8-K 1 f8k_june2007-lib1.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported) June 13, 2007 LIBERTY TAX CREDIT PLUS L.P. (Exact Name of Registrant as Specified in Its Charter) DELAWARE (State or Other Jurisdiction of Incorporation) 1-13237 13-3446500 -------------------------------------------------------------------------------- (Commission File Number) (IRS Employer Identification) 625 Madison Avenue New York, New York 10022 -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (212) 317-5700 (Registrant's Telephone Number, Including Area Code) Not Applicable (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 4.02 NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIAL STATEMENTS OR A RELATED AUDIT REPORT OR COMPLETED INTERIM REVIEW. Liberty Tax Credit Plus, L.P. (the "Registrant") received notice on June 13, 2007 from its independent accountants, Trien Rosenberg Rosenberg Weinberg Ciullo and Fazzari, LLP ("Trien"), that the financial statements of Grove Parc Associates Limited Partnership, a subsidiary of the Registrant (the "Subsidiary Partnership"), had been retrospectively restated to reflect a correction of an error relating to the amount and terms of a second mortgage as of March 1, 2004. As a result of such restatement, Trien advised that its previously issued audit reports dated June 12, 2006 and June 7, 2005 on the Registrant's underlying financial statements for the fiscal years ended March 15, 2006 and March 15, 2005 could no longer be relied upon. After discussing with Trien the issues raised by the error reported by the Subsidiary Partnership, Registrant's management reflected the corrected Subsidiary Partnership financial statements in its Form 10-K for the fiscal year ended March 15, 2007, which was filed with the Securities Exchange Commission on June 13, 2007, by restating the comparative financial statements for the fiscal years ended March 15, 2006 and March 15, 2005. The effects of the prior period adjustment resulted in the following changes: Balance Sheet including discontinued:

Statement of Operations including discontinued:

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (a) Financial Statements Not applicable (b) Pro Forma Financial Information Not applicable (c) Exhibits Not applicable Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Liberty Tax Credit Plus L.P. (Registrant) By: Related Credit Properties L.P., General Partner By: Credit Properties GP LLC, its General Partner Date: June 19, 2007 By: /s/ Glenn F. Hopps ------------------- Glenn F. Hopps Treasurer (principal accounting officer) By: Liberty Associates III, L.P., General Partner By: Related Credit Properties L.P., its General Partner By: Related Credit Properties Inc., its General Partner Date: June 19, 2007 By: /s/ Glenn F. Hopps ------------------ Glenn F. Hopps Treasurer (principal accounting officer)

LIBERTY TAX CREDIT PLUS LP 8-K