Document And Entity Information
Document And Entity Information | 9 Months Ended |
Dec. 31, 2017shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q3 |
Entity Registrant Name | BOSTON CAPITAL TAX CREDIT FUND V LP |
Entity Central Index Key | 1,267,425 |
Current Fiscal Year End Date | --03-31 |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 0 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 |
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) | $ 287,603 | $ 517,469 |
OTHER ASSETS | ||
Cash and cash equivalents | 1,497,302 | 1,241,219 |
Other assets | 106,411 | 106,411 |
Assets | 1,891,316 | 1,865,099 |
LIABILITIES | ||
Accounts payable and accrued expenses | 5,343 | 343 |
Accounts payable affiliates | 8,787,487 | 7,990,511 |
Capital contributions payable | 101 | 101 |
Total Liabilities | 8,792,931 | 7,990,955 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assigness units of limited partnership interest | (6,623,159) | (5,849,339) |
General Partner | (278,456) | (276,517) |
Partners Capital | (6,901,615) | (6,125,856) |
Liabilities and Stockholders' Equity | 1,891,316 | 1,865,099 |
Series 47 [Member] | ||
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 601,966 | 373,138 |
Other assets | 0 | 0 |
Assets | 601,966 | 373,138 |
LIABILITIES | ||
Accounts payable and accrued expenses | 5,000 | 0 |
Accounts payable affiliates | 3,625,406 | 3,362,346 |
Capital contributions payable | 0 | 0 |
Total Liabilities | 3,630,406 | 3,362,346 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assigness units of limited partnership interest | (2,944,161) | (2,905,027) |
General Partner | (84,279) | (84,181) |
Partners Capital | (3,028,440) | (2,989,208) |
Liabilities and Stockholders' Equity | 601,966 | 373,138 |
Series 48 [Member] | ||
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 351,893 | 347,379 |
Other assets | 0 | 0 |
Assets | 351,893 | 347,379 |
LIABILITIES | ||
Accounts payable and accrued expenses | 0 | 0 |
Accounts payable affiliates | 2,138,305 | 1,987,717 |
Capital contributions payable | 0 | 0 |
Total Liabilities | 2,138,305 | 1,987,717 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assigness units of limited partnership interest | (1,731,184) | (1,585,475) |
General Partner | (55,228) | (54,863) |
Partners Capital | (1,786,412) | (1,640,338) |
Liabilities and Stockholders' Equity | 351,893 | 347,379 |
Series 49 [Member] | ||
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) | 287,603 | 517,469 |
OTHER ASSETS | ||
Cash and cash equivalents | 543,443 | 520,702 |
Other assets | 106,411 | 106,411 |
Assets | 937,457 | 1,144,582 |
LIABILITIES | ||
Accounts payable and accrued expenses | 343 | 343 |
Accounts payable affiliates | 3,023,776 | 2,640,448 |
Capital contributions payable | 101 | 101 |
Total Liabilities | 3,024,220 | 2,640,892 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assigness units of limited partnership interest | (1,947,814) | (1,358,837) |
General Partner | (138,949) | (137,473) |
Partners Capital | (2,086,763) | (1,496,310) |
Liabilities and Stockholders' Equity | $ 937,457 | $ 1,144,582 |
CONDENSED BALANCE SHEETS _Paren
CONDENSED BALANCE SHEETS [Parenthetical] - $ / shares | Dec. 31, 2017 | Mar. 31, 2017 |
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 | 11,768,206 | 11,768,206 |
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 |
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 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 |
Units of limited partnership interest, issued | 2,299,372 | 2,299,372 |
Units of limited partnership interest, outstanding | 2,294,872 | 2,294,872 |
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 |
Units of limited partnership interest, issued | 6,000,000 | 6,000,000 |
Units of limited partnership interest, outstanding | 5,995,000 | 5,995,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income | ||||
Interest income | $ 1,471 | $ 531 | $ 1,787 | $ 1,700 |
Other income | 37,182 | 19,335 | 141,736 | 138,357 |
Total income | 38,653 | 19,866 | 143,523 | 140,057 |
Share of income (loss) from Operating Partnerships (Note D) | 113,050 | (152,068) | (40,194) | (450,226) |
Expenses | ||||
Professional fees | 6,651 | 3,219 | 85,593 | 82,235 |
Fund management fee, net (Note C) | 247,958 | 247,409 | 738,554 | 654,860 |
Amortization | 0 | 30,145 | 0 | 90,435 |
General and administrative expenses | 22,855 | 23,374 | 54,941 | 55,150 |
Operating expenses | 277,464 | 304,147 | 879,088 | 882,680 |
NET INCOME (LOSS) | (125,761) | (436,349) | (775,759) | (1,192,849) |
Net income (loss) allocated to assignees | (125,447) | (435,258) | (773,820) | (1,189,867) |
Net income (loss) allocated to general partner | $ (314) | $ (1,091) | $ (1,939) | $ (2,982) |
Net income (loss) per BAC | $ (0.01) | $ (0.04) | $ (0.07) | $ (0.10) |
Series 47 [Member] | ||||
Income | ||||
Interest income | $ 506 | $ 85 | $ 602 | $ 304 |
Other income | 12,981 | 8,638 | 45,082 | 68,132 |
Total income | 13,487 | 8,723 | 45,684 | 68,436 |
Share of income (loss) from Operating Partnerships (Note D) | 189,672 | 0 | 189,672 | 0 |
Expenses | ||||
Professional fees | 2,217 | 967 | 25,665 | 25,335 |
Fund management fee, net (Note C) | 70,723 | 81,812 | 231,474 | 199,434 |
Amortization | 0 | 0 | 0 | 0 |
General and administrative expenses | 6,981 | 7,142 | 17,449 | 17,302 |
Operating expenses | 79,921 | 89,921 | 274,588 | 242,071 |
NET INCOME (LOSS) | 123,238 | (81,198) | (39,232) | (173,635) |
Net income (loss) allocated to assignees | 122,930 | (80,995) | (39,134) | (173,201) |
Net income (loss) allocated to general partner | $ 308 | $ (203) | $ (98) | $ (434) |
Net income (loss) per BAC | $ 0.04 | $ (0.02) | $ (0.01) | $ (0.05) |
Series 48 [Member] | ||||
Income | ||||
Interest income | $ 376 | $ 102 | $ 462 | $ 347 |
Other income | 12,950 | 7,900 | 30,621 | 57,002 |
Total income | 13,326 | 8,002 | 31,083 | 57,349 |
Share of income (loss) from Operating Partnerships (Note D) | 0 | 0 | 0 | 0 |
Expenses | ||||
Professional fees | 2,217 | 645 | 22,682 | 21,608 |
Fund management fee, net (Note C) | 50,196 | 47,696 | 139,788 | 92,021 |
Amortization | 0 | 0 | 0 | 0 |
General and administrative expenses | 5,313 | 5,465 | 14,687 | 14,165 |
Operating expenses | 57,726 | 53,806 | 177,157 | 127,794 |
NET INCOME (LOSS) | (44,400) | (45,804) | (146,074) | (70,445) |
Net income (loss) allocated to assignees | (44,289) | (45,689) | (145,709) | (70,269) |
Net income (loss) allocated to general partner | $ (111) | $ (115) | $ (365) | $ (176) |
Net income (loss) per BAC | $ (0.02) | $ (0.02) | $ (0.06) | $ (0.03) |
Series 49 [Member] | ||||
Income | ||||
Interest income | $ 589 | $ 344 | $ 723 | $ 1,049 |
Other income | 11,251 | 2,797 | 66,033 | 13,223 |
Total income | 11,840 | 3,141 | 66,756 | 14,272 |
Share of income (loss) from Operating Partnerships (Note D) | (76,622) | (152,068) | (229,866) | (450,226) |
Expenses | ||||
Professional fees | 2,217 | 1,607 | 37,246 | 35,292 |
Fund management fee, net (Note C) | 127,039 | 117,901 | 367,292 | 363,405 |
Amortization | 0 | 30,145 | 0 | 90,435 |
General and administrative expenses | 10,561 | 10,767 | 22,805 | 23,683 |
Operating expenses | 139,817 | 160,420 | 427,343 | 512,815 |
NET INCOME (LOSS) | (204,599) | (309,347) | (590,453) | (948,769) |
Net income (loss) allocated to assignees | (204,088) | (308,574) | (588,977) | (946,397) |
Net income (loss) allocated to general partner | $ (511) | $ (773) | $ (1,476) | $ (2,372) |
Net income (loss) per BAC | $ (0.03) | $ (0.05) | $ (0.10) | $ (0.16) |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - 9 months ended Dec. 31, 2017 - USD ($) | Total | Assignees [Member] | General Partner [Member] | Series 47 [Member] | Series 47 [Member]Assignees [Member] | Series 47 [Member]General Partner [Member] | Series 48 [Member] | Series 48 [Member]Assignees [Member] | Series 48 [Member]General Partner [Member] | Series 49 [Member] | Series 49 [Member]Assignees [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 loss | (775,759) | (773,820) | (1,939) | (39,232) | (39,134) | (98) | (146,074) | (145,709) | (365) | (590,453) | (588,977) | (1,476) |
Partners' capital (deficit) at Dec. 31, 2017 | $ (6,901,615) | $ (6,623,159) | $ (278,456) | $ (3,028,440) | $ (2,944,161) | $ (84,279) | $ (1,786,412) | $ (1,731,184) | $ (55,228) | $ (2,086,763) | $ (1,947,814) | $ (138,949) |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (775,759) | $ (1,192,849) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Amortization | 0 | 90,435 |
Distributions from Operating Partnerships | 0 | 38,333 |
Share of loss from Operating Partnerships | 40,194 | 450,226 |
Changes in assets and liabilities | ||
Increase (Decrease) in accounts payable and accrued expenses | 5,000 | (500) |
Increase in accounts payable affiliates | 796,976 | 803,243 |
Net cash provided by operating activities | 66,411 | 188,888 |
Cash flows from investing activities: | ||
Proceeds from the disposition of Operating Partnerships | 189,672 | 0 |
Net cash used in investing activities | 189,672 | 0 |
INCREASE IN CASH AND CASH EQUIVALENTS | 256,083 | 188,888 |
Cash and cash equivalents, beginning | 1,241,219 | 969,029 |
Cash and cash equivalents, ending | 1,497,302 | 1,157,917 |
Series 47 [Member] | ||
Cash flows from operating activities: | ||
Net loss | (39,232) | (173,635) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Amortization | 0 | 0 |
Distributions from Operating Partnerships | 0 | 0 |
Share of loss from Operating Partnerships | (189,672) | 0 |
Changes in assets and liabilities | ||
Increase (Decrease) in accounts payable and accrued expenses | 5,000 | (385) |
Increase in accounts payable affiliates | 263,060 | 266,194 |
Net cash provided by operating activities | 39,156 | 92,174 |
Cash flows from investing activities: | ||
Proceeds from the disposition of Operating Partnerships | 189,672 | 0 |
Net cash used in investing activities | 189,672 | 0 |
INCREASE IN CASH AND CASH EQUIVALENTS | 228,828 | 92,174 |
Cash and cash equivalents, beginning | 373,138 | 251,317 |
Cash and cash equivalents, ending | 601,966 | 343,491 |
Series 48 [Member] | ||
Cash flows from operating activities: | ||
Net loss | (146,074) | (70,445) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Amortization | 0 | 0 |
Distributions from Operating Partnerships | 0 | 0 |
Share of loss from Operating Partnerships | 0 | 0 |
Changes in assets and liabilities | ||
Increase (Decrease) in accounts payable and accrued expenses | 0 | (115) |
Increase in accounts payable affiliates | 150,588 | 153,721 |
Net cash provided by operating activities | 4,514 | 83,161 |
Cash flows from investing activities: | ||
Capital contributions paid to operating limited partnerships | 0 | 0 |
Proceeds from the disposition of Operating Partnerships | 0 | 0 |
INCREASE IN CASH AND CASH EQUIVALENTS | 4,514 | 83,161 |
Cash and cash equivalents, beginning | 347,379 | 244,197 |
Cash and cash equivalents, ending | 351,893 | 327,358 |
Series 49 [Member] | ||
Cash flows from operating activities: | ||
Net loss | (590,453) | (948,769) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Amortization | 0 | 90,435 |
Distributions from Operating Partnerships | 0 | 38,333 |
Share of loss from Operating Partnerships | 229,866 | 450,226 |
Changes in assets and liabilities | ||
Increase (Decrease) in accounts payable and accrued expenses | 0 | 0 |
Increase in accounts payable affiliates | 383,328 | 383,328 |
Net cash provided by operating activities | 22,741 | 13,553 |
Cash flows from investing activities: | ||
Proceeds from the disposition of Operating Partnerships | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
INCREASE IN CASH AND CASH EQUIVALENTS | 22,741 | 13,553 |
Cash and cash equivalents, beginning | 520,702 | 473,515 |
Cash and cash equivalents, ending | $ 543,443 | $ 487,068 |
ORGANIZATION
ORGANIZATION | 9 Months Ended |
Dec. 31, 2017 | |
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, 2017, 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, 2017: Series Closing Date BACs Sold Equity Raised Series 47 April 30, 2004 3,478,334 $34,783,340 Series 48 August 12, 2004 2,299,372 $22,993,720 Series 49 April 29, 2005 6,000,000 $60,000,000 The Fund concluded its public offering of BACs in the Fund on April 29, 2005. |
ACCOUNTING AND FINANCIAL REPORT
ACCOUNTING AND FINANCIAL REPORTING POLICIES | 9 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES The condensed financial statements herein as of December 31, 2017 and for the three and 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, 2017. Amortization Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2016, the lives of the remaining acquisition costs were reassessed and determined to be 1 year for Series 49. As of March 31, 2017, acquisition costs were fully amortized or impaired for Series 49. Accumulated amortization of acquisition costs by Series for the quarters ended December 31, 2017 and 2016 are as follows: 2017 2016 Series 47 $ - $ - Series 48 - - Series 49 - 90,435 $ - $ 90,435 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 are as follows: 2017 2016 Series 47 $ 87,687 $ 87,687 Series 48 50,196 50,196 Series 49 127,776 127,776 Total $ 265,659 $ 265,659 The fund management fees paid for the quarters ended December 31, 2017 and 2016 are as follows: 2017 2016 Series 47 $ - $ - Series 48 - - Series 49 - - Total $ - $ - The fund management fees paid for the nine months ended December 31, 2017 and 2016 are as follows: 2017 2016 Series 47 $ - $ - Series 48 - - Series 49 - - Total $ - $ - |
INVESTMENTS IN OPERATING PARTNE
INVESTMENTS IN OPERATING PARTNERSHIPS | 9 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments Disclosure [Text Block] | NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS 2017 2016 Series 47 13 14 Series 48 10 10 Series 49 24 24 Total 47 48 Under the terms of the Partnership's investment in each Operating Partnership, the Fund was required to make capital contributions to the Operating Partnerships. These contributions were payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. During the nine months ended December 31, 2017, the Fund disposed of one Operating Partnership. Operating Partnership Interest Transferred Sale of Underlying Operating Partnership Partnership Proceeds from Disposition Gain/(Loss) on Disposition Series 47 - 1 $ 189,672 $ 189,672 Series 48 - - - - Series 49 - - - - Total - 1 $ 189,672 $ 189,672 During the nine months ended December 31, 2016, the Fund disposed of two Operating Partnerships. Operating Partnership Interest Transferred Sale of Underlying Operating Partnership Partnership Proceeds from Disposition Gain/(Loss) on Disposition Series 47 - 1 $ - $ - Series 48 - 1 - - Series 49 - - - - Total - 2 $ - $ - 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. 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. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS 2017 2016 Revenues Rental $ 15,996,053 $ 16,322,718 Interest and other 379,973 438,139 16,376,026 16,760,857 Expenses Interest 2,388,543 2,013,429 Depreciation and amortization 4,165,774 4,564,420 Operating expenses 12,266,884 11,037,239 18,821,201 17,615,088 NET LOSS $ (2,445,175) $ (854,231) Net loss allocated to Boston Capital Tax Credit Fund V L.P.* (2,420,724) (845,688) Net loss allocated to other Partners $ (24,451) $ (8,543) 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 Series 47 2017 2016 Revenues Rental $ 5,793,126 $ 6,126,903 Interest and other 121,742 150,643 5,914,868 6,277,546 Expenses Interest 829,869 731,566 Depreciation and amortization 1,256,865 1,435,613 Operating expenses 4,150,276 4,204,643 6,237,010 6,371,822 NET LOSS $ (322,142) $ (94,276) Net loss allocated to Boston Capital Tax Credit Fund V L.P.* (318,921) (93,333) Net loss allocated to other Partners $ (3,221) $ (943) 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 2017 2016 Revenues Rental $ 3,029,720 $ 3,120,004 Interest and other 72,250 63,692 3,101,970 3,183,696 Expenses Interest 358,327 198,710 Depreciation and amortization 769,026 807,279 Operating expenses 3,130,443 2,179,019 4,257,796 3,185,008 NET LOSS $ (1,155,826) $ (1,312) Net loss allocated to Boston Capital Tax Credit Fund V L.P.* (1,144,268) (1,299) Net loss allocated to other Partners $ (11,558) $ (13) * Amounts include $1,144,268 and $1,299 for 2017 and 2016, 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 2017 2016 Revenues Rental $ 7,173,207 $ 7,075,811 Interest and other 185,981 223,804 7,359,188 7,299,615 Expenses Interest 1,200,347 1,083,153 Depreciation and amortization 2,139,883 2,321,528 Operating expenses 4,986,165 4,653,577 8,326,395 8,058,258 NET LOSS $ (967,207) $ (758,643) Net loss allocated to Boston Capital Tax Credit Fund V L.P.* (957,535) (751,056) Net loss allocated to other Partners $ (9,672) $ (7,587) * Amounts include $727,669 and $300,830 for 2017 and 2016, 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, 2017 | |
Taxable Loss [Abstract] | |
Taxable Loss [Text Block] | NOTE E - TAXABLE LOSS The Fund's taxable loss for the calendar year ended December 31, 2017 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, 2017 | |
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 2013 remain open. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2017 | |
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. |
ACCOUNTING AND FINANCIAL REPO14
ACCOUNTING AND FINANCIAL REPORTING POLICIES (Policies) | 9 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Depreciation, Depletion, and Amortization [Policy Text Block] | Amortization Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2016, the lives of the remaining acquisition costs were reassessed and determined to be 1 year for Series 49. As of March 31, 2017, acquisition costs were fully amortized or impaired for Series 49. Accumulated amortization of acquisition costs by Series for the quarters ended December 31, 2017 and 2016 are as follows: 2017 2016 Series 47 $ - $ - Series 48 - - Series 49 - 90,435 $ - $ 90,435 |
ORGANIZATION (Tables)
ORGANIZATION (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
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, 2017: Series Closing Date BACs Sold Equity Raised Series 47 April 30, 2004 3,478,334 $34,783,340 Series 48 August 12, 2004 2,299,372 $22,993,720 Series 49 April 29, 2005 6,000,000 $60,000,000 |
ACCOUNTING AND FINANCIAL REPO16
ACCOUNTING AND FINANCIAL REPORTING POLICIES (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 are as follows: 2017 2016 Series 47 $ - $ - Series 48 - - Series 49 - 90,435 $ - $ 90,435 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule Of Gross Management Fee [Table Text Block] | The fund management fee accrued for the quarters ended December 31, 2017 and 2016 are as follows: 2017 2016 Series 47 $ 87,687 $ 87,687 Series 48 50,196 50,196 Series 49 127,776 127,776 Total $ 265,659 $ 265,659 |
Schedule Of Management Fees Paid [Table Text Block] | The fund management fees paid for the quarters ended December 31, 2017 and 2016 are as follows: 2017 2016 Series 47 $ - $ - Series 48 - - Series 49 - - Total $ - $ - The fund management fees paid for the nine months ended December 31, 2017 and 2016 are as follows: 2017 2016 Series 47 $ - $ - Series 48 - - Series 49 - - Total $ - $ - |
INVESTMENTS IN OPERATING PART18
INVESTMENTS IN OPERATING PARTNERSHIPS (Tables) | 9 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule Of Number Of Operating Partnerships [Table Text Block] | At December 31, 2017 and 2016, the Fund had limited partnership interests in 47 and 48 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2017 and 2016 is as follows: 2017 2016 Series 47 13 14 Series 48 10 10 Series 49 24 24 Total 47 48 |
Schedule Of Number Of Operating Partnerships Disposed [Table Text Block] | A summary of the dispositions by Series for December 31, 2017 is as follows: Operating Partnership Interest Transferred Sale of Underlying Operating Partnership Partnership Proceeds from Disposition Gain/(Loss) on Disposition Series 47 - 1 $ 189,672 $ 189,672 Series 48 - - - - Series 49 - - - - Total - 1 $ 189,672 $ 189,672 A summary of the dispositions by Series for December 31, 2016 is as follows: Operating Partnership Interest Transferred Sale of Underlying Operating Partnership Partnership Proceeds from Disposition Gain/(Loss) on Disposition Series 47 - 1 $ - $ - Series 48 - 1 - - Series 49 - - - - Total - 2 $ - $ - |
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, 2017. Total 2017 2016 Revenues Rental $ 15,996,053 $ 16,322,718 Interest and other 379,973 438,139 16,376,026 16,760,857 Expenses Interest 2,388,543 2,013,429 Depreciation and amortization 4,165,774 4,564,420 Operating expenses 12,266,884 11,037,239 18,821,201 17,615,088 NET LOSS $ (2,445,175) $ (854,231) Net loss allocated to Boston Capital Tax Credit Fund V L.P.* (2,420,724) (845,688) Net loss allocated to other Partners $ (24,451) $ (8,543) 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. Series 47 2017 2016 Revenues Rental $ 5,793,126 $ 6,126,903 Interest and other 121,742 150,643 5,914,868 6,277,546 Expenses Interest 829,869 731,566 Depreciation and amortization 1,256,865 1,435,613 Operating expenses 4,150,276 4,204,643 6,237,010 6,371,822 NET LOSS $ (322,142) $ (94,276) Net loss allocated to Boston Capital Tax Credit Fund V L.P.* (318,921) (93,333) Net loss allocated to other Partners $ (3,221) $ (943) 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. Series 48 2017 2016 Revenues Rental $ 3,029,720 $ 3,120,004 Interest and other 72,250 63,692 3,101,970 3,183,696 Expenses Interest 358,327 198,710 Depreciation and amortization 769,026 807,279 Operating expenses 3,130,443 2,179,019 4,257,796 3,185,008 NET LOSS $ (1,155,826) $ (1,312) Net loss allocated to Boston Capital Tax Credit Fund V L.P.* (1,144,268) (1,299) Net loss allocated to other Partners $ (11,558) $ (13) * Amounts include $1,144,268 and $1,299 for 2017 and 2016, 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. Series 49 2017 2016 Revenues Rental $ 7,173,207 $ 7,075,811 Interest and other 185,981 223,804 7,359,188 7,299,615 Expenses Interest 1,200,347 1,083,153 Depreciation and amortization 2,139,883 2,321,528 Operating expenses 4,986,165 4,653,577 8,326,395 8,058,258 NET LOSS $ (967,207) $ (758,643) Net loss allocated to Boston Capital Tax Credit Fund V L.P.* (957,535) (751,056) Net loss allocated to other Partners $ (9,672) $ (7,587) * Amounts include $727,669 and $300,830 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting. The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income. |
ORGANIZATION (Details)
ORGANIZATION (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2017 | Mar. 31, 2017 | |
Capital Unit [Line Items] | ||
BACs Sold | 11,777,706 | 11,777,706 |
Equity Raised | $ 117,777,060 | |
Series 47 [Member] | ||
Capital Unit [Line Items] | ||
Closing Date | Apr. 30, 2004 | |
BACs Sold | 3,478,334 | 3,478,334 |
Equity Raised | $ 34,783,340 | |
Series 48 [Member] | ||
Capital Unit [Line Items] | ||
Closing Date | Aug. 12, 2004 | |
BACs Sold | 2,299,372 | 2,299,372 |
Equity Raised | $ 22,993,720 | |
Series 49 [Member] | ||
Capital Unit [Line Items] | ||
Closing Date | Apr. 29, 2005 | |
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, 2017 | Mar. 31, 2017 | |
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
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 | ||
Units of limited partnership interest, issued | 11,777,706 | 11,777,706 | |
Limited Partners' Contributed Capital | $ 117,777,060 |
ACCOUNTING AND FINANCIAL REPO21
ACCOUNTING AND FINANCIAL REPORTING POLICIES (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Accumulated Amortization Of Acquisition Costs [Line Items] | ||
Accumulated Amortization Of Acquisition Costs | $ 0 | $ 90,435 |
Series 47 [Member] | ||
Accumulated Amortization Of Acquisition Costs [Line Items] | ||
Accumulated Amortization Of Acquisition Costs | 0 | 0 |
Series 48 [Member] | ||
Accumulated Amortization Of Acquisition Costs [Line Items] | ||
Accumulated Amortization Of Acquisition Costs | 0 | 0 |
Series 49 [Member] | ||
Accumulated Amortization Of Acquisition Costs [Line Items] | ||
Accumulated Amortization Of Acquisition Costs | $ 0 | $ 90,435 |
ACCOUNTING AND FINANCIAL REPO22
ACCOUNTING AND FINANCIAL REPORTING POLICIES (Details Textual) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Mar. 31, 2016 | |
Accounting policies [Line Items] | ||
Amortization Period Of Acquisition Costs | 27 years 6 months | |
Series Forty Nine [Member] | ||
Accounting policies [Line Items] | ||
Amortization Of Acquisition Cost Remaining Contractual Term | 1 year |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Gross Fund Management Fee | $ 265,659 | $ 265,659 |
Series 47 [Member] | ||
Related Party Transaction [Line Items] | ||
Gross Fund Management Fee | 87,687 | 87,687 |
Series 48 [Member] | ||
Related Party Transaction [Line Items] | ||
Gross Fund Management Fee | 50,196 | 50,196 |
Series 49 [Member] | ||
Related Party Transaction [Line Items] | ||
Gross Fund Management Fee | $ 127,776 | $ 127,776 |
RELATED PARTY TRANSACTIONS (D24
RELATED PARTY TRANSACTIONS (Details 1) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||||
Management Fees Paid | $ 0 | $ 0 | $ 0 | $ 0 |
Series 47 [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management Fees Paid | 0 | 0 | 0 | 0 |
Series 48 [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management Fees Paid | 0 | 0 | 0 | 0 |
Series 49 [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management Fees Paid | $ 0 | $ 0 | $ 0 | $ 0 |
RELATED PARTY TRANSACTIONS (D25
RELATED PARTY TRANSACTIONS (Details Textual) | 9 Months Ended |
Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |
Percentage Of Annual Management Fee | 0.50% |
INVESTMENTS IN OPERATING PART26
INVESTMENTS IN OPERATING PARTNERSHIPS (Details) - Number | Dec. 31, 2017 | Dec. 31, 2016 |
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 47 | 48 |
Series Forty Seven [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 13 | 14 |
Series Forty Eight [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 10 | 10 |
Series Forty Nine [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 24 | 24 |
INVESTMENTS IN OPERATING PART27
INVESTMENTS IN OPERATING PARTNERSHIPS (Details 1) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)Number | Dec. 31, 2016USD ($)Number | |
Number Of Operating Partnerships Disposed [Line Items] | ||||
Operating Partnership Interest Transferred | Number | 0 | 0 | ||
Sale Of Underlying Operating Partnership | Number | 1 | 2 | ||
Partnership Proceeds from Disposition | $ | $ 189,672 | $ 0 | ||
Gain/(Loss) on Disposition | $ | $ 113,050 | $ (152,068) | $ (40,194) | $ (450,226) |
Series Forty Seven [Member] | ||||
Number Of Operating Partnerships Disposed [Line Items] | ||||
Operating Partnership Interest Transferred | Number | 0 | 0 | ||
Sale Of Underlying Operating Partnership | Number | 1 | 1 | ||
Partnership Proceeds from Disposition | $ | $ 189,672 | $ 0 | ||
Gain/(Loss) on Disposition | $ | 189,672 | 0 | $ 189,672 | $ 0 |
Series Forty Eight [Member] | ||||
Number Of Operating Partnerships Disposed [Line Items] | ||||
Operating Partnership Interest Transferred | Number | 0 | 0 | ||
Sale Of Underlying Operating Partnership | Number | 0 | 1 | ||
Partnership Proceeds from Disposition | $ | $ 0 | $ 0 | ||
Gain/(Loss) on Disposition | $ | 0 | 0 | $ 0 | $ 0 |
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 | $ | $ (76,622) | $ (152,068) | $ (229,866) | $ (450,226) |
INVESTMENTS IN OPERATING PART28
INVESTMENTS IN OPERATING PARTNERSHIPS (Details 2) - USD ($) | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Revenues | |||
Rental | $ 15,996,053 | $ 16,322,718 | |
Interest and other | 379,973 | 438,139 | |
Operating Partnerships Revenues | 16,376,026 | 16,760,857 | |
Expenses | |||
Interest | 2,388,543 | 2,013,429 | |
Depreciation and amortization | 4,165,774 | 4,564,420 | |
Operating expenses | 12,266,884 | 11,037,239 | |
Operating Partnerships Total Expenses | 18,821,201 | 17,615,088 | |
NET LOSS | (2,445,175) | (854,231) | |
Net loss allocated to Boston Capital Tax Credit Fund V L.P. | [1] | (2,420,724) | (845,688) |
Net loss allocated to other Partners | (24,451) | (8,543) | |
Series Forty Seven [Member] | |||
Revenues | |||
Rental | 5,793,126 | 6,126,903 | |
Interest and other | 121,742 | 150,643 | |
Operating Partnerships Revenues | 5,914,868 | 6,277,546 | |
Expenses | |||
Interest | 829,869 | 731,566 | |
Depreciation and amortization | 1,256,865 | 1,435,613 | |
Operating expenses | 4,150,276 | 4,204,643 | |
Operating Partnerships Total Expenses | 6,237,010 | 6,371,822 | |
NET LOSS | (322,142) | (94,276) | |
Net loss allocated to Boston Capital Tax Credit Fund V L.P. | [2] | (318,921) | (93,333) |
Net loss allocated to other Partners | (3,221) | (943) | |
Series Forty Eight [Member] | |||
Revenues | |||
Rental | 3,029,720 | 3,120,004 | |
Interest and other | 72,250 | 63,692 | |
Operating Partnerships Revenues | 3,101,970 | 3,183,696 | |
Expenses | |||
Interest | 358,327 | 198,710 | |
Depreciation and amortization | 769,026 | 807,279 | |
Operating expenses | 3,130,443 | 2,179,019 | |
Operating Partnerships Total Expenses | 4,257,796 | 3,185,008 | |
NET LOSS | (1,155,826) | (1,312) | |
Net loss allocated to Boston Capital Tax Credit Fund V L.P. | [3] | (1,144,268) | (1,299) |
Net loss allocated to other Partners | (11,558) | (13) | |
Series Forty Nine [Member] | |||
Revenues | |||
Rental | 7,173,207 | 7,075,811 | |
Interest and other | 185,981 | 223,804 | |
Operating Partnerships Revenues | 7,359,188 | 7,299,615 | |
Expenses | |||
Interest | 1,200,347 | 1,083,153 | |
Depreciation and amortization | 2,139,883 | 2,321,528 | |
Operating expenses | 4,986,165 | 4,653,577 | |
Operating Partnerships Total Expenses | 8,326,395 | 8,058,258 | |
NET LOSS | (967,207) | (758,643) | |
Net loss allocated to Boston Capital Tax Credit Fund V L.P. | [4] | (957,535) | (751,056) |
Net loss allocated to other Partners | $ (9,672) | $ (7,587) | |
[1] | Amounts include $2,190,858 and $395,462 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting | ||
[2] | Amounts include $318,921 and $93,333 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting. | ||
[3] | Amounts include $1,144,268 and $1,299 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting. | ||
[4] | Amounts include $727,669 and $300,830 for 2017 and 2016, respectively, of loss not recognized under the equity method of accounting. |
INVESTMENTS IN OPERATING PART29
INVESTMENTS IN OPERATING PARTNERSHIPS (Details Textual) - USD ($) | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Investments In Operating Limited Partnerships [Line Items] | ||
Income Loss Not Recognized Under Equity Method Accounting | $ 2,190,858 | $ 395,462 |
Series Forty Seven [Member] | ||
Investments In Operating Limited Partnerships [Line Items] | ||
Income Loss Not Recognized Under Equity Method Accounting | 318,921 | 93,333 |
Series Forty Eight [Member] | ||
Investments In Operating Limited Partnerships [Line Items] | ||
Income Loss Not Recognized Under Equity Method Accounting | 1,144,268 | 1,299 |
Series Forty Nine [Member] | ||
Investments In Operating Limited Partnerships [Line Items] | ||
Income Loss Not Recognized Under Equity Method Accounting | $ 727,669 | $ 300,830 |