FORM 10-QSB.--QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Quarterly or Transitional Report
(As last amended by 34-32231, eff. 6/3/93.)
U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period.........to.........
Commission file number 0-14534
JACQUES-MILLER REALTY PARTNERS L.P. III
(Exact name of small business issuer as specified in its charter)
Delaware 62-1217852
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1834 Madison Street
Clarksville, Tennessee 37043
(Address of principal executive offices) (Zip Code)
Issuer's telephone number (615) 648-3301
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
a) JACQUES-MILLER REALTY PARTNERS L.P. III
STATEMENT OF NET ASSETS IN LIQUIDATION
(Unaudited)
<TABLE>
<CAPTION>
September 30, 1995
<S> <C>
Assets
Cash $223,751
Liabilities None
Net Assets $223,751
</TABLE>
[FN]
See Accompanying Notes to Financial Statements
b) JACQUES-MILLER REALTY PARTNERS L.P. III
STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION
(Unaudited)
<TABLE>
<CAPTION>
Limited
Partnership General Limited
Units Partners Partners Total
<S> <C> <C> <C> <C>
Net assets in liquidation
at December 31, 1994 15,189 $8,027 $217,601 $225,628
Interest income -- 62 6,160 6,222
Administrative expenses -- (81) (8,018) (8,099)
Net assets in liquidation at
September 30, 1995 15,189 $8,008 $215,743 $223,751
</TABLE>
[FN]
See Accompanying Notes to Financial Statements
c) JACQUES-MILLER REALTY PARTNERS L.P. III
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note 1 - Basis of Presentation
The accompanying financial statements are prepared on the liquidation basis of
accounting since the Partnership has no operating assets remaining. Upon
payment of the withholding tax settlement discussed in Item 3 and a final
distribution to partners, the Partnership will be liquidated in the fourth
quarter.
The Registrant has settled an assessment from the Indiana Department of Revenue
for withholding taxes related to the sale of Chesapeake Landing Apartments in
1989. See Item 3 for further discussion.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The Registrant sold its remaining property, Willow Creek Apartments, on June
18, 1991. The Registrant has no other assets other than its remaining cash of
$223,751 at September 30, 1995.
The Registrant incurred a net decrease in net assets in liquidation of $1,877
for the nine months ended September 30, 1995. Income consists primarily of
interest income. Expenses include primarily printing costs, postage and legal
fees.
The investment objective of capital growth has not been attained by the
Registrant. A final distribution of cash is anticipated to be made after the
settlement noted in Item 3 below has been paid.
ITEM 3. LEGAL PROCEEDINGS
The Registrant has received an assessment from the Indiana Department of
Revenue in the amount of approximately $40,000. The assessment related to
allegedly required withholding of taxes for all non-resident partners of Indiana
resulting from their distributive share of partnership income in Indiana
generated by the sale of Chesapeake Landing Apartments in 1989. It is
Management's opinion that the assessment represents expenses of the limited
partners and, therefore, no provision has been made in the financial statements
of the Registrant. During the fourth quarter, a settlement of $19,190 was
agreed upon by the Partnership and the Indiana Department of Revenue. This
settlement (representing $13,093 for withholding taxes and $6,097 for interest)
will be paid in the fourth quarter. The withholding tax payment of $13,093 will
be considered a distribution to the limited partners.
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27, Financial Data Schedule, is filed as an exhibit to
this report.
(b) Reports on Form 8-K:
None filed during the quarter ended September 30, 1995.
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
JACQUES-MILLER REALTY PARTNERS L.P. III
By: Jacques-Miller, Inc.
Corporate General Partner
By: /s/C. David Griffin
C. David Griffin
President and Chief Operating Officer
Date: November 3, 1995
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial informatoin extracted from Jacques Mill
Realty Partners III 1995 Third Quarter 10-QSB and is qualified in its entirety
by reference to such 10-QSB.
</LEGEND>
<CIK> 0000757775
<NAME> JACQUES MILLER REALTY PARTNERS III
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 223,751
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 223,751
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 223,751
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
