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MXD Proposal, Scenario 2-A:Phase 1: Hotel

Schedule O: Tax Liability on Residual Values

by participant

  Total PROJECT Developer Public Investor Other Lender ADJUSTMENT
PARTNERSHIP BASIS BEFORE SALE                
Investment 15,014,052   7,958,052   7,056,000      
Costs Exp.During Const.                
Tax Losses -6783098     -678310 -6104789      
Cash Distributions -5977993       -5977993      
Resulting Basis 2,252,960   7,958,052 -678310 -5026781      
                 
EFFECT ON BASIS OF SALE                
Proceeds of Sale (gross) 29,494,309 29,494,309            
Orig. Cost & Capital Replcmnt -30959165 -30959165            
Costs Expensed During Const                
Non-Cash Charges 13,432,312 13,432,312            
Resulting Gain 11,967,456 11,967,456            
Dist.of Gain to Partners 11,967,456     1,196,746 10,770,710      
                 
Resulting Basis 14,220,416   7,958,052 518436 5,743,929      
                 
Final Cash Distribution -14220416   -7164416   -7056000      
                 
Final Basis     793635 518436 -1312071      
                 
Combined Capital Gain 11,967,456   -793635 678310 12,082,781      
                 
Est. Tax Liability                
Add'l Tax for Acc. Dep.                


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