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\frac{12^{3}}{\frac{12^{8}}{12^{3}}}
To multiply powers of the same base, add their exponents. Add -4 and 7 to get 3.
\frac{12^{3}}{12^{5}}
To divide powers of the same base, subtract the denominator's exponent from the numerator's exponent. Subtract 3 from 8 to get 5.
\frac{1}{12^{2}}
Rewrite 12^{5} as 12^{3}\times 12^{2}. Cancel out 12^{3} in both numerator and denominator.
\frac{1}{144}
Calculate 12 to the power of 2 and get 144.