Term | ' | ' | '4 years | '4 years | '4 years | ' |
Amortization Of Deferred Acquisition Costs Year One | 686,597 | ' | ' | ' | ' | ' |
Amortization Of Deferred Acquisition Costs Year Two | 686,597 | ' | ' | ' | ' | ' |
Amortization Of Deferred Acquisition Costs Year Three | 686,597 | ' | ' | ' | ' | ' |
Amortization Of Deferred Acquisition Costs Year Four | $171,654 | ' | ' | ' | ' | ' |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 3 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Gross Fund Management Fee | $284,457 | $284,457 |
Series Forty Seven [Member] | ' | ' |
Gross Fund Management Fee | 97,086 | 97,086 |
Series Forty Eight [Member] | ' | ' |
Gross Fund Management Fee | 59,595 | 59,595 |
Series Forty Nine [Member] | ' | ' |
Gross Fund Management Fee | $127,776 | $127,776 |
RELATED_PARTY_TRANSACTIONS_Det1
RELATED PARTY TRANSACTIONS (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Management Fees Paid | $0 | $0 | $200,000 | $775,000 |
Series Forty Seven [Member] | ' | ' | ' | ' |
Management Fees Paid | 0 | 0 | 0 | 75,000 |
Series Forty Eight [Member] | ' | ' | ' | ' |
Management Fees Paid | 0 | 0 | 0 | 150,000 |
Series Forty Nine [Member] | ' | ' | ' | ' |
Management Fees Paid | $0 | $0 | $200,000 | $550,000 |
RELATED_PARTY_TRANSACTIONS_Det2
RELATED PARTY TRANSACTIONS (Details Textual) | 9 Months Ended |
Dec. 31, 2013 | |
Percentage Of Annual Management Fee | 0.50% |
INVESTMENTS_IN_OPERATING_PARTN2
INVESTMENTS IN OPERATING PARTNERSHIPS (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Number | Number | |
Number Of Operating Partnerships | 50 | 50 |
Series Forty Seven [Member] | ' | ' |
Number Of Operating Partnerships | 15 | 15 |
Series Forty Eight [Member] | ' | ' |
Number Of Operating Partnerships | 11 | 11 |
Series Forty Nine [Member] | ' | ' |
Number Of Operating Partnerships | 24 | 24 |
INVESTMENTS_IN_OPERATING_PARTN3
INVESTMENTS IN OPERATING PARTNERSHIPS (Details 1) (USD $) | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | |||
Revenues | ' | ' | ||
Rental | $16,670,966 | $16,484,462 | ||
Interest and other | 599,963 | 589,570 | ||
Operating Partnerships Revenues | 17,270,929 | 17,074,032 | ||
Expenses | ' | ' | ||
Interest | 2,593,131 | 2,744,263 | ||
Depreciation and amortization | 5,725,282 | 5,663,875 | ||
Operating expenses | 11,097,879 | 10,637,104 | ||
Operating Partnerships Total Expenses | 19,416,292 | 19,045,242 | ||
NET LOSS | -2,145,363 | -1,971,210 | ||
Net loss allocated to Boston Capital Tax Credit Fund V L.P. * | -2,123,910 | [1] | -1,951,499 | [1] |
Net loss allocated to other Partners | -21,453 | -19,711 | ||
Series Forty Seven [Member] | ' | ' | ||
Revenues | ' | ' | ||
Rental | 6,456,508 | 6,374,113 | ||
Interest and other | 198,951 | 179,991 | ||
Operating Partnerships Revenues | 6,655,459 | 6,554,104 | ||
Expenses | ' | ' | ||
Interest | 949,392 | 1,016,227 | ||
Depreciation and amortization | 1,867,099 | 1,824,932 | ||
Operating expenses | 4,332,492 | 4,127,986 | ||
Operating Partnerships Total Expenses | 7,148,983 | 6,969,145 | ||
NET LOSS | -493,524 | -415,041 | ||
Net loss allocated to Boston Capital Tax Credit Fund V L.P. * | -488,589 | [2] | -410,891 | [2] |
Net loss allocated to other Partners | -4,935 | -4,150 | ||
Series Forty Eight [Member] | ' | ' | ||
Revenues | ' | ' | ||
Rental | 3,625,930 | 3,549,267 | ||
Interest and other | 123,745 | 107,136 | ||
Operating Partnerships Revenues | 3,749,675 | 3,656,403 | ||
Expenses | ' | ' | ||
Interest | 459,386 | 508,824 | ||
Depreciation and amortization | 1,183,137 | 1,180,910 | ||
Operating expenses | 2,309,588 | 2,262,104 | ||
Operating Partnerships Total Expenses | 3,952,111 | 3,951,838 | ||
NET LOSS | -202,436 | -295,435 | ||
Net loss allocated to Boston Capital Tax Credit Fund V L.P. * | -200,412 | [3] | -292,481 | [3] |
Net loss allocated to other Partners | -2,024 | -2,954 | ||
Series Forty Nine [Member] | ' | ' | ||
Revenues | ' | ' | ||
Rental | 6,588,528 | 6,561,082 | ||
Interest and other | 277,267 | 302,443 | ||
Operating Partnerships Revenues | 6,865,795 | 6,863,525 | ||
Expenses | ' | ' | ||
Interest | 1,184,353 | 1,219,212 | ||
Depreciation and amortization | 2,675,046 | 2,658,033 | ||
Operating expenses | 4,455,799 | 4,247,014 | ||
Operating Partnerships Total Expenses | 8,315,198 | 8,124,259 | ||
NET LOSS | -1,449,403 | -1,260,734 | ||
Net loss allocated to Boston Capital Tax Credit Fund V L.P. * | -1,434,909 | [4] | -1,248,127 | [4] |
Net loss allocated to other Partners | ($14,494) | ($12,607) | ||
[1] | Amounts include $1,074,139 and $860,059 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting. | |||
[2] | Amounts include $400,230 and $343,665 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting. | |||
[3] | Amounts include $158,390 and $145,979 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting. | |||
[4] | Amounts include $515,519 and $370,415 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting. |
INVESTMENTS_IN_OPERATING_PARTN4
INVESTMENTS IN OPERATING PARTNERSHIPS (Details Textual) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Loss Not Recognized Under Equity Method Accounting | $1,074,139 | $860,059 |
Series Forty Seven [Member] | ' | ' |
Income Loss Not Recognized Under Equity Method Accounting | 400,230 | 343,665 |
Series Forty Eight [Member] | ' | ' |
Income Loss Not Recognized Under Equity Method Accounting | 158,390 | 145,979 |
Series Forty Nine [Member] | ' | ' |
Income Loss Not Recognized Under Equity Method Accounting | $515,519 | $370,415 |