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Year Ended December 31,
1984 1983
Revenues:
Rental income $306,577 $287,640
Interest income 90 9,344
Other income –0- 548
306,667 297,532
Expenses:
Interest 539,893 532,724
Depreciation 86,559 86,559
Real estate taxes 49,213 49,224
Amortization 48,096 31,096
Repairs and maintenance 30,866 20,620
Property management fee 30,600 30,600
Rental commissions 21,950 25,460
Homeowner's association dues 20,620 5,624
Insurance 16,438 27,744
Professional fees 12,993 1,347
Other expenses 2,722 1,952
859,950 812,950
Net loss (553,283) (515,418)
Partners' capital (deficit)516,606 (10,974)
at beginning of year
Partners' contributions -0- 1,042,998
Partners' distributions (263) –0-
Partners' capital (deficit) (36,940) 516,606
at end of year
One of the notes accompanying the financial statements
deals with related-party transactions and states as
follows:
4. Related party transactions
Equity Programs Investment Corporation
(EPIC) is the sole general partner for
EPIC Associates 83-XII. The general part-
ner manages, controls and administers the
business of the Partnership. The general
partner is compensated for these services
in accordance with the fee structure set
forth in the Private Placement Offering
Memorandum of the Partnership. The
Partnership incurred $30,600 of cost per
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