Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. BOSTON CAPITAL TAX CREDIT FUND II LTD PARTNERSHIP (853566) 10-Q published on Nov 14, 2016 at 10:15 am
* Partnership proceeds from disposition do not include $15,687, which was due to a write-off of capital contribution payable as of September 30, 2015, for Series 14.
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 Partnership 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.
In August 2016, the investment general partner transferred its interest in Bloomingdale Properties Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,335,049 and cash proceeds to the investment partnership of $3,900. Of the total proceeds received, $3,900 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 9. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded as of September 30, 2016. The investment general partner received $534,211 from settlement proceeds which has been recorded as other income as of September 30, 2016.