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income and expenses on a calendar year basis and used the
accrual method of accounting.
EA 83-XII
EA 83-XII was formed on December 3, 1982, pursuant to
the Uniform Limited Partnership Act of the Commonwealth of
Virginia for a 10-year term ending on December 3, 1992.
The Amended and Restated Certificate and Agreement of
Limited Partnership dated June 1, 1983 (referred to herein
as the 83 partnership agreement) describes the business of
EA 83-XII in the following terms:
Business of the Partnership
The business of the Partnership shall be to
acquire, directly or indirectly, and finance,
fee interests in certain improved residential
real properties and to operate, manage, lease
or otherwise deal with such properties with
the objective of distributing income generated
thereby among the Partners as provided for
herein; and to hold such properties for invest-
ment with the objective of capital appreciation
therein and to engage in and perform all acts
and activities required in connection with or
incident to the foregoing.
The partnership's sole general partner was Equity
Programs Investment Corp. (EPIC), a corporation that was
originally incorporated in Virginia in 1974 and was
reincorporated in Maryland in 1983. EPIC's business
involved the purchase, lease, and sale of residential
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