UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[XX] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
-----------------------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
------------------------ ---------------------
----------------------
For Quarter Ended June 30, 1996 Commission File No. 0-16513
American Income Partners III-C Limited Partnership
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Massachusetts 04-2979663
- -------------------------------- -------------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
98 North Washington Street, Boston, MA 02114
- --------------------------------------- --------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 854-5800
--------------------------
- ------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report.)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
----------- ------
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13, or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.
Yes No
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AMERICAN INCOME PARTNERS III-C LIMITED PARTNERSHIP
FORM 10-Q
INDEX
Page
----
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements
Statement of Financial Position
at June 30, 1996 and December 31, 1995 3
Statement of Operations for the three and six
months ended June 30, 1996 and 1995 4
Statement of Cash Flows for the six months
ended June 30, 1996 and 1995 5
Notes to the Financial Statements 6-8
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations 9-12
PART II. OTHER INFORMATION:
Items 1 - 6 13
2
AMERICAN INCOME PARTNERS III-C LIMITED PARTNERSHIP
STATEMENT OF FINANCIAL POSITION
June 30, 1996 and December 31, 1995
(Unaudited)
June 30, December 31,
ASSETS 1996 1995
- ------- ----------- -----------
Cash and cash equivalents $ 761,899 $ 763,103
Rents receivable, net of allowance for
doubtful accounts of $20,000 at
December 31,1995 4,291 11,190
Accounts receivable - affiliate 6,590 28,196
Equipment at cost, net of accumulated
depreciation of $5,396,377 and
$5,067,104 at June 30, 1996
and December 31, 1995, respectively 1,869,340 2,452,884
---------- ----------
Total assets $2,642,120 $3,255,373
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
- ---------------------------------
Notes payable $ 17,133 $ 27,614
Accrued interest 148 148
Accrued liabilities 14,414 21,914
Accrued liabilities - affiliate 3,288 15,007
Deferred rental income 35,118 29,337
Cash distributions payable to partners 146,615 146,615
---------- ----------
Total liabilities 216,716 240,635
---------- ----------
Partners' capital (deficit):
General Partners (145,663) (139,770)
Limited Partnership Interests
(774,130 Units; initial purchase
price of $25 each) 2,571,067 3,154,508
---------- ----------
Total partners' capital 2,425,404 3,014,738
---------- ----------
Total liabilities and partners'
capital $2,642,120 $3,255,373
========== ==========
The accompanying notes are an integral part
of these financial statements.
3
AMERICAN INCOME PARTNERS III-C LIMITED PARTNERSHIP
STATEMENT OF OPERATIONS
for the three and six months ended June 30, 1996 and 1995
(Unaudited)
Three Months Six Months
Ended June 30, Ended June 30,
1996 1995 1996 1995
--------------- -------------- ----------- ---------
Income:
Lease revenue $ 127,869 $195,127 $ 280,866 $436,122
Interest income 9,944 11,902 19,277 22,781
Gain on sale of equipment 37,000 69,890 39,040 303,078
--------- -------- --------- --------
Total income 174,813 276,919 339,183 761,981
--------- -------- --------- --------
Expenses:
Depreciation 91,772 110,172 183,544 221,613
Write-down of equipment 400,000 -- 400,000 --
Interest expense 265 861 707 2,407
Equipment management fees
- affiliate 6,393 9,756 14,043 21,806
Operating expenses - affiliate 19,738 27,682 36,993 55,805
--------- -------- --------- --------
Total expenses 518,168 148,471 635,287 301,631
--------- -------- --------- --------
Net income (loss) $(343,355) $128,448 $(296,104) $460,350
========= ======== ========= ========
Net income (loss)
per limited partnership unit $(0.44) $ 0.16 $(0.38) $ 0.59
========== ========= ======= =========
Cash distributions declared
per limited partnership unit $0.19 $ 0.31 $0.37 $ 0.62
========= ======== ========= ========
The accompanying notes are an integral part
of these financial statements.
4
AMERICAN INCOME PARTNERS III-C LIMITED PARTNERSHIP
STATEMENT OF CASH FLOWS
for the six months ended June 30, 1996 and 1995
(Unaudited)
1996 1995
----------- ----------
Cash flows from (used in) operating
activities:
Net income (loss) $(296,104) $ 460,350
Adjustments to reconcile net income
(loss) to net cash from operating
activities:
Depreciation 183,544 221,613
Write-down of equipment 400,000 --
Gain on sale of equipment (39,040) (303,078)
Decrease in allowance for doubtful (20,000) (30,000)
accounts
Changes in assets and liabilities
Decrease in:
rents receivable 26,899 284,853
accounts receivable - affiliate 21,606 82,415
Increase (decrease) in:
accrued interest -- (11,645)
accrued liabilities (7,500) (500)
accrued liabilities - affiliate (11,719) 7,586
deferred rental income 5,781 95
--------- ---------
Net cash from operating activities 263,467 711,689
--------- ---------
Cash flows from investing activities:
Proceeds from equipment sales 39,040 303,078
--------- ---------
Net cash from investing
activities 39,040 303,078
--------- ---------
Cash flows used in financing activities:
Principal payments - notes payable (10,481) (327,693)
Distributions paid (293,230) (635,334)
--------- ---------
Net cash used in financing
activities (303,711) (963,027)
--------- ---------
Net increase (decrease) in cash and
cash equivalents (1,204) 51,740
Cash and cash equivalents at beginning
or period 763,103 837,988
--------- ---------
Cash and cash equivalents at end of
period $ 761,899 $ 889,728
========= =========
Supplemental disclosure of cash flow
information:
Cash paid during the period for
interest $ 707 $ 14,052
========= =========
The accompanying notes are an integral part
of these financial statements.
5
AMERICAN INCOME PARTNERS III-C LIMITED PARTNERSHIP
Notes to the Financial Statements
June 30, 1996
(Unaudited)
NOTE 1 - BASIS OF PRESENTATION
------------------------------
The financial statements presented herein are prepared in conformity with
generally accepted accounting principles and the instructions for preparing
Form 10-Q under Rule 10-01 of Regulation S-X of the Securities and Exchange
Commission and are unaudited. As such, these financial statements do not
include all information and footnote disclosures required under generally
accepted accounting principles for complete financial statements and,
accordingly, the accompanying financial statements should be read in
conjunction with the footnotes presented in the 1995 Annual Report. Except
as disclosed herein, there has been no material change to the information
presented in the footnotes to the 1995 Annual Report.
In the opinion of management, all adjustments (consisting of normal and
recurring adjustments) considered necessary to present fairly the financial
position at June 30, 1996 and December 31, 1995 and results of operations for
the three and six month periods ended June 30, 1996 and 1995 have been made
and are reflected.
NOTE 2 - CASH
-------------
At June 30, 1996, the Partnership had $755,000 invested in reverse
repurchase agreements secured by U.S. Treasury Bills or interests in U.S.
Government securities.
NOTE 3 - REVENUE RECOGNITION
----------------------------
Rents are payable to the Partnership monthly, quarterly or semi-annually
and no significant amounts are calculated on factors other than the passage
of time. The leases are accounted for as operating leases and are
noncancellable. Rents received prior to their due dates are deferred. Future
minimum rents of $728,625 are due as follows:
For the year ending June 30, 1997 $448,247
1998 174,438
1999 56,550
2000 42,334
2001 7,056
--------
Total $728,625
========
NOTE 4 - EQUIPMENT
------------------
The following is a summary of equipment owned by the Partnership at June
30, 1996. In the opinion of American Finance Group ("AFG"), the acquisition
cost of the equipment did not exceed its fair market value.
6
AMERICAN INCOME PARTNERS III-C LIMITED PARTNERSHIP
Notes to the Financial Statements
(Continued)
Lease Term Equipment
Equipment Type (Months) at Cost
- ------------------------------ ------------ -----------
Aircraft 36-108 $ 5,665,903
Retail store fixtures 1-84 341,058
Materials handling 1-84 310,661
Locomotives 57-60 273,767
Communications 36-84 246,374
Manufacturing 60 195,271
Medical 56-60 162,007
Computers and peripherals 1-60 63,397
Furniture and fixtures 17-84 7,279
-----------
Total equipment cost 7,265,717
Accumulated depreciation (5,396,377)
-----------
Equipment, net of accumulated depreciation $ 1,869,340
===========
At June 30, 1996, the Partnership's equipment portfolio included equipment
having a proportionate original cost of $5,927,050, representing
approximately 82% of total equipment cost.
At June 30, 1996, the Partnership was not holding any equipment not
subject to a lease.
During the quarter ended June 30, 1996, the Partnership recorded a write-
down, representing an impairment in value, pertaining to its interest in a
Lockheed L-1011 aircraft. This adjustment was precipitated by continuing
deterioration in the secondary market for wide-body aircraft of this type.
Several air carriers have reduced their commitment to the L-1011 and,
currently, a major domestic air carrier is expected to retire eleven L-1011
aircraft from its fleet. Further, it appears that future demand for this
type of aircraft will be weak, consisting principally of air cargo carriers
or operators of passenger charters. In consideration of such circumstances
and in accordance with Financial Accounting Standards Board Statement No.
121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived
Assets to be Disposed Of, the Partnership reduced the carrying value of its
L-1011 aircraft interest to its estimated current fair market value. This
resulted in a write-down of $400,000, representing $0.51 per limited
partnership unit.
NOTE 5 - RELATED PARTY TRANSACTIONS
-----------------------------------
All operating expenses incurred by the Partnership are paid by AFG on
behalf of the Partnership and AFG is reimbursed at its actual cost for such
expenditures. Fees and other costs incurred during each of the six month
periods ended June 30, 1996 and 1995, which were paid or accrued by the
Partnership to AFG or its Affiliates, are as follows:
7
AMERICAN INCOME PARTNERS III-C LIMITED PARTNERSHIP
Notes to the Financial Statements
(Continued)
1996 1995
-------- --------
Equipment management fees $14,043 $21,806
Administrative charges 10,026 10,026
Reimbursable operating expenses
due to third parties 26,967 45,779
------- -------
Total $51,036 $77,611
======= =======
All rents and proceeds from the sale of equipment are paid directly to
either AFG or to a lender. AFG temporarily deposits collected funds in a
separate interest-bearing escrow account prior to remittance to the
Partnership. At June 30, 1996, the Partnership was owed $ 6,590 by AFG for
such funds and the interest thereon. These funds were remitted to the
Partnership in July 1996.
NOTE 6 - NOTES PAYABLE
----------------------
Notes payable at June 30, 1996 consisted of one installment note of
$17,133 payable to a bank. The installment note is non-recourse, with an
interest rate of 7.13%. The installment note is collateralized by the
equipment and assignment of the related lease payments and will be fully
amortized by noncancellable rents in the year ending June 30, 1997. The
carrying amount of notes payable approximates fair value at June 30, 1996.
NOTE 7 - LEGAL PROCEEDINGS
--------------------------
On March 15, 1993, Herman's Sporting Goods, Inc., a lessee of the
Partnership (the "Debtor"), filed for protection under Chapter 11 of the
Bankruptcy Code in the United States District Court, Trenton, New Jersey (the
"District Court"). Certain unpaid rents due to the Partnership were scheduled
by the Debtor as unsecured claims. Upon order of the District Court, renewal
rental schedules for all equipment leased to the Debtor by the Partnership
were executed and are currently in effect. On August 23, 1994, the District
Court confirmed the Debtor's First Modified Plan of Reorganization, as
Amended and Modified. On April 26, 1996, the Debtor refiled for protection
under Chapter 11 of the Bankruptcy Code in the District Court. Rents due to
the Partnership pursuant to the renewal schedules due to expire on June 30,
1996 were scheduled by the Debtor as unsecured claims. At June 30, 1996, the
Partnership was due $4,437 from the Debtor with respect to its 1993 and 1996
unsecured claims. The Partnership's equipment portfolio includes equipment
on lease to the Debtor with an original cost of approximately $246,373, which
is expected to be purchased by the Debtor, and is fully depreciated for
financial reporting purposes. This equipment represents approximately 3% of
the Partnership's aggregate equipment portfolio at June 30, 1996. These
Bankruptcies did not have a material adverse effect on the financial position
of the Partnership.
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AMERICAN INCOME PARTNERS III-C LIMITED PARTNERSHIP
FORM 10-Q
PART I. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition and
------------------------------------------------------------------------
Results of Operations.
----------------------
Three and six months ended June 30, 1996 compared to the three and six months
-----------------------------------------------------------------------------
ended June 30, 1995:
--------------------
Overview
--------
The Partnership was organized in 1987 as a direct-participation equipment
leasing program to acquire a diversified portfolio of capital equipment
subject to lease agreements with third parties. The Partnership's stated
investment objectives and policies contemplated that the Partnership would
wind-up its operations within approximately seven years of its inception.
Accordingly, the Managing General Partner is pursuing the remarketing of all
of the Partnership's remaining equipment and has engaged an investment
adviser to solicit interested third-party buyers. This effort is being
undertaken in conjunction with certain other affiliated partnerships and, if
successful, would result in the sale of each affected partnership's assets to
a selected buyer. The Managing General Partner believes this approach will
(i) maximize the disposition prices of each partnership's assets and (ii)
prevent the incidence of future expenses to operate a publicly-registered
limited partnership with a declining asset base. The Managing General
Partner is evaluating expressions of interest submitted by the investment
adviser from a number of potential buyers, but is under no obligation to
accept any proposal. If successful, the Managing General Partner anticipates
that it would wind-up the operations of the Partnership and make a
liquidating distribution to the Partners, net of any cash reserves which the
Managing General Partner may consider appropriate, on or before December 31,
1996.
Results of Operations
---------------------
For the three and six months ended June 30, 1996, the Partnership
recognized lease revenue of $127,869 and $280,866, respectively, compared to
$195,127 and $436,122 for the same periods in 1995. The decrease in lease
revenue from 1995 to 1996 was expected and resulted principally from primary
lease term expirations and the sale of equipment. The Partnership also earns
interest income from temporary investments of rental receipts and equipment
sales proceeds in short-term instruments.
The Partnership's equipment portfolio includes certain assets in which the
Partnership holds a proportionate ownership interest. In such cases, the
remaining interests are owned by AFG or an affiliated equipment leasing
program sponsored by AFG. Proportionate equipment ownership enables the
Partnership to further diversify its equipment portfolio by participating in
the ownership of selected assets, thereby reducing the general levels of risk
which could result from a concentration in any single equipment type,
industry or lessee. The Partnership and each affiliate individually report,
in proportion to their respective ownership interests, their respective
shares of assets, liabilities, revenues, and expenses associated with the
equipment.
For the three months ended June 30, 1996 and 1995, the Partnership sold
equipment which had been fully depreciated to existing lessees and third
parties. These sales resulted in net gains, for financial statement
purposes, of $37,000 and $69,890, respectively.
For the six months ended June 30, 1996 and 1995, the Partnership sold
equipment which had been fully depreciated to existing lessees and third
parties. These sales resulted in net gains, for financial statement
purposes, of $39,040 and $303,078, respectively.
It cannot be determined whether future sales of equipment will
result in a net gain or a net loss to the Partnership, as such transactions
will be dependent upon the condition and type of equipment being sold and its
marketability at the time of sale. In addition, the amount of gain or loss
reported for financial statement
9
AMERICAN INCOME PARTNERS III-C LIMITED PARTNERSHIP
FORM 10-Q
PART I. FINANCIAL INFORMATION
purposes is partly a function of the amount of accumulated depreciation
associated with the equipment being sold.
The ultimate realization of residual value for any type of equipment is
dependent upon many factors, including AFG's ability to sell and re-lease
equipment. Changing market conditions, industry trends, technological
advances, and many other events can converge to enhance or detract from asset
values at any given time. AFG attempts to monitor these changes in order to
identify opportunities which may be advantageous to the Partnership and which
will maximize total cash returns for each asset.
The total economic value realized upon final disposition of each asset is
comprised of all primary lease term revenues generated from that asset,
together with its residual value. The latter consists of cash proceeds
realized upon the asset's sale in addition to all other cash receipts
obtained from renting the asset on a re-lease, renewal or month-to-month
basis. The Partnership classifies such residual rental payments as lease
revenue. Consequently, the amount of gain or loss reported in the financial
statements is not necessarily indicative of the total residual value the
Partnership achieved from leasing the equipment.
Depreciation expense for the three and six months ended June 30, 1996 was
$91,772 and $183,544, respectively, compared to $110,172 and $221,613 for the
same periods in 1995. For financial reporting purposes, to the extent that an
asset is held on primary lease term, the Partnership depreciates the
difference between (i) the cost of the asset and (ii) the estimated residual
value of the asset on a straight-line basis over such term. For purposes of
this policy, estimated residual values represent estimates of equipment
values at the date of primary lease expiration. To the extent that an asset
is held beyond its primary lease term, the Partnership continues to
depreciate the remaining net book value of the asset on a straight-line basis
over the asset's remaining economic life.
During the quarter ended June 30, 1996, the Partnership recorded a write-
down, representing an impairment in value, pertaining to its interest in a
Lockheed L-1011 aircraft. This adjustment was precipitated by continuing
deterioration in the secondary market for wide-body aircraft of this type.
Several air carriers have reduced their commitment to the L-1011 and,
currently, a major domestic air carrier is expected to retire eleven L-1011
aircraft from its fleet. Further, it appears that future demand for this
type of aircraft will be weak, consisting principally of air cargo carriers
or operators of passenger charters. In consideration of such circumstances
and in accordance with Financial Accounting Standards Board Statement No.
121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived
Assets to be Disposed Of, the Partnership reduced the carrying value of its
L-1011 aircraft interest to its estimated current fair market value. This
resulted in a write-down of $400,000, representing $0.51 per limited
partnership unit.
Interest expense was $265 and $707 or less than 1% of lease revenue for
each of the three and six month periods ended June 30, 1996, respectively,
compared to $861 and $2,407 or less than 1% of lease revenue for the same
periods in 1995. In the future, interest expense will be minimal due to the
scheduled maturity of the Partnership's debt obligations in the year ending
June 30, 1997.
Management fees were 5% of lease revenue during each of the periods ended
June 30, 1996 and 1995 and will not change as a percentage of lease revenue
in future periods.
Operating expenses consist principally of administrative charges,
professional service costs, such as audit and legal fees, as well as
printing, distribution and remarketing expenses. In certain cases, equipment
storage or repairs and maintenance costs may be incurred in connection with
equipment being remarketed. Collectively, operating expenses represented
15.4% and 13.2% of lease revenue for the three and six months ended June 30,
1996, respectively, compared to 14.2% and 12.8% of lease revenue for the same
periods in 1995. The amount of future operating expenses cannot be predicted
with certainty; however, such
10
AMERICAN INCOME PARTNERS III-C LIMITED PARTNERSHIP
FORM 10-Q
PART I. FINANCIAL INFORMATION
expenses are usually higher during the acquisition and liquidation phases of
a partnership. Other fluctuations typically occur in relation to the volume
and timing of remarketing activities.
Liquidity and Capital Resources and Discussion of Cash Flows
------------------------------------------------------------
The Partnership by its nature is a limited life entity which was
established for specific purposes described in the preceding "Overview". As
an equipment leasing program, the Partnership's principal operating
activities derive from asset rental transactions. Accordingly, the
Partnership's principal source of cash from operations is provided by the
collection of periodic rents. These cash inflows are used to satisfy debt
service obligations associated with leveraged leases, and to pay management
fees and operating costs. Operating activities generated net cash inflows of
$263,467 during the six months ended June 30, 1996 compared to $711,689 for
the same period in 1995. Future renewal, re-lease and equipment sale
activities will cause a gradual decline in the Partnership's lease revenues
and corresponding sources of operating cash. Overall, expenses associated
with rental activities, such as management fees, and net cash flow from
operating activities will decline as the Partnership experiences a higher
frequency of remarketing events.
Ultimately, the Partnership will dispose of all assets under lease. This
will occur principally through sale transactions whereby each asset will be
sold to the existing lessee or to a third party. Generally, this will occur
upon expiration of each asset's primary or renewal/re-lease term. In certain
instances, casualty or early termination events may result in the disposal of
an asset. Such circumstances are infrequent and usually result in the
collection of stipulated cash settlements pursuant to terms and conditions
contained in the underlying lease agreements.
Cash realized from asset disposal transactions is reported under investing
activities on the accompanying Statement of Cash Flows. During the six
months ended June 30, 1996, the Partnership realized $39,040 in equipment
sale proceeds compared to $303,078 for the same period in 1995. Future
inflows of cash from asset disposals will vary in timing and amount and will
be influenced by many factors including, but not limited to, the frequency
and timing of lease expirations, the type of equipment being sold, its
condition and age, and future market conditions.
The Partnership obtained long-term financing in connection with certain
equipment leases. The repayments of principal related to such indebtedness
are reported as a component of financing activities. Each note payable is
recourse only to the specific equipment financed and to the minimum rental
payments contracted to be received during the debt amortization period (which
period generally coincides with the lease rental term). As rental payments
are collected, a portion or all of the rental payment is used to repay the
associated indebtedness. The Partnership's notes payable will be fully
amortized by noncancellable rents in the year ending June 30, 1997.
Cash distributions to the Recognized Owners and General Partners are
declared and generally paid within fifteen days following the end of each
calendar quarter. The payment of such distributions is presented as a
component of financing activities. For the six months ended June 30, 1996,
the Partnership declared total cash distributions of Distributable Cash From
Operations and Distributable Cash From Sales and Refinancings of $293,230.
In accordance with the Amended and Restated Agreement and Certificate of
Limited Partnership, the Recognized Owners were allocated 99% of these
distributions, or $290,298, and the General Partners were allocated 1%, or
$2,932. The second quarter 1996 cash distribution was paid on July 15,
1996.
Cash distributions paid to the Partners consist of both a return of and a
return on capital. To the extent that cash distributions consist of Cash
From Sales or Refinancings, substantially all of such cash
11
AMERICAN INCOME PARTNERS III-C LIMITED PARTNERSHIP
FORM 10-Q
PART I. FINANCIAL INFORMATION
distributions should be viewed as a return of capital. Cash distributions do
not represent and are not indicative of yield on investment. Actual yield on
investment cannot be determined with any certainty until conclusion of the
Partnership and will be dependent upon the collection of all contracted
rents, the generation of renewal and/or re-lease rents, and the residual
value realized for each asset at its disposal date. Market conditions,
technological changes, the ability of AFG to manage and remarket the assets,
and many other events and circumstances, could enhance or detract from
individual asset yields and the collective performance of the Partnership's
equipment portfolio.
12
AMERICAN INCOME PARTNERS III-C LIMITED PARTNERSHIP
FORM 10-Q
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Response:
Refer to Note 7 herein and to Note 7 in
the 1995 Annual Report
Item 2. Changes in Securities
Response: None
Item 3. Defaults upon Senior Securities
Response: None
Item 4. Submission of Matters to a Vote of Security Holders
Response: None
Item 5. Other Information
Response: None
Item 6(a). Exhibits
Response: None
Item 6(b). Reports on Form 8-K
Response: None
13
SIGNATURE PAGE
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below on behalf of the registrant and in the capacity
and on the date indicated.
AMERICAN INCOME PARTNERS III-C LIMITED PARTNERSHIP
By: AFG Leasing Incorporated, a Massachusetts
corporation and the Managing General Partner of
the Registrant.
By: /s/ Michael J. Butterfield
------------------------------------------
Michael J. Butterfield
Treasurer of AFG Leasing Incorporated
(Duly Authorized Officer and
Principal Accounting Officer)
Date: August 13, 1996
------------------------------------------
By: /s/ Gary M. Romano
------------------------------------------
Gary M. Romano
Clerk of AFG Leasing Incorporated
(Duly Authorized Officer and
Principal Financial Officer)
Date: August 13, 1996
------------------------------------------
14