10-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended March 31, 2006 or

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

BOSTON CAPITAL TAX CREDIT FUND V L.P.

(Exact name of registrant as specified in its charter)

Delaware	14-1897569
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification No.)

One Boston Place, Suite 2100, Boston, Massachusetts	02108
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (617)624-8900

Securities registered pursuant to Section 12(b) of the Act:
Title of each class — Name of each exchange on which registered
None

Securities registered pursuant to Section 12(g) of the Act:

Title of class
None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes o          No þ

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes o          No þ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 o          No þ

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o     Accelerated filer o     Non-accelerated filer þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o           No þ

DOCUMENTS INCORPORATED BY REFERENCE

The following documents of the Fund are incorporated by reference:

Form 10-K
Parts	Document
Parts I, III as supplemented	Prospectus
Parts II, IV	Form 8-K filed with the Securities and Exchange Commission on October 21, 2003
	Form 8-K filed with the Securities and Exchange Commission on January 1, 2004
	Form 8-K filed with the Securities and Exchange Commission on January 1, 2004
	Form 8-K filed with the Securities and Exchange Commission on January 1, 2004
	Form 8-K filed with the Securities and Exchange Commission on January 27, 2004
	From 8-K filed with the Securities and Exchange Commission on March 22, 2004
	From 8-K filed with the Securities and Exchange Commission on March 26, 2004
	Form 8-K filed with the Securities and Exchange Commission on October 1, 2004
	Form 8-K filed with the Securities and Exchange Commission on January 31, 2004
	Form 8-K filed with the Securities and Exchange Commission on May 28, 2004
	Form 8-K filed with the Securities and Exchange Commission on December 1, 2004
	Form 8-K filed with the Securities and Exchange Commission on August 1, 2005
	Form 8-K filed with the Securities and Exchange Commission on October 1, 2005
	Form 8-K filed with the Securities and Exchange Commission on October 1, 2005
	Form 8-K filed with the Securities and Exchange Commission on December 1, 2005
	Form 8-K filed with the Securities and Exchange Commission on February 1, 2006

BOSTON CAPITAL TAX CREDIT FUND V L.P.
FORM 10-K ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 2006

TABLE OF CONTENTS

	PART I
Item 1.	Business
Item 1A.	Risk Factors
Item 1B.	Unresolved Staff Comments
Item 2.	Properties
Item 3.	Legal Proceedings
Item 4.	Submission of Matters to a Vote of Security Holders
	PART II
Item 5.	Market for the Fund’s Limited Partnership Interests and Related Partner Matters and Issuer Purchases of Partnership Interests
Item 6.	Selected Financial Data
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk
Item 8.	Financial Statements and Supplementary Data
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A.	Controls and Procedures
Item 9B.	Other Information
	PART III
Item 10.	Directors and Executive Officers of the Fund
Item 11.	Executive Compensation
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Partner Matters
Item 13.	Certain Relationships and Related Transactions
Item 14.	Principal Accounting Fees and Services
	PART IV
Item 15.	Exhibits, Financial Statement Schedules
EX-13 Financial Statements
Independent Auditors' Reports
EX-31.(A) Section 302 Certification
EX-31.(B) Section 302 Certification
EX-32.(A) Section 906 Certification
EX-32.(B) Section 906 Certification

PART I

Item 1. Business

Organization

Boston Capital Tax Credit Fund V L.P. (the “Fund”) is a limited partnership formed under the Delaware Revised Uniform Limited Partnership Act as of October 15, 2003. The General Partner of the Fund is Boston Capital Associates V LLC, a Delaware limited liability company. The members of the General Partner are Boston Capital Companion Limited Partnership, a Massachusetts limited partnership, and John P. Manning, who is the managing member. Additional members of the General Partner are Jeffrey H. Goldstein and Marc N. Teal. The general partner of Boston Capital Companion Limited Partnership is Boston Capital Partners II Corporation whose sole shareholder is John P. Manning. John P. Manning is the principal of Boston Capital Partners, Inc.

The Assignor Limited Partner is BCTC V Assignor Corp., a Delaware corporation which is wholly-owned by John P. Manning. The Assignor Limited Partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the Limited Partnership Interest of the Assignor Limited Partner are assigned by the Assignor Limited Partner by means of beneficial assignee certificates (“BACs”) to investors and investors are entitled to all the rights and economic benefits of a Limited Partner of the Fund including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.

A Registration Statement on Form S-11 and the related prospectus, as supplemented (the “Prospectus”) were filed with the Securities and Exchange Commission and became effective January 2, 2004, in connection with a public offering (“Offering”) in one or more series of a minimum of 250,000 BACs and a maximum of 7,000,000 BACs at $10 per BAC. On August 10, 2004 an amendment to Form S-11, which registered an additional 8,500,000 BACs for sale to the public in one or more series became effective. As of March 31, 2006, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060 in the aggregate.

The Offering, including information regarding the issuance of BACs in series, is described on pages 161 to 167 of the Prospectus, as supplemented, under the caption “The Offering”, which is incorporated herein by reference.

Description of Business

The Fund’s principal business is to invest as a limited partner in other limited partnerships (the “Operating Partnerships”) each of which will own or lease and will operate an apartment complex exclusively or partially for low- and moderate-income tenants. Each Operating Partnership in which the Fund invests owns Apartment Complexes which are completed, newly-constructed, under construction or rehabilitation, or to-be constructed or rehabilitated, and which are expected to receive Government Assistance. Each apartment complex is expected to qualify for the low-income housing tax credit under Section 42 of the Code (the “Federal Housing Tax Credit”), providing tax benefits over a period of ten to twelve years in the form of tax credits which investors

1

may use to offset income, subject to certain strict limitations, from other sources. Some apartment complexes may also qualify for the historic rehabilitation tax credit under Section 47 of the Code (the “Rehabilitation Tax Credit”). The Federal Housing Tax Credit and the Government Assistance programs are described on pages 72 to 93 of the Prospectus, as supplemented, under the captions “Tax Credit Programs” and “Government Assistance Programs,” which is incorporated herein by reference. Section 236(f)(ii) of the National Housing Act, as amended, and Section 101 of the Housing and Urban Development Act of 1965, as amended, each provide for the making by HUD of rent supplement payments to low income tenants in properties which receive other forms of federal assistance such as Tax Credits. The payments for each tenant, which are made directly to the owner of their property, generally are in such amounts as to enable the tenant to pay rent equal to 30% of the adjusted family income. Some of the apartment complexes in which the Fund has invested are receiving their rent supplements from HUD. HUD has been in the process of converting rent supplement assistance to assistance paid not to the owner of the Apartment Complex, but directly to the individuals. At this time, the Fund is unable to predict whether Congress will continue rent supplement programs payable directly to owners of apartment complexes.

As of March 31, 2006 the Fund had invested in 15 Operating Partnerships on behalf of Series 47; 10 Operating Partnerships on behalf of Series 48; and 21 Operating Partnerships on behalf of Series 49. A description of these Operating Partnerships is set forth in Item 2 herein.

The business objectives of the Fund are to:

(1)	provide current tax benefits to Investors in the form of Federal Housing Tax Credits and in limited instances, a small amount of Rehabilitation Tax Credits, which an investor may apply, subject to strict limitations, against the Investor’s federal income tax liability from active, portfolio and passive income;
(2)	preserve and protect the Fund’s capital and provide capital appreciation and cash distributions to limited partners through increases in value of the Fund’s investments and, to the extent applicable, increase in equity through periodic payments on the mortgage indebtedness with respect to the apartment complexes;
(3)	provide tax benefits in the form of passive losses which an investor may apply to offset his passive income (if any); and
(4)	provide cash distributions (except with respect to the Fund’s investment in some Non-Profit Operating Partnerships) from Capital Transaction proceeds. The Operating Partnerships intend to hold the Apartment Complexes for appreciation in value. The Operating Partnerships may sell the Apartment Complexes after a period of time if financial conditions in the future make such sales desirable and if such sales are permitted by government restrictions.

The business objectives and investment policies of the Fund are described more fully on pages 55 to 70 of the Prospectus, as supplemented, under the caption “Investment Objectives and Acquisition Policies,” which is incorporated herein by reference.

Employees

The Fund does not have any employees. Services are performed by the General Partner and its affiliates and agents retained by them.

2

Item 1A. Risk Factors

As used in this Item 1A, references to “we, “us” and “our” mean the Fund.

An investment in our Units and our investments in Local Limited Partnerships and their Operating Partnerships are subject to risks. These risks may impact the tax benefits of an investment in our Units, and the amount of proceeds available for distribution to our Limited Partners, if any, on liquidation of our investments.

In addition to the other information set forth in this report, you should carefully consider the following factors which could materially affect our business, financial condition or results of operations. The risks described below are not the only risks we face. Additional factors not presently known to us or that we currently deem to be immaterial also may materially adversely affect our business operations.

The ability of Limited Partners to claim tax losses from their investment in us is limited.

The IRS may audit us or a Local Limited Partnership and challenge the tax treatment of tax items. The amount of Low Income Housing Tax Credits and tax losses allocable to the investors could be reduced if the IRS were successful in such a challenge. The alternative minimum tax could reduce tax benefits from an investment in our Units. Changes in tax laws could also impact the tax benefits from an investment in our Units and/or the value of the Operating Partnerships. Until the Local Limited Partnerships have completed a mandatory fifteen year Low Income Housing Tax Credit compliance period, investors are at risk for potential recapture of Low Income Housing Tax Credits that have already been claimed.

The Low Income Housing Tax Credits rules are extremely complicated and noncompliance with these rules may have adverse consequences for Unit holders.

Noncompliance with applicable tax regulations may result in the loss of future Low Income Housing Tax Credits and the fractional recapture of Low Income Housing Tax Credits already taken. In most cases the annual amount of Low Income Housing Tax Credits that an individual can use is limited to the tax liability due on the person’s last $25,000 of taxable income. The Local Limited Partnerships may be unable to sell the Operating Partnerships at a price which would result in our realizing cash distributions or proceeds from the transaction. Accordingly, we may be unable to distribute any cash to its investors. Low Income Housing Tax Credits may be the only benefit from an investment in our Units.

Poor performance of one Housing Complex, or the real estate market generally, could impair our ability to satisfy our investment objectives.

Each Housing Complex is subject to mortgage indebtedness. If a Local Limited Partnership failed to pay its mortgage, it could lose its Housing Complex in foreclosure. If foreclosure were to occur during the first 15 years of the existence of the Fund, the loss of any remaining future Low Income Housing Tax Credits, a fractional recapture of previously claimed Low Income Housing Tax Credits, and a loss of our investment in the Housing Complex would occur. To the extent the Operating Partnerships receive government financing or operating subsidies, they may be subject to one or more of the following risks:

3

- difficulties in obtaining rent increases; limitations on cash distributions; limitations on sales or refinancing of Operating Partnerships;

- limitations on transfers of interests in Local Limited Partnerships;

- limitations on removal of Local General Partners;

- limitations on subsidy programs; and

- possible changes in applicable regulations.

The value of real estate is subject to risks from fluctuating economic conditions, including employment rates, inflation, tax, environmental, land use and zoning policies, supply and demand of similar properties, and neighborhood conditions, among others.

No trading market for the Units exists or is expected to develop.

There is currently no active trading market for the Units. Accordingly, Limited Partners may be unable to sell their Units or may have to sell Units at a discount. Limited Partners should consider their Units to be a long-term investment.

Investors may realize taxable gain on sale or disposition of certificates.

     Upon the sales or other taxable disposition of certificates, investors will realize taxable income to the extent that their allocable share of the non-recourse mortgage indebtedness on the apartment complexes, together with the money they receive from the sale of the certificates, is greater than the original cost of their certificates. This realized taxable income is reduced to the extent that investors have suspended passive losses or credits. It is possible that the sale of certificates may not generate enough cash to pay the tax obligations arising from the sale.

Investors may have tax liability in excess of cash.

     Investors eventually may be allocated profits for tax purposes which exceed any cash Boston Capital distributes to them. Under these circumstances, unless an investor has passive losses or credits to reduce such tax liability, the investor will have to pay federal income tax without a corresponding cash distribution from Boston Capital. Similarly, in the event of a sale or foreclosure of an apartment complex or a sale of certificates, an investor may be allocated taxable income, resulting in tax liability, in excess of any cash distributed to him or her as a result of such event.

Investors may not receive cash if apartment complexes are sold.

     There is no assurance that investors will receive any cash distributions from the sale or refinancing of an apartment complex. The price at which an apartment complex is sold may not be large enough to pay the mortgage and other expenses which must be paid at such time. Even if there are net cash proceeds from a sale distributed to Boston Capital, expenses such as accrued Fund Management Fees and unpaid loans to Boston Associates will be deducted pursuant to Section 4.02(a) of the Fund Agreement included in Exhibit A. If any of these events happen, investors will not get all of their investment back, and the only benefit from an investment in Boston Capital will the tax credits received.

The sale or refinancing of the apartment complexes is dependent upon the following material factors:

4

- The necessity of obtaining the consent of the operating general partners;

- The necessity of obtaining the approval of any governmental agency(ies) providing government assistance to the apartment complex; and

- The uncertainty of the market.

Any sale may occur well after the fifteen-year federal housing tax credit compliance period.

We have insufficient sources of cash to pay its existing liabilities.

We currently do not have sufficient cash resources to satisfy its financial liabilities. Furthermore, we do not anticipate that we will have sufficient available cash to pay our future financial liabilities. Substantially all of our existing liabilities are payable to our General Partner and its affiliates. Though the amounts payable to the General Partner and its affiliates are contractually currently payable, we do not believe that the General Partner or its affiliates will demand immediate payment of these contractual obligations in the near term, however there can be no assurance that this will be the case. We would be materially adversely affected if the General Partner or its affiliates demanded payment in the near term of our existing contractual liabilities or suspended the provision of services to us because of its inability to satisfy these obligations. All monies currently deposited, or that will be deposited in the future, into the Partnership’s working capital reserves are intended to be utilized to pay our existing and future liabilities.

Item 1B. Unresolved Staff Comments

Not applicable.

Item 2. Properties

The Fund has acquired a Limited Partnership interest in 46 Operating Partnerships in three series, identified in the table set forth below. The Apartment Complexes owned by the Operating Partnerships are eligible for the Federal Housing Tax Credit. Initial occupancy of a unit in each Apartment Complex which initially complied with the Minimum Set-Aside Test (i.e., initial occupancy by tenants with incomes equal to no more than a disignated percentage of area median income) and the Rent Restriction Test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred as “Qualified Occupancy.” The Operating Partnership and the respective Apartment Complexes are described more fully in the Prospectus. The General Partner believes that there is adequate casualty insurance on the properties.

5

Boston Capital Tax Credit Fund V L.P. — Series 47

PROPERTY PROFILE AS OF MARCH 31, 2006

				Mortgage						Qualified			Cap Con
Property				Balance as		Acq		Const		Occupancy			paid thru
Name	Location	Units		of 12/31/05		Date		Comp		3/31/06			3/31/06
Countrybook Apartments	Champagne, IL		150	$	7,284,390		06/04		07/05		100	%	$	2,055,462
Dawn Springs Villa Apartments	London, KY		24		607,100		05/05		10/05		96	%*		503,043
La Maison Apartments	Lake Charles, LA		78		2,636,000		06/04		12/04		100	%		1,988,802
Marion Apartments	Marion, MI		32		1,344,848		07/04		12/04		100	%		419,185
Mayfair Park Apartments	Houston, TX		178		9,500,000		03/04		07/05		89	%*		1,938,779
McEver Vineyards Apartments	Gainesville, GA		220		13,351,578		11/03		12/04		100	%		1,660,485
Mira Vista Apartments	Santa Anna, TX		24		528,747		03/04		03/05		100	%		437,622
Park Plaza Apartments	Temple, OK		14		763,900		11/04		11/04		100	%		163,329
Parkland Manor Apartments	Leitchfield, KY		74		2,694,028		07/04		05/05		100	%		2,258,044
Pecan Creek Apartments	Hillsboro, TX		48		1,724,568		03/04		07/05		100	%		905,924
Sandpiper Apartments	Carrollton, AL		52		1,262,908		04/04		11/04		100	%		1,819,982
The Masters Apartments	Kerrville, TX		144		8,000,000		06/04		10/05		100	%		1,827,965

6

Boston Capital Tax Credit Fund V L.P. — Series 47

PROPERTY PROFILE AS OF MARCH 31, 2006

Continued

Mortgage

Qualified

Cap Con

Property

Balance as

Acq

Const

Occupancy

paid thru

Name

Location

Units

of 12/31/05

Date

Comp

3/31/06

3/31/06

The Vistas Apartments

Marble Falls, TX

124

$

6,000,000

03/04

06/05

98

%*

$

1,781,872

Time Square on the Hill

Fort Worth, TX

200

7,044,925

03/04

12/04

100

%

2,612,174

Wellington Park Apts.

Houston, TX

244

13,350,000

01/04

07/05

100

%

1,983,802

* Property was in lease-up phase as of March 31, 2006.

7

Boston Capital Tax Credit Fund V L.P. — Series 48

PROPERTY PROFILE AS OF MARCH 31, 2006

				Mortgage						Qualified			Cap Con
Property				Balance as		Acq		Const		Occupancy			paid thru
Name	Location	Units		of 12/31/05		Date		Comp		3/31/06			3/31/06
Colusa Avenue Aptartments	Chowchilla, CA		38	$	2,003,320		07/04		05/05		100	%	$	653,154
Contempo Apartments	Hammond, LA		48		1,564,691		08/04		08/05		100	%		505,030
Greenway Place Apartments	Hopkinsville, KY		41		1,361,849		04/04		03/05		100	%		1,850,391
Mayfair Park Apartments	Houston, TX		178		9,500,000		03/04		07/05		89	%*		1,938,779
McEver Vineyards Apartments	Gainesville, GA		220		11,370,582		11/03		12/04		100	%		1,660,484
Starlite Village Apartments	Elizabethtown, KY		40		1,246,613		11/04		06/05		100	%		1,421,479
The Links Apartments	Umatilla, OR		24		2,011,625		06/04		11/04		100	%		601,374
The Masters Apartments	Kerrville, TX		144		8,000,000		06/04		10/05		100	%		1,827,965
Wellington Park Apartments	Houston, TX		244		13,350,000		01/04		07/05		100	%		1,983,802
Wyndam Place Senior Residences	Emporia, KS		42		1,150,000		08/04		05/05		90	%*		2,644,056

* Property was in lease-up phase as of March 31, 2006.

8

Boston Capital Tax Credit Fund V L.P. — Series 49

PROPERTY PROFILE AS OF MARCH 31, 2006

Mortgage

Qualified

Cap Con

Property

Balance as

Acq

Const

Occupancy

paid thru

Name

Location

Units

of 12/31/05

Date

Comp

3/31/06

3/31/06

Briarwood Apartments

Kaufman, TX

49

$

1,255,857

02/05

U/C

80

%*

—

Bristol Apartments

Houston, TX

248

12,625,000

05/04

11/05

95

%*

6,268,301

Brookview I&II Apartments

Mauston, WI

22

1,049,911

03/05

06/05

45

%*

634,559

Chester Townhouses

Columbia, SC

62

N/A

03/06

U/C

N/A

340,166

Columbia Senior Residences at MT. Pleasant

Atlanta, GA

78

N/A

12/04

U/C

N/A

6,162,028

Garden Grace Apartments

Owensboro, KY

62

3,072,000

10/05

U/C

N/A

—

La Mirage Villas Apartments

Perryton, TX

48

1,316,835

02/05

U/C

N/A

977,055

Linda Villa Apartments

Shepherdsville, KY

32

1,219,700

5/05

10/05

100

%

1,398,583

Linden’s Apartments

Shawnee, OK

54

1,198,250

12/04

02/06

33

%*

278,308

Meadow Glen Apartments

Kingfisher, OK

20

1,286,904

10/05

07/05

100

%

243,768

Post Oak East Apartments

Fort Worth, TX

246

13,600,000

07/04

U/C

33

%*

984,288

RenaissanceVillage

Bowling Green, KY

34

332,908

05/05

U/C

29

%

—

9

Boston Capital Tax Credit Fund V L.P. — Series 49

PROPERTY PROFILE AS OF MARCH 31, 2006

Continued

				Mortgage						Qualified			Cap Con
Property				Balance as		Acq		Const		Occupancy			paid thru
Name	Location	Units		of 12/31/05		Date		Comp		3/31/06			3/31/06
Richwood Apartments	Ash Flat, AR		25		N/A		12/05		U/C		40	%*	$	307,259
Ridgeview Terrace Apartments	Mount Vernon, WA		80		4,400,404		01/05		08/05		100	%		1,576,595
Rosehill Senior Apartments Phase II	Topeka, KS		36		2,436,012		08/04		04/05		100	%		2,550,156
Rosewood Apartments	Lenexa, KS		144		6,777,741		12/05		U/C		N/A			2,966,516
Sunset Manor	Kewaunee, WI		38		1,282,640		10/05		07/05		100	%		938,276
The Gardens of Athens	Athens, TX		32		2,267,363		01/05		12/05		100	%		1,702,751
The Linden’s Apartments	Bartesville, OK		54		1,081,549		03/04		U/C		N/A			2,153,200
The Vistas Apartments	Marble Falls, TX		124		6,000,000		03/04		06/05		98	%*		521,053
Union Square Apartments	Junction City, LA		32		993,128		02/05		09/05		100	%		569,881

U/C Property was under construction at March 31, 2006.

*      Property was in lease-up phase as of March 31, 2006.

10

Item 3. Legal Proceedings

None.

Item 4. Submission of Matters to a Vote of Security Holders

None.

11

PART II

Item 5. Market for the Fund’s Limited Partnership Interests and Related Fund Matters and Issuer Purchases of Partnership Interests

(a)	Market Information
	The Fund is classified as a limited partnership and does not have common stock. There is no established public trading market for the BACs and it is not anticipated that any public market will develop.
(b)	Approximate number of security holders
	As of March 31, 2006, the Fund has 5,315 BAC holders for an aggregate of 11,777,706 BACs, at a subscription price of $10 per BAC, received and accepted.
	The BACs are being issued in series. Series 47 consists of 1,574 investors holding 3,478,334 BACs, Series 48 consists of 1,080 investors holding 2,299,372 BACs and Series 49 consists of 2,661 investors holding 6,000,000 BACs at March 31, 2006.
(c)	Dividend history and restriction
	The Fund has made no distributions of Net Cash Flow to its BAC Holders from its inception, October 15, 2003, through March 31, 2005.
	The Fund Agreement provides that Profits, Losses and Credits will be allocated each month to the holder of record of a BAC as of the last day of such month. Allocation of Profits, Losses and Credits among BAC Holders are made in proportion to the number of BACs held by each BAC Holder.
	Any distributions of Net Cash Flow or Liquidation, Sale or Refinancing Proceeds will be made within 180 days of the end of the annual period to which they relate. Distributions will be made to the holders of record of a BAC as of the last day of each month in the ratio which (i) the BACs held by such Person on the last day of the calendar month bears to (ii) the aggregate number of BACs outstanding on the last day of such month.
	Fund allocations and distributions are described on pages 108 to 112 of the Prospectus, as supplemented, under the caption “Sharing Arrangements: Profits, Credits, Losses, Net Cash Flow and Residuals”, which is incorporated herein by reference.
	To date the Fund has not made any cash distributions to the Limited Partners.

12

Item 6. Selected Financial Data

The information set forth below presents selected financial data of the Fund. Additional detailed financial information is set forth in the audited financial statements listed in Item 15 hereof. Selected financial data is for years or periods ended March 31.

Operations	2006			2005			2004
Interest & Other Income	$	858,542		$	362,852		$	3,814
Share of Loss of Operating Partnerships		(4,952,042	)		(1,206,897	)		—
Operating Expenses		(1,845,083	)		(1,320,843	)		(26,315	)
Net Income (Loss)	$	(5,938,583	)	$	(2,164,888	)	$	(22,501	)
Net Income (Loss) per BAC	$	(0.50	)	$	(0.34	)	$	(.07	)

Balance Sheet	2006		2005		2004
Total Assets	$	115,284,070	$	126,983,547	$	23,220,783
Total Liabilities	$	19,063,834	$	34,685,282	$	7,343,224
Partners’ Capital	$	96,220,236	$	92,298,265	$	15,877,559

13

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. There statements are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by there acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1 of this Report. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and, there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

The Fund’s primary source of funds is the proceeds of its Public Offering. Other sources of liquidity include (i) interest earned on capital contributions held pending investment or on working capital reserves, (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest and (iii) a line of credit. All sources of liquidity are available to meet the obligations of the Fund. The Fund does not anticipate significant cash distributions in the long or short term from operations of the Operating Partnerships.

The Fund had entered into a line of credit financing agreement with an agent bank under which the Fund can borrow up to $40 million for up to 90 days to meet short-term cash needs required for the investment in some Operating Partnerships. Under the terms of the agreement, the Fund pledges its interest in a particular Operating Partnership in order to draw funds from the line. The repayment of any draws was anticipated to be made once the Fund has received sufficient investor proceeds. Repayments on the line were tied to specific Operating Partnerships, which were then released as collateral by the bank. The obligations under the line of credit were non-recourse to the Fund, its partners and assets, other than the interest in the particular Operating Partnerships pledged. The Fund did not have any draws outstanding on the line of credit as of March 31, 2006. The line was guaranteed by Boston Capital Holdings, L.P. and various affiliates and expired on March 26, 2006.

Capital Resources

The Fund offered BACs in a Public Offering originally declared effective by the Securities and Exchange Commission on January 2, 2004. As of March 31, 2006 the Fund had received and accepted subscriptions for $117,777,060 representing 11,777,706 BACs from investors admitted as BAC Holders in Series 47 through Series 49 of the Fund. The Fund concluded its public offering of BACs in the Fund on April 29, 2005.

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(Series 47). The Fund commenced offering BACs in Series 47 on January 2, 2004. The Fund received and accepted subscriptions for $34,783,340 representing 3,478,334 BACs from investors admitted as BAC Holders in Series 47. Offers and sales of BACs in Series 47 were completed and the last of the BACs in Series 47 were issued by the Fund on April 30, 2004.

During the fiscal year ended March 31, 2006, $4,040,379 of Series 47 net offering proceeds were used to pay installments of its capital contributions to 11 Operating Partnerships. As of March 31, 2006, proceeds from the offer and sale of BACs in Series 47 had been used to invest in 15 Operating Partnerships in an aggregate amount of $26,379,161. The Fund had completed payment of all installments of its capital contributions to 2 of the Operating Partnerships. Series 47 has outstanding contributions payable to 13 Operating Partnerships in the amount of $3,731,835 as of March 31, 2006. Of the total amount outstanding, $1,245,069 has been loaned or advanced to the Operating Partnerships. The loans and advances will be converted to equity and the remaining contributions of $2,486,766 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

(Series 48). The Fund commenced offering BACs in Series 48 on May 11, 2004. The Fund received and accepted subscriptions for $22,993,720 representing 2,299,372 BACs from investors admitted as BAC Holders in Series 48. Offers and sales of BACs in Series 48 were completed and the last of the BACs in Series 48 were issued by the Fund on August 12, 2004.

During the fiscal year ended March 31, 2006, $3,939,314 of Series 48 net offering proceeds were used to pay installments of its capital contributions to 8 Operating Partnerships. As of March 31, 2006, proceeds from the offer and sale of BACs in Series 48 had been used to invest in 10 Operating Partnerships in an aggregate amount of $17,433,345. The Fund had completed payment of all installments of its capital contributions to 2 of the Operating Partnerships. Series 48 has outstanding contributions payable to 8 Operating Partnerships in the amount of $2,338,756 as of March 31, 2006. Of the total amount outstanding, $799,602 has been loaned or advanced to the Operating Partnerships. The loans and advances will be converted to equity and the remaining contributions of $1,539,154 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

(Series 49). The Fund commenced offering BACs in Series 49 on August 24, 2004. The Fund received and accepted subscriptions for $60,000,000 representing 6,000,000 BACs from investors admitted as BAC Holders in Series 49 as of March 31, 2006. Offers and sales of BACs in Series 49 were completed and the last of the BACs in Series 49 were issued by the Fund on April 29, 2005.

During the fiscal year ended March 31, 2006, $21,710,366 of Series 49 net offering proceeds were used to pay installments of its capital contributions to 18 Operating Partnerships. As of March 31, 2006, proceeds from the offer and sale of BACs in Series 49 had been used to invest in 21 Operating Partnerships in an aggregate amount of $43,399,255. The Fund had completed payment of all installments of its capital contributions to 1 of the Operating Partnerships. Series 49 has outstanding contributions payable to 20 Operating Partnerships in the amount of $12,826,512 as of March 31, 2006. Of the total amount outstanding, $3,216,197 has been loaned or advanced to the Operating Partnerships. The loans and advances will be converted to equity and the remaining contributions of $9,610,315 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

15

Results of Operations

The Fund incurs a fund management fee to the General Partner and/or its affiliates in an amount equal to 0.5% of the aggregate cost of the Apartment Complexes owned by the Operating Partnerships, less the amount of partnership management and reporting fees paid by the Operating Partnerships. The annual fund management fee incurred, net of fees received, for the fiscal year ended March 31, 2006, 2005, and 2004, was $981,445, $635,518, and $13,945 respectively. The amount is anticipated to increase in subsequent fiscal years as additional Operating Partnerships are acquired.

The Fund’s investment objectives do not include receipt of significant cash flow distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund’s investments in Operating Partnerships have been and will be made principally with a view towards realization of Federal Housing Tax Credits for allocation to its partners and BAC holders.

(Series 47). As of March 31, 2006 and 2005, the average Qualified Occupancy for the series was 98.8% and 69.0%, respectively. The series had a total of 15 properties as of March 31, 2006. Out of the total, 12 were at 100% Qualified Occupancy. The series also had 3 properties in initial lease up at March 31, 2006.

For the tax years ended December 31, 2005 and 2004, the series, in total, generated $3,060,588 and $1,090,042, respectively in passive income tax losses that were passed through to the investors. The series also provided tax credits to the investors of $.54 for 2005 and between $.077 and $.102 for 2004, depending on the investors’ date of admission.

As of March 31, 2006 and 2005, Investments in Operating Partnerships for Series 47 was $22,577,872 and $25,394,408, respectively. The decrease is primarily the result of the way the Fund accounts for there investments, the equity method. By using the equity method, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued

For the year ended March 31, 2006, 2005, and 2004 the net loss of the series was $3,107,786, $1,514,651, and $22,501 respectively. The major components of the current year amount were share of losses from Operating Partnerships, partnership management fees, and interest income. It is anticipated that the net loss for Series 47 will fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the properties acquired by the Operating Partnerships and they become fully leased-up and stabilize operations.

(Series 48). As of March 31, 2006 and 2005, the average Qualified Occupancy for the series was 97.9% and 60.6%, respectively. The series had a total of 10 properties as of March 31, 2006. Out of the total, 8 were at 100% Qualified Occupancy. The series also had 2 properties in initial lease up at March 31, 2006.

For the tax years ended December 31, 2005 and 2004, the series, in total, generated $1,611,050 and $302,368, respectively in passive income tax losses that were passed through to the investors. The series also provided $.42 in tax credits per BAC to the investors in 2005. The series did not generate any tax credits per BAC to the investors for the calendar year ended December 31, 2004.

16

As of March 31, 2006 and 2005, Investments in Operating Partnerships for Series 48 was $15,603,290 and $17,215,034, respectively. The decrease is primarily the result of the way the Fund accounts for such investments, the equity method. By using the equity method, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the year ended March 31, 2006 and 2005, the net loss of the series was $1,966,680 and $508,620, respectively. The major components of the current year amount were share of losses from operating partnerships, partnership management fees, and interest income. It is anticipated that the net loss for Series 48 will fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the properties of the Operating Partnerships and they become fully leased-up and stabilize operations.

(Series 49). As of March 31, 2006, the average Qualified Occupancy for the series was 78.3%. The series had a total of 21 properties as of March 31, 2006. Out of the total, 7 were at 100% Qualified Occupancy and 5 were in initial lease-up. The series also had 5 properties under construction, and 4 properties with multiple buildings, some of which were under construction and some of which had just begun initial lease up at March 31, 2006.

For the tax years ended December 31, 2005 and 2004, the series, in total, generated $1,560,438 and $65,976, respectively in passive income tax losses that were passed through to the investors. The series also provided tax credits per BAC to the investors in 2005. Below is a summary of tax credits per BAC by month of admission during 2005. The series did not generate any tax credits per BAC to the investors for the calendar year ended December 31, 2004.

January	$	.15
February	$	.14
March	$	.13
April	$	.11

As of March 31, 2006 and 2005, Investments in Operating Partnerships for Series 49 was $42,877,880 and $26,922,278, respectively. The increase was the result of the acquisition of 14 additional Operating Partnerships. The amount was also affected by the Fund accounts for there investments, the equity method. By using the equity method, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the year ended March 31, 2006 and 2005, the net loss of the series was $864,117 and $141,617, respectively. The major components of the current year amount were share of losses from operating partnerships, partnership management fees, organization costs and interest income. It is anticipated that the net loss for Series 49 will fluctuate in future years until the series finishes acquiring Operating Partnerships, construction is completed on the properties of the Operating Partnerships and they become fully leased-up and stabilize operations.

17

Contractual Obligations

As of March 31, 2006, the Fund has the following contractual obligations (payments due by period):

Obligation	Total		<1 year		1-3 years		3-5 years
Accounts Payable and Accrued Expenses	$	89,307	$	89,307	$	—	$	—
Accounts Payable- Affiliates		77,424		77,424		—		—
Line of Credit		—		—		—		—
Capital Contributions Payable		18,897,103		18,182,262		714,841		—
Total	$	19,063,834	$	18,348,993	$	714,841	$	—

Off Balance Sheet Arrangements

None.

Critical Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which requires the Fund to make various estimates and assumptions. A summary of significant accounting policies is provided in Note 1 to the financial statements. The following section is a summary of some aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of Fund’s financial condition and results of operations. The Fund believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

The Fund is required to assess potential impairments to its long-lived assets, which is primarily investments in limited partnerships. The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Fund does not control the operations of the Operating Limited Partnerships.

If the book value of the Fund’s investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future Low-Income Housing Credits allocable to the Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Limited Partnership and includes this reduction in equity in loss of investment of limited partnerships.

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As of March 31, 2004, the Fund adopted FASB Interpretation No. 46 — Revised (“FIN46R”), “Consolidation of Variable Interest Entities.” FIN 46R provides guidance on when a company should include the assets, liabilities, and activities of a variable interest entity (“VIE”) in its financial statements and when it should disclose information about its relationship with a VIE. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it absorbs the majority of the entity’s expected losses, the majority of the expected returns, or both.

Based on the guidance of FIN 46R, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under FIN 46R, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheet, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements.

The Fund’s balance in investment in operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the local general partners and their guarantee against credit recapture.

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Item 7A. Quantitative and Qualitative Disclosure About Market Risk

Not Applicable

Item 8. Financial Statements and Supplementary Data

The information required by this item is contained in Part IV, Item 15 of this Annual Report on Form 10-K.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None

Item 9A. Controls & Procedures

(a)	Evaluation of Disclosure Controls and Procedures
	As of the end of the period covered by this report, the Fund’s General Partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of Boston Capital Associates V LLC, carried out an evaluation of the effectiveness of the Fund’s “disclosure controls and procedures” as defined in the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15. Based on that evaluation, the Funds’s Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund’s disclosure controls and procedures were adequate and effective in timely alerting them to material information relating to the Fund required to be included in the Fund’s periodic SEC filings.
(b)	Changes in Internal Controls
	There were no changes in the Fund’s internal control over financial reporting that occurred during the year ended March 31, 2006 that materially affected, or are reasonably likely to materially affect, the Fund’s internal control over financial reporting.

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PART III

Item 10. Directors and Executive Officers of the Registrant

(a), (b), (c), (d) and (e)

The Partnership has no directors or executives officers of its own. The following biographical information is presented for the partners of the General Partners and affiliates of those partners (including Boston Capital Partners, Inc. (“Boston Capital”)) with principal responsibility for the Partnership’s affairs.

John P. Manning, age 57, is co-founder, and since 1974 has been the President and Chief Executive Officer of Boston Capital Corporation. As founding CEO of Boston Capital, Mr. Manning’s primary responsibilities include strategic planning, business development and the continued oversight of new opportunities. In addition to his responsibilities at Boston Capital Corporation, Mr. Manning is a proactive leader in the multifamily real estate industry. He served in 1990 as a member of the Mitchell-Danforth Task Force, which reviewed and suggested reforms to the Low Income Housing Tax Credit program. He was the founding President of the Affordable Housing Tax Credit Coalition and is a former member of the board of the National Leased Housing Association. During the 1980s, he served as a member of the Massachusetts Housing Policy Committee as an appointee of the Governor of Massachusetts. In addition, Mr. Manning has testified before the U.S. House Ways and Means Committee and the U.S. Senate Finance Committee on the critical role of the private sector in the success of the Low Income Housing Tax Credit. In 1996, President Clinton appointed him to the President’s Advisory Committee on the Arts at the John F. Kennedy Center for the Performing Arts. In 1998, President Clinton appointed Mr. Manning to the President’s Export Council, the premiere committee comprised of major corporate CEOs that advise the President on matters of foreign trade and commerce. In 2003, he was appointed by Boston Mayor Tom Menino to the Mayors Advisory Panel on Housing. Mr. Manning sits on the Board of Directors of the John F. Kennedy Presidential Library in Boston where he serves as Chairman of the Distinguished Visitors Program. He is also on the Board of Directors of the Beth Israel Deaconess Medical Center in Boston. Mr. Manning is a graduate of Boston College.

Mr. Manning is the managing member of Boston Associates. Mr. Manning is also the principal of Boston Capital Corporation. While Boston Capital is not a direct subsidiary of Boston Capital Corporation, each of the entities is under the common control of Mr. Manning.

Richard J. DeAgazio, age 61, has been the Executive Vice President of Boston Capital Corporation, and President of Boston Capital Securities, Inc., Boston Capital’s NASD registered broker/dealer since 1981. Mr. DeAgazio formerly served on the national Board of Governors of the National Association of Securities Dealers (NASD). He recently served as a member of the National Adjudicatory Council of the NASD. He was the Vice Chairman of the NASD’s District 11 Committee, and served as Chairman of the NASD’s Statutory Disqualification Subcommittee of the National Business Conduct Committee. He also served on the NASD State Liaison Committee, the Direct Participation Program Committee and as Chairman of the Nominating Committee. He is a past President of the Real Estate Securities and Syndication Institute and a founder and past President of the National Real Estate Investment Association, As well as past President of the Real Estate Securities and Syndication Institute (Massachusetts Chapter). Prior to joining Boston Capital in 1981,

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Mr. DeAgazio was the Senior Vice President and Director of the Brokerage Division of Dresdner Securities (USA), Inc., an international investment banking firm owned by four major European banks, and was a Vice President of Burgess & Leith/Advest. He has been a member of the Boston Stock Exchange since 1967. He is on the Board of Directors of Cognistar Corporation. He is a leader in the community and serves on the Board of Trustees for Bunker Hill Community College, the Business Leaders Council of the Boston Symphony, Board of Trustees of Junior Achievement of Northern New England, the Board of Advisors for the Ron Burton Training Village and is on the Board of Corporators of Northeastern University. He graduated from Northeastern University.

Jeffrey H. Goldstein, age 44, is Chief Operating Officer and has been the Director of Real Estate of Boston Capital Corporation since 1996. He directs Boston Capital Corporation’s comprehensive real estate services, which include all aspects of origination, underwriting, due diligence and acquisition. As COO, Mr. Goldstein is responsible for the financial and operational areas of Boston Capital Corporation and assists in the design and implementation of business development and strategic planning objectives. Mr. Goldstein previously served as the Director of the Asset Management division as well as the head of the dispositions and troubled assets group. Utilizing his 16 years experience in the real estate syndication and development industry, Mr. Goldstein has been instrumental in the diversification and expansion of Boston Capital Corporation’s businesses. Prior to joining Boston Capital Corporation in 1990, Mr. Goldstein was Manager of Finance for A.J. Lane & Co., where he was responsible for placing debt on all new construction projects and debt structure for existing apartment properties. Prior to that, he served as Manager for Homeowner Financial Services, a financial consulting firm for residential and commercial properties, and worked as an analyst responsible for budgeting and forecasting for the New York City Council Finance Division. He graduated from the University of Colorado and received his MBA from Northeastern University.

Kevin P. Costello, age 59, is Executive Vice President and has been the Director of Institutional Investing of Boston Capital Corporation since 1992 and serves on the firm’s Executive Committee. He is responsible for all corporate investment activity and has spent over 20 years in the real estate syndication and investment business. Mr. Costello’s prior responsibilities at Boston Capital Corporation have involved the management of the Acquisitions Department and the structuring and distribution of conventional and tax credit private placements. Prior to joining Boston Capital Corporation in 1987, he held positions with First Winthrop, Reynolds Securities and Bache & Company. Mr. Costello graduated from Stonehill College and received his MBA with honors from Rutgers’ Graduate School of Business Administration.

Marc N. Teal, age 42, has been Chief Financial Officer of Boston Capital Corporation since May 2003. Mr. Teal previously served as Senior Vice President and Director of Accounting and prior to that served as Vice President of Partnership Accounting. He has been with Boston Capital Corporation since 1990. In his current role as CFO he oversees all of the accounting, financial reporting, SEC reporting, budgeting, audit, tax and compliance for Boston Capital, its affiliated entities and all Boston Capital sponsored programs. Additionally, Mr. Teal is responsible for maintaining all banking and borrowing relationships of Boston Capital Corporation and treasury management of all working capital reserves. He also oversees Boston Capital’s

22

information and technology areas, including the strategic planning for Boston Capital Corporation and its affiliaties. Prior to joining Boston Capital in 1990, Mr. Teal was a Senior Accountant for Cabot, Cabot & Forbes, a multifaceted real estate company, and prior to that was a Senior Accountant for Liberty Real Estate Corp. He received a Bachelor of Science Accountancy from Bentley College and a Masters in Finance from Suffolk University.

(f) Involvement in certain legal proceedings.

None.

(g) Promoters and control persons.

None.

(h) and (i) The Fund has no directors or executive officers and accordingly has no audit committee and no audit committee financial expert. The Fund is not a listed issuer as defined in Regulation 10A-3 promulgated under the Securities Exchange Act of 1934.

Boston Capital Associates V LLC has adopted a Code of Ethics which applies to the Principal Executive Officer and Principal Financial Officer. The Code of Ethics will be provided without charge to any person who requests it. Such request should be directed to Marc N. Teal, Boston Capital Corp, One Boston Place, Suite 2100, Boston MA 02108.

Item 11. Executive Compensation

(a), (b), (c), (d) and (e)

The Fund has no officers or directors. However, under the terms of the Amended and Restated Agreement and Certificate of Limited Partnership of the Fund, the Fund has paid or accrued obligations to the General Partner and its affiliates for the following fees during the 2006 fiscal year:

1. An annual fund management fee based on .5 percent of the aggregate cost of all Apartment Complexes acquired by the Operating Partnerships, less the amount of reporting fees received, has been accrued or paid to Boston Capital Asset Management Limited Partnership. The annual fund management fee charged to operations for the year ended March 31, 2006 was $981,445.

2. The Fund has reimbursed an affiliate of the General Partner a total of $93,169 for amounts charged to operations during the year ended March 31, 2006. The reimbursement is for items like postage, printing, travel, and overhead allocations.

3. The Fund has reimbursed affiliates of the General Partner a total of $36,714 for amounts charged to syndication during the year ended March 31, 2006. The reimbursement is for items like postage, printing, travel, and overhead allocations.

4. The General Partner has the right to charge acquisition fees and expenses in connection with the purchase of Operating Partnership interests. During the 2006 fiscal year, the Fund accrued or paid $634,685 of acquisition fees and expenses to the General Partner or its affiliates.

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5. Dealer Manager fees of $138,469 were accrued or paid to Boston Capital Services, Inc. during the 2006 fiscal year in respect to the sale of units.

6. The amounts presented for Dealer-Manager Fee, as retained by Boston Capital Securities, Inc, have been adjusted to reflect reimbursements made in March 2006 of certain offering expenses, including expenses associated with wholesaling services, by Boston Capital Holdings Limited Partnership to the applicable fund. These payments were voluntarily made by Boston Capital Holdings Limited Partnership following an inquiry by the NASD of Boston Capital Securities, Inc. This inquiry has been resolved. For the year ended March 31, 2006 the amounts reimbursed by Boston Capital Holdings Limited Partnership were $381,232 and $270,271, for Series 47 and Series 48, respectively.

Item 12. Security Ownership of Certain Beneficial Owners and Management

(a)	Security ownership of certain beneficial owners.
	As of March 31, 2006, 11,777,706 BACs had been issued. No person is known to own beneficially in excess of 5% of the outstanding BACs in any of the series.
(b)	Security ownership of management.
	The General Partner has a .025% interest in all Profits, Losses, Credits and distributions of the Fund. The Fund’s response to Item 12(a) is incorporated herein by reference.
(c)	Changes in control.
	There exists no arrangement known to the Fund the operation of which may at a subsequent date result in a change in control of the Fund. There is a provision in the Limited Partnership Agreement which allows, under certain circumstances, the ability to change control.
	The Fund has no compensation plans under which interests in the Fund are authorized for issuance.

Item 13. Certain Relationships and Related Transactions

(a)

Transactions with management and others.

The Fund has no officers or directors. However, under the terms of the Prospectus, various kinds of compensation and fees are payable to the General Partner and its Affiliates during the organization and operation of the Fund. Additionally, the General Partner will receive distributions from the Fund if there is cash available for distribution or residual proceeds as defined in the Fund Agreement. The amounts and kinds of compensation and fees are described on page 51 of the Prospectus, as supplemented, under the caption “Compensation and Fees”, which is incorporated herein by reference. See Note B of Notes to Financial Statements in Item 15 of this Annual Report on Form 10-K for amounts accrued or paid to the General Partner and its affiliates for the period October 15, 2003 through March 31, 2006.

24

(b)	Certain business relationships.
	The Fund response to Item 13(a) is incorporated herein by reference.
(c)	Indebtedness of management.
	None.
(d)	Transactions with promoters.
	Not applicable.

Item 14. Principal Accountant Fees and Services

Fees paid to the Fund’s independent auditors for Fiscal year 2006 were comprised of the following:

	Fee Type	Series 47		Series 48		Series 49
(1)	Audit Fees	$	10,400	$	10,000	$	20,000
(2)	Audit Related Fees		—		—		—
(3)	Tax Fees		4,725		3,700		7,475
(4)	All Other Fees		—		—		—
	Total	$	15,125	$	13,700	$	27,475

Fees paid to the Fund’s independent auditors for Fiscal year 2005 were comprised of the following:

	Fee Type	Series 47		Series 48		Series 49
(1)	Audit Fees	$	10,400	$	6,000	$	7,500
(2)	Audit Related Fees		567		567		567
(3)	Tax Fees		4,495		4,065		2,345
(4)	All Other Fees		—		—		—
	Total	$	15,462	$	10,632	$	10,412

(5)	Audit Committee
	The Fund has no Audit Committee. All audit services and any permitted non-audit services performed by the Fund’s independent auditors are pre-approved by Boston Capital Associates V LLC.

25

PART IV

Item 15. Exhibits, Financial Statement Schedules

(a) 1 & 2 Financial Statements; Filed herein as Exhibits 13

Boston Capital Tax Credit V L.P.; filed herein as exhibit 13

Balance Sheet, March 31, 2006 and 2005

Statements of Operations for the period ended March 31, 2006, 2005, and 2004

Statements of Changes in Partners’ Capital for the period ended March 31, 2006, 2005, and 2004

Statements of Cash Flows for the period ended March 31, 2006, 2005, and 2004

Notes to Financial Statements, March 31, 2006 and 2005

Schedule III — Real Estate and Accumulated Depreciation Notes to Schedule III

Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.

(b) 1 Exhibits (listed according to the number assigned in the table in Item 601 of Regulation S-K)

3.1.	Certificate of Limited Partnership of Boston Capital Tax Credit Fund V L.P. (Incorporated by reference from Exhibit 3 to the Fund’s Registration Statement No. 333-109898 on Form S-11 as filed with the Securities and Exchange Commission on October 22, 2003.)
4.1.	Agreement of Limited Partnership of Boston Capital Tax Credit Fund V L.P. (Incorporated by reference from Exhibit 4 to the Fund’s Registration Statement No. 333-109898 on Form S-11 as filed with the Securities and Exchange Commission on October 22, 2003.)
10.1.	Beneficial Assignee Certificate. (Incorporated by reference from Exhibit 10A to the Fund’s Registration Statement No. 333-109898 on Form S-11 as filed with the Securities and Exchange Commission on October 22, 2003.)

     Exhibit No. 13 — Financial Statements.

a. Financial Statement of Boston Capital Tax Credit Fund V L.P.; Filed herein.

      Exhibit No. 23 — Consents of experts and counsel.

a. Independent Auditor's Reports for Operating Partnerships, filed herein.

26

Exhibit No. 28 — Additional exhibits.

a.	Agreement of Limited Partnership of Agent Kensington LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on June 23, 2004).
b.	Agreement of Limited Partnership of Wagoner Village Apts. LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on June 25, 2004).
c.	Agreement of Limited Partnership of Wellington Park Apts. LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on June 25, 2004).
d.	Agreement of Limited Partnership of Marble Falls Vistas Apts.LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on June 25, 2004).
e.	Agreement of Limited Partnership of CP Continental LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on June 25, 2004).
f.	Agreement of Limited Partnership of Deer Meadow Apts. LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on January 25, 2005).
g.	Agreement of Limited Partnership of Ocean East of Portland, LLC (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on January 25, 2005).
h.	Agreement of Limited Partnership of Clayton Station Limited (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on January 25, 2005).
i.	Agreement of Limited Partnership of New Chester Townhouses, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 31, 2006).
j.	Agreement of Limited Partnership of Bristol Apartments, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 31, 2006).
k.	Agreement of Limited Partnership of Linden-Shawnee Partners (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 31, 2006).

27

l.	Agreement of Limited Partnership of Saint Martin Apartments, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 31, 2006).
m.	Agreement of Limited Partnership of Linda Villas, Limited (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 31, 2006).
n.	Agreement of Limited Partnership of Rural Housing Partners of Kewanee (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 31, 2006).
o.	Agreement of Limited Partnership of Richwood Apartments (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 31, 2006).
p.	Agreement of Limited Partnership of Perryton Fountainhead, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 31, 2006).

     Exhibit No. 31 Certification 302

a.	Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herein
b.	Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herein

     Exhibit No. 32 Certification 906

a.	Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein
b.	Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein

28

SIGNATURES

Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Fund has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Boston Capital Tax Credit Fund V L.P.
	By:	Boston Capital Associates V LLC, General Partner
Date: October 20, 2006		By:	/s/ John P. Manning John P. Manning Managing Member

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Fund and in the capacities and on the dates indicated:

DATE:	SIGNATURE:	TITLE:
October 20, 2006	/s/ John P. Manning John P. Manning	Director, President (Principal Executive Officer), Boston Capital Partners II Corp.; Director, President (Principal Executive Officer) BCTC V Assignor Corp.
October 20, 2006	/s/ Marc N. Teal Marc N. Teal	Sr. Vice President, Chief Financial Officer (Principal Financial and Accounting Officer), Boston Capital Partners II Corp.; Sr. Vice President, Chief Financial Officer (Principal Financial and Accounting Officer) BCTC V Assignor Corp.

29

EX-13

FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS’ REPORT

BOSTON CAPITAL TAX CREDIT FUND V L.P. -
SERIES 47 THROUGH 49

MARCH 31, 2006 AND 2005

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

TABLE OF CONTENTS

	PAGE
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		F-3
FINANCIAL STATEMENTS
BALANCE SHEETS		F-5
STATEMENTS OF OPERATIONS		F-9
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)		F-13
STATEMENTS OF CASH FLOWS		F-17
NOTES TO FINANCIAL STATEMENTS		F-25
SCHEDULE III — REAL ESTATE AND ACCUMULATED DEPRECIATION		F-52

Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of
Boston Capital Tax Credit Fund V L.P.

     We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund V L.P. as of March 31, 2006 and 2005, and the related statements of operations, changes in partners’ capital (deficit) and cash flows for the years ended March 31, 2006 and 2005 and for the period October 15, 2003 (date of inception) through March 31, 2004 and Boston Capital Tax Credit Fund V L.P. — Series 47 through 49 as of March 31, 2006 and 2005 and the related statements of operations, changes in partners’ capital (deficit) and cash flows for the years ended March 31, 2006 and 2005 and for the period October 15, 2003 (date of inception) through March 31, 2004 for Series 47, for the year ended March 31, 2006 and for the period May 11, 2004 (date of inception) through March 31, 2005 for Series 48, and for the year ended March 31, 2006 and for the period August 24, 2004 (date of inception) through March 31, 2005 for Series 49. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements of certain operating limited partnerships which investments represent $8,840,840 and $0, of the total partnership assets as of March 31, 2006 and 2005, respectively, and $(75,556), $0 and $0, of total partnership income (loss) for the years ended March 31, 2006, 2005 and for the period October 15, 2003 (date of inception) through March 31, 2004, respectively; of the assets for Series 47 as of March 31, 2006 and 2005, $214,954 and $0, respectively, and of the income (loss) for Series 47 for the years ended March 31, 2006 and 2005 and for the period October 15, 2003 (date of inception) through March 31, 2004, $(34,998), $0 and $0, respectively; of the assets for Series 48 as of March 31, 2006 and 2005, $0 and $0, respectively, and of the income (loss) for Series 48 for the year ended March 31, 2006 and for the period May 11, 2004 (date of inception) through March 31, 2005, $0 and $0, respectively; of the assets for Series 49 as of March 31, 2006 and 2005, $8,625,886 and $0, respectively, and of the income (loss) for Series 49 for the year ended March 31, 2006 and for the period August 24, 2004 (date of inception) through March 31, 2005, $(40,558) and $0, respectively. Those statements were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to those investee partnerships, is based solely on the reports of the other auditors.

     We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an

F-3

opinion on the effectiveness of the Partnership’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits, and the reports of the other auditors, provide a reasonable basis for our opinion.

     In our opinion, based on our audits and the reports of the other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund V L.P. as of March 31, 2006 and 2005, and the results of its operations and its cash flows for the years ended March 31, 2006 and 2005 and for the period October 15, 2003 (date of inception) through March 31, 2004 for Series 47, for the period May 11, 2004 (date of inception) through March 31, 2005 for Series 48, and for the period August 24, 2004 (date of inception) through March 31, 2005 for Series 49 in conformity with accounting principles generally accepted in the United States of America.

     Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedules listed under Item 15 (a) in the index are presented for the purpose of complying with the Securities and Exchange Commission’s rules and are not part of the basic financial statements. These schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, based on our audit and the reports of other auditors, fairly state in all material respects the financial data required to be set forth therein in relation to the basic financial statements taken as a whole.

/s/ Reznick Group, P. C.
Bethesda, Maryland
September 26, 2006

(continued)

F-4

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

BALANCE SHEETS
March 31,

	Total
	2006			2005
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS	$	81,059,042		$	69,531,720
OTHER ASSETS
Cash and cash equivalents		5,943,410			33,668,430
Investments		13,188,000			8,694,513
Notes receivable		2,704,935			766,381
Deferred acquisition costs, net of accumulated amortization		9,176,728			8,242,330
Other assets		3,211,955			6,080,173
	$	115,284,070		$	126,983,547
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	89,307		$	769,246
Accounts payable — affiliates		77,424			414,510
Capital contributions payable		18,897,103			33,501,526
Line of credit		—			—
		19,063,834			34,685,282
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 11,777,706 and 10,785,967, respectively, issued and outstanding at March 31, 2006 and 2005		96,375,672			92,416,511
General partner		(20,315	)		(5,469	)
Accumulated other comprehensive income (loss)		(135,121	)		(112,777	)
		96,220,236			92,298,265
	$	115,284,070		$	126,983,547

(continued)

F-5

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

BALANCE SHEETS — CONTINUED
March 31,

	Series 47
	2006			2005
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS	$	22,577,872		$	25,394,408
OTHER ASSETS
Cash and cash equivalents		753,086			1,965,813
Investments		2,408,534			5,789,950
Notes receivable		1,245,069			278,096
Deferred acquisition costs, net of accumulated amortization		2,753,098			2,797,910
Other assets		10,040			718,213
	$	29,747,699		$	36,944,390
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	4,135		$	135,103
Accounts payable — affiliates		—			244,399
Capital contributions payable		3,731,835			7,963,457
Line of credit		—			—
		3,735,970			8,342,959
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner 3,478,334 issued and outstanding at March 31, 2006 and 2005		26,050,212			28,675,468
General partner		(11,612	)		(3,843	)
Accumulated other comprehensive income (loss)		(26,871	)		(70,194	)
		26,011,729			28,601,431
	$	29,747,699		$	36,944,390

(continued)

F-6

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

BALANCE SHEETS — CONTINUED
March 31,

	Series 48
	2006			2005
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS	$	15,603,290		$	17,215,034
OTHER ASSETS
Cash and cash equivalents		966,312			3,559,396
Investments		930,979			2,904,563
Notes receivable		799,602			185,292
Deferred acquisition costs, net of accumulated amortization		1,853,941			1,996,000
Other assets		1,677			980,409
	$	20,155,801		$	26,840,694
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	115		$	77,805
Accounts payable — affiliates		—			121,984
Capital contributions payable		2,338,756			7,222,638
Line of credit		—			—
		2,338,871			7,422,427
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner 2,299,372 issued and outstanding at March 31, 2006 and 2005		17,835,057			19,462,122
General partner		(6,189	)		(1,272	)
Accumulated other comprehensive income (loss)		(11,938	)		(42,583	)
		17,816,930			19,418,267
	$	20,155,801		$	26,840,694

(continued)

F-7

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

BALANCE SHEETS — CONTINUED
March 31,

	Series 49
	2006			2005
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS	$	42,877,880		$	26,922,278
OTHER ASSETS
Cash and cash equivalents		4,224,012			28,143,221
Investments		9,848,487			—
Notes receivable		660,264			302,993
Deferred acquisition costs, net of accumulated amortization		4,569,689			3,448,420
Other assets		3,200,238			4,381,551
	$	65,380,570		$	63,198,463
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses	$	85,057		$	556,338
Accounts payable — affiliates		77,424			48,127
Capital contributions payable		12,826,512			18,315,431
Line of credit		—			—
		12,988,993			18,919,896
PARTNERS’ CAPITAL (DEFICIT)
Assignees
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 6,000,000 and 5,008,261, respectively, issued and outstanding at March 31, 2006 and 2005		52,490,403			44,278,921
General partner		(2,514	)		(354	)
Accumulated other comprehensive income (loss)		(96,312	)		—
		52,391,577			44,278,567
	$	65,380,570		$	63,198,463

See notes to financial statements

F-8

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF OPERATIONS

	Total
							For the period
							October 15,
							2003 (date of
							inception)
	Year ended			Year ended			through March
	March 31, 2006			March 31, 2005			31, 2004
Income
Interest income	$	858,542		$	362,852		$	3,814
Total income		858,542			362,852			3,814
Share of losses from operating limited partnerships		(4,952,042	)		(1,206,897	)		—
Expenses
Professional fees		158,894			47,918			4,512
Partnership management fee		981,445			635,518			13,945
Amortization		350,773			69,806			—
Organization costs		—			289,293			—
General and administrative expenses		353,971			278,308			7,858
		1,845,083			1,320,843			26,315
NET LOSS	$	(5,938,583	)	$	(2,164,888	)	$	(22,501	)
Net loss allocated to general partner	$	(14,846	)	$	(5,413	)	$	(56	)
Net loss allocated to assignees	$	(5,923,737	)	$	(2,159,475	)	$	(22,445	)
Net loss per BAC	$	(0.50	)	$	(0.34	)	$	(0.07	)

(continued)

F-9

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF OPERATIONS — CONTINUED

	Series 47
							For the period
							October 15,
							2003 (date of
							inception)
	Year ended			Year ended			through March
	March 31, 2006			March 31, 2005			31, 2004
Income
Interest income	$	160,573		$	207,493		$	3,814
Total income		160,573			207,493			3,814
Share of losses from operating limited partnerships		(2,623,670	)		(992,975	)		—
Expenses
Professional fees		51,370			34,292			4,512
Partnership management fee		379,008			382,111			13,945
Amortization		108,243			51,236			—
Organization costs		—			99,946			—
General and administrative expenses		106,068			161,584			7,858
		644,689			729,169			26,315
NET LOSS	$	(3,107,786	)	$	(1,514,651	)	$	(22,501	)
Net loss allocated to general partner	$	(7,769	)	$	(3,787	)	$	(56	)
Net loss allocated to assignees	$	(3,100,017	)	$	(1,510,864	)	$	(22,445	)
Net loss per BAC	$	(0.89	)	$	(0.45	)	$	(0.07	)

(continued)

F-10

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF OPERATIONS — CONTINUED

	Series 48
				For the period
				May 11, 2004
				(date of inception)
	Year ended March			through March
	31, 2006			31, 2005
Income
Interest income	$	63,719		$	92,821
Total income		63,719			92,821
Share of losses from operating limited partnerships		(1,646,509	)		(213,922	)
Expenses
Professional fees		27,320			9,671
Partnership management fee		230,913			189,107
Amortization		76,543			18,570
Organization costs		—			101,520
General and administrative expenses		49,114			68,651
		383,890			387,519
NET LOSS	$	(1,966,680	)	$	(508,620	)
Net loss allocated to general partner	$	(4,917	)	$	(1,272	)
Net loss allocated to assignees	$	(1,961,763	)	$	(507,348	)
Net loss per BAC	$	(0.85	)	$	(0.31	)

     Series 48 was not formed until after March 31, 2004, therefore no comparative information included

See notes to financial statements

F-11

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF OPERATIONS — CONTINUED

	Series 49
				For the period
				August 24, 2004
				(date of inception)
	Year ended March			through March
	31, 2006			31, 2005
Income
Interest income	$	634,250		$	62,538
Total income		634,250			62,538
Share of losses from operating limited partnerships		(681,863	)		—
Expenses
Professional fees		80,204			3,955
Partnership management fee		371,524			64,300
Amortization		165,987			—
Organization costs		—			87,827
General and administrative expenses		198,789			48,073
		816,504			204,155
NET LOSS	$	(864,117	)	$	(141,617	)
Net loss allocated to general partner	$	(2,160	)	$	(354	)
Net loss allocated to assignees	$	(861,957	)	$	(141,263	)
Net loss per BAC	$	(0.14	)	$	(0.11	)

     Series 49 was not formed until after March 31, 2004, therefore no comparative information included

See notes to financial statements

F-12

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)- CONTINUED

Year ended March 31, 2006 and 2005

							Accumulated
							other
				General			comprehensive			Comprehensive
Total	Assignees			partner			income			income (loss)			Total
Capital contributions	$	18,449,450		$	—		$	—					$	18,449,450
Sales and syndication costs		(2,549,390	)		—			—						(2,549,390	)
Comprehensive income (loss)
Net income (loss)		(22,445	)		(56	)		—		$	(22,501	)		(22,501	)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale		—			—			—			—			—
Total comprehensive income (loss)										$	(22,501	)
Partners’ capital (deficit), March 31, 2004		15,877,615			(56	)		—						15,877,559
Capital contributions		89,410,220			—			—						89,410,220
Sales and syndication costs		(10,711,849	)		—			—						(10,711,849	)
Comprehensive income (loss)
Net income (loss)		(2,159,475	)		(5,413	)		—		$	(2,164,888	)		(2,164,888	)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale		—			—			(112,777	)		(112,777	)		(112,777	)
Total comprehensive income (loss)										$	(2,277,665	)
Partners’ capital (deficit), March 31, 2005		92,416,511			(5,469	)		(112,777	)					92,298,265
Capital contributions		9,916,881			—			—						9,916,881
Selling commissions and registration costs refund, net		(33,983	)		—			—						(33,983	)
Comprehensive income (loss)
Net income (loss)		(5,923,737	)		(14,846	)		—		$	(5,938,583	)		(5,938,583	)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale		—			—			(22,344	)		(22,344	)		(22,344	)
Total comprehensive income (loss)										$	(5,960,927	)
Partners’ capital (deficit), March 31, 2006	$	96,375,672		$	(20,315	)	$	(135,121	)				$	96,220,236

See notes to financial statements

F-13

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) — CONTINUED

Year ended March 31, 2006 and 2005

							Accumulated
							other
				General			comprehensive			Comprehensive
Series 47	Assignees			partner			income			income (loss)			Total
Capital contributions	$	18,449,450		$	—		$	—					$	18,449,450
Sales and syndication costs		(2,549,390	)		—			—						(2,549,390	)
Comprehensive income (loss)
Net income (loss)		(22,445	)		(56	)		—		$	(22,501	)		(22,501	)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale		—			—			—			—			—
Total comprehensive income (loss)										$	(22,501	)
Partners’ capital (deficit), March 31, 2004		15,877,615			(56	)		—						15,877,559
Capital contributions		16,333,890			—			—						16,333,890
Sales and syndication costs		(2,025,173	)		—			—						(2,025,173	)
Comprehensive income (loss)
Net income (loss)		(1,510,864	)		(3,787	)		—		$	(1,514,651	)		(1,514,651	)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale		—			—			(70,194	)		(70,194	)		(70,194	)
Total comprehensive income (loss)										$	(1,584,845	)
Partners’ capital (deficit), March 31, 2005		28,675,468			(3,843	)		(70,194	)					28,601,431
Capital contributions		—			—			—						—
Selling commissions and registration costs refund, net		474,761			—			—						474,761
Comprehensive income (loss)
Net income (loss)		(3,100,017	)		(7,769	)		—		$	(3,107,786	)		(3,107,786	)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale		—			—			43,323			43,323			43,323
Total comprehensive income (loss)										$	(3,064,463	)
Partners’ capital (deficit), March 31, 2006	$	26,050,212		$	(11,612	)	$	(26,871	)				$	26,011,729

See notes to financial statements

F-14

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) — CONTINUED

Year ended March 31, 2006 and 2005

							Accumulated
							other
				General			comprehensive			Comprehensive
Series 48	Assignees			partner			income			income (loss)			Total
Capital contributions	$	22,993,720		$	—		$	—					$	22,993,720
Sales and syndication costs		(3,024,250	)		—			—						(3,024,250	)
Comprehensive income (loss)
Net income (loss)		(507,348	)		(1,272	)		—		$	(508,620	)		(508,620	)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale		—			—			(42,583	)		(42,583	)		(42,583	)
Total comprehensive income (loss)										$	(551,203	)
Partners’ capital (deficit), March 31, 2005		19,462,122			(1,272	)		(42,583	)					19,418,267
Capital contributions		—			—			—						—
Selling commissions and registration costs refund, net		334,698			—			—						334,698
Comprehensive income (loss)
Net income (loss)		(1,961,763	)		(4,917	)		—		$	(1,966,680	)		(1,966,680	)
Other comprehensive income (loss)
Unrealized gain (loss) on securities
available-for-sale		—			—			30,645			30,645			30,645
Total comprehensive income (loss)										$	(1,936,035	)
Partners’ capital (deficit), March 31, 2006	$	17,835,057		$	(6,189	)	$	(11,938	)				$	17,816,930

     Series 48 was not formed until after March 31, 2004, therefore no comparative information included

See notes to financial statements

F-15

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) — CONTINUED

Year ended March 31, 2006 and for the period May 11,2004
(date of inception) through March 31, 2006

							Accumulated
							other
				General			comprehensive			Comprehensive
Series 49	Assignees			partner			income			income (loss)			Total
Capital contributions	$	50,082,610		$	—		$	—					$	50,082,610
Sales and syndication costs		(5,662,426	)		—			—						(5,662,426	)
Comprehensive income (loss)
Net income (loss)		(141,263	)		(354	)		—		$	(141,617	)		(141,617	)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale		—			—			—			—			—
Total comprehensive income (loss)										$	(141,617	)
Partners’ capital (deficit), March 31, 2005		44,278,921			(354	)		—						44,278,567
Capital contributions		9,916,881			—			—						9,916,881
Selling commissions and registration costs refund, net		(843,442	)		—			—						(843,442	)
Comprehensive income (loss)
Net income (loss)		(861,957	)		(2,160	)		—		$	(864,117	)		(864,117	)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale		—			—			(96,312	)		—			(96,312	)
Total comprehensive income (loss)										$	(864,117	)
Partners’ capital (deficit), March 31, 2006	$	52,490,403		$	(2,514	)	$	(96,312	)				$	52,391,577

Series 49 was not formed until after March 31, 2004, therefore no comparative information included

See notes to financial statements

F-16

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CASH FLOWS

	Total
							For the period
							October 15, 2003
							(date of
							inception)
	Year ended			Year ended March			through March
	March 31, 2006			31, 2005			31, 2004
Cash flows from operating activities
Net loss	$	(5,938,583	)	$	(2,164,888	)	$	(22,501	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of loss from operating limited partnerships		4,952,042			1,206,897			—
Distributions received from operating limited partnerships		—			738			—
Amortization		350,773			69,806			—
Changes in assets and liabilities
Other assets		1,889,910			616,574			(5,197,386	)
Accounts payable and accrued expenses		(679,939	)		317,125			452,121
Accounts payable — affiliates		(337,086	)		(278,032	)		692,542
Net cash provided by (used in) operating activities		237,117			(231,780	)		(4,075,224	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		(29,690,059	)		(32,888,700	)		(3,610,137	)
(Advances) to repayments from operating limited partnerships		(2,241,547	)		130,668			(2,941,935	)
Purchase of investments (net of proceeds from sales and maturities of investments)		(4,515,831	)		(8,807,290	)		—
Capitalized expenses paid		—			(194,815	)		—
Acquisition costs paid for operating limited partnerships		(1,397,598	)		(7,019,881	)		(1,290,907	)
Net cash provided by (used in) investing activities		(37,845,035	)		(48,780,018	)		(7,842,979	)
Cash flows from financing activities
Capital contributions received		9,916,881			89,410,220			18,449,450
Sales and syndication costs paid		(33,983	)		(10,711,849	)		(2,549,390	)
Proceeds from line of credit		1,776,019			10,621,679			2,678,132
Repayment of line of credit		(1,776,019	)		(13,299,811	)		—
Net cash provided by (used in) financing activities		9,882,898			76,020,239			18,578,192
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(27,725,020	)		27,008,441			6,659,989
Cash and cash equivalents, beginning		33,668,430			6,659,989			—
Cash and cash equivalents, end	$	5,943,410		$	33,668,430		$	6,659,989

(continued)

F-17

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CASH FLOWS — CONTINUED

	Total
					For the period
					October 15, 2003
					(date of
					inception)
	Year ended March		Year ended March		through March
	31, 2006		31, 2005		31, 2004
Supplemental schedule of noncash investing and financing activities:
The partnership has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	11,197,496	$	63,415,322	$	3,520,429
The partnership applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	1,281,301	$	545,525	$	—
The partnership has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	298,935	$	—	$	—

(continued)

F-18

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CASH FLOWS — CONTINUED

	Series 47
							For the period
							October 15, 2003
							(date of
							inception)
	Year ended			Year ended			through March
	March 31, 2006			March 31, 2005			31, 2004
Cash flows from operating activities
Net loss	$	(3,107,786	)	$	(1,514,651	)	$	(22,501	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of loss from operating limited partnerships		2,623,670			992,975			—
Distributions received from operating limited partnerships		—			738			—
Amortization		108,243			51,236			—
Changes in assets and liabilities
Other assets		708,173			5,000,226			(5,197,386	)
Accounts payable and accrued expenses		(130,968	)		(317,018	)		452,121
Accounts payable — affiliates		(244,399	)		(448,143	)		692,542
Net cash provided by (used in) operating activities		(43,067	)		3,765,363			(4,075,224	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		(4,040,379	)		(14,160,426	)		(3,610,137	)
(Advances) to repayments from operating limited partnerships		(966,973	)		1,597,261			(2,941,935	)
Purchase of investments (net of proceeds from sales and maturities of investments)		3,424,739			(5,860,144	)		—
Capitalized expenses paid		—			(109,581	)		—
Acquisition costs paid for operating limited partnerships		(61,808	)		(1,557,234	)		(1,290,907	)
Net cash provided by (used in) investing activities		(1,644,421	)		(20,090,124	)		(7,842,979	)
Cash flows from financing activities
Capital contributions received		—			16,333,890			18,449,450
Sales and syndication costs paid		474,761			(2,025,173	)		(2,549,390	)
Proceeds from line of credit		—			7,265,139			2,678,132
Repayment of line of credit		—			(9,943,271	)		—
Net cash provided by (used in) financing activities		474,761			11,630,585			18,578,192
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(1,212,727	)		(4,694,176	)		6,659,989
Cash and cash equivalents, beginning		1,965,813			6,659,989			—
Cash and cash equivalents, end	$	753,086		$	1,965,813		$	6,659,989

(continued)

F-19

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CASH FLOWS — CONTINUED

	Series 47
					For the period
					October 15, 2003
					(date of
					inception)
	Year ended		Year ended		through March
	March 31, 2006		March 31, 2005		31, 2004
Supplemental schedule of noncash investing and financing activities:
The partnership has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	88,771	$	19,148,979	$	3,520,429
The partnership applied notes receivable and advances to its capital contribution obligation to operating limted partnerships.	$	—	$	545,525	$	—
The partnership has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	290,858	$	—	$	—

(continued)

F-20

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CASH FLOWS — CONTINUED

	Series 48
				For the period
				May 11, 2004
				(date of
				inception)
	Year ended			through March
	March 31, 2006			31, 2005
Cash flows from operating activities
Net loss	$	(1,966,680	)	$	(508,620	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of loss from operating limited partnerships		1,646,509			213,922
Distributions received from operating limited partnerships		—			—
Amortization		76,543			18,570
Changes in assets and liabilities
Other assets		424			(2,101	)
Accounts payable and accrued expenses		(77,690	)		77,805
Accounts payable — affiliates		(121,984	)		121,984
Net cash provided by (used in) operating activities		(442,878	)		(78,440	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		(3,939,314	)		(10,168,890	)
(Advances) to repayments from operating limited partnerships		(614,310	)		(1,163,600	)
Purchase of investments (net of proceeds from sales and maturities of investments)		2,004,229			(2,947,146	)
Capitalized expenses paid		—			(37,771	)
Acquisition costs paid for operating limited partnerships		64,491			(2,014,227	)
Net cash provided by (used in) investing activities		(2,484,904	)		(16,331,634	)
Cash flows from financing activities
Capital contributions received		—			22,993,720
Sales and syndication costs paid		334,698			(3,024,250	)
Proceeds from line of credit		—			699,448
Repayment of line of credit		—			(699,448	)
Net cash provided by (used in) financing activities		334,698			19,969,470
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(2,593,084	)		3,559,396
Cash and cash equivalents, beginning		3,559,396			—
Cash and cash equivalents, end	$	966,312		$	3,559,396

(continued)

F-21

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CASH FLOWS — CONTINUED

	Series 48
			For the period
			May 11, 2004
			(date of
			inception)
	Year ended		through March
	March 31, 2006		31, 2005
Supplemental schedule of noncash investing and financing activities:
The partnership has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	—	$	17,391,528
The partnership applied notes receivable and advances to its capital contribution obligation to operating limted partnerships.	$	978,308	$	—
The partnership has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	8,077	$	—

Series 48 was not formed until after March 31, 2004, therefore no comparative information included

(continued)

F-22

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CASH FLOWS — CONTINUED

	Series 49
				For the period
				August 24, 2004
				(date of
				inception)
	Year ended			through March
	March 31, 2006			31, 2005
Cash flows from operating activities
Net loss	$	(864,117	)	$	(141,617	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Share of loss from operating limited partnerships		681,863			—
Distributions received from operating limited partnerships		—			—
Amortization		165,987			—
Changes in assets and liabilities
Other assets		1,181,313			(4,381,551	)
Accounts payable and accrued expenses		(471,281	)		556,338
Accounts payable — affiliates		29,297			48,127
Net cash provided by (used in) operating activities		723,062			(3,918,703	)
Cash flows from investing activities
Capital contributions paid to operating limited partnerships		(21,710,366	)		(8,559,384	)
(Advances) to repayments from operating limited partnerships		(660,264	)		(302,993	)
Purchase of investments (net of proceeds from sales and maturities of investments)		(9,944,799	)		—
Capitalized expenses paid		—			(47,463	)
Acquisition costs paid for operating limited partnerships		(1,400,281	)		(3,448,420	)
Net cash provided by (used in) investing activities		(33,715,710	)		(12,358,260	)
Cash flows from financing activities
Capital contributions received		9,916,881			50,082,610
Sales and syndication costs paid		(843,442	)		(5,662,426	)
Proceeds from line of credit		1,776,019			2,657,092
Repayment of line of credit		(1,776,019	)		(2,657,092	)
Net cash provided by (used in) financing activities		9,073,439			44,420,184
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(23,919,209	)		28,143,221
Cash and cash equivalents, beginning		28,143,221			—
Cash and cash equivalents, end	$	4,224,012		$	28,143,221

(continued)

F-23

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

STATEMENTS OF CASH FLOWS-CONTINUED

	Series 49
			For the period
			August 24, 2004
			(date of
	Year ended		inception)
	March 31, 2006		through March 31, 2005
Supplemental schedule of noncash investing and financing activities:
The partnership has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	11,108,725	$	26,874,815
The partnership applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	302,993	$	—
The partnership has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	—	$	—

Series 49 was not formed until after March 31, 2004, therefore no comparative information included

See notes to financial statements

F-24

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS

March 31, 2006 and 2005

NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Boston Capital Tax Credit Fund V L.P. (the “fund” or “partnership”) was formed under the laws of the State of Delaware on October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which have been organized to acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated apartment complexes which qualified for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986. Accordingly, the apartment complexes are restricted as to rent charges and operating methods. The general partner of the fund is Boston Capital Associates V L.L.C. and the limited partner is BCTC V Assignor Corp. (the “assignor limited partner”).

In accordance with the limited partnership agreement, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99.75% to the assignees and .25% to the general partner.

A Registration Statement on Form S-11 and the related prospectus, as supplemented (the “Prospectus”) were filed with the Securities and Exchange Commission and became effective January 2, 2004 in connection with a public offering (“Offering”) in one or more series of a minimum of 250,000 BACs and a maximum of 7,000,000 BACs at $10 per BAC. On August 10, 2004 an amendment to Form S-11, which registered an additional 8,500,000 BACs for sale to the public in one or more series became effective. As of December 31, 2005, subscriptions had been received and accepted by the Fund for 11,777,706 BAC’s representing capital contributions of $117,777,060.

The BAC’s issued and outstanding in each series at March 31, 2006 and 2005 are as follows:

	2006		2005
Series 47		3,478,334		3,478,334
Series 48		2,299,372		2,299,372
Series 49		6,000,000		5,008,261
		11,777,706		10,785,967

F-25

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships

The fund accounts for its investments in operating limited partnerships using the equity method, whereby the fund adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued. However, the fund recognizes the individual operating limited partnership’s losses only to the extent that the fund’s share of losses from the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships. Unrecognized losses are suspended and offset against future individual operating limited partnership income.

A loss in value of an investment in an operating limited partnership other than a temporary decline is recorded as an impairment loss. Impairment is measured by comparing the investment carrying amount to the sum of the total amount of the remaining tax credits allocated to the fund and the estimated residual value of the investment. In addition, deferred acquisition costs related to each investment are evaluated for impairment when an impairment loss has reduced an investment balance to zero.

Capital contributions to operating limited partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected. The fund records tax credit adjusters as a reduction in investments in operating limited partnerships and capital contributions payable.

The operating limited partnerships maintain their financial statements based on a calendar year and the fund utilizes a March 31 year-end. The fund records losses and income from the operating limited partnerships on a calendar year basis which is not materially different from losses and income generated if the operating limited partnerships utilized a March 31 year-end.

The fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount. The operating limited partnerships record capital contributions from the fund when received.

F-26

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

As of March 31, 2004, the Fund adopted FASB Interpretation No. 46 — Revised (“FIN46R”), “Consolidation of Variable Interest Entities.” FIN 46R provides guidance on when a company should include the assets, liabilities, and activities of a variable interest entity (“VIE”) in its financial statements and when it should disclose information about its relationship with a VIE. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it absorbs the majority of the entity’s expected losses, the majority of the expected returns, or both.

Based on the guidance of FIN 46R, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under FIN 46R, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheet, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements.

The Fund’s balance in investment in operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the local general partners and their guarantee against credit recapture.

F-27

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Operating Limited Partnerships (Continued)

During the years ended March 31, 2006 and 2005, the fund acquired interests in operating limited partnerships as follows:

	2006		2005
Series 47		—		12
Series 48		—		10
Series 49		13		8
		13		30

Deferred Acquisition Costs

Deferred acquisition costs are being amortized on the straight-line method over 27.5 years.

Accumulated amortization as of March 31, 2006 and 2005 are as follows:

	2006		2005
Series 47	$	154,360	$	50,231
Series 48		93,305		18,227
Series 49		159,924		—
	$	407,589	$	68,458

The amortization of deferred acquisition costs for eash of the ensuing 5 years through March 31, 2011 is estimated to be $348,546 per year.

F-28

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Organization Costs

Initial organization and offering expenses common to all series are allocated on a percentage of equity raised to each series.

Organization costs are expensed as incurred.

Capitalized Expenses

Costs incurred in connection with borrowing funds to make capital contributions to operating limited partnerships and certain other costs are capitalized and included in investments in operating limited partnerships. Such costs are being amortized on the straight-line method over 27.5 years.

Accumulated amortization for capitalized expenses as of March 31, 2006 and 2005 are as follows:

	2006		2005
Series 47	$	5,119	$	1,005
Series 48		1,808		343
Series 49		6,063		—
	$	12,990	$	1,348

The amortization of capitalized expense for cash of the ensuing 5 years through March 31, 2011 is estimated to be $11,635 per year.

Selling Commissions and Registration Costs

Selling commissions paid in connection with the public offering are charged against the assignees’ capital upon admission of investors as assignees. Registration costs associated with the public offering are charged against assignees’ capital as incurred.

F-29

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Income Taxes

No provision or benefit for income taxes has been included in these financial statements since taxable income or loss passes through to, and is reportable by, the partners and assignees individually.

Cash and Cash Equivalents

Cash equivalents include repurchase agreements, tax-exempt sweep accounts and money market accounts having original maturities at date of acquisition of three months or less. The carrying value approximates fair value because of the short maturity of these instruments. During the ordinary course of business, amounts on deposit may exceed the FDIC-insured limit.

Fiscal Year

For financial reporting purposes, the fund uses a March 31 year-end, whereas for income tax reporting purposes, the fund uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting.

Net Loss per Beneficial Assignee Certificate

Net loss per beneficial assignee partnership unit is calculated based upon the weighted average number of units outstanding during the year. The weighted average number of units in Series 47, 48 and 49 at March 31, 2006 and 2005 are as follows:

	2006		2005
Series 47		3,478,334		3,365,262
Series 48		2,299,372		1,644,882
Series 49		5,937,626		1,333,753
		11,715,332		6,343,897

F-30

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments

Investments available-for-sale are being carried at fair value. Unrealized gains or losses are reported as other comprehensive income (loss). Realized gains or losses, determined on the basis of the costs of specific securities sold, are included in earnings.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

F-31

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE B — RELATED PARTY TRANSACTIONS

During the year ended March 31, 2006 and 2005, the fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc. (BCP), Boston Capital Services, Inc. (BCS), Boston Capital Holdings Limited Partnership (BCHLP) and Boston Capital Asset Management Limited Partnership(BCAM), as follows:

Boston Capital Asset Management Limited Partnership is entitled to an annual fund management fee based on .5% of the aggregate cost of all apartment complexes acquired by the operating limited partnerships, less the amount of certain partnership management and reporting fees paid or payable by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made by each series to the operating limited partnerships and 99% of the permanent financing at the operating limited partnership level. The annual fund management fee charged to operations for the year ended for March 31, 2006, 2005, and 2004 are as follows:

	2006		2005		2004
Series 47	$	379,008	$	382,111	$	13,945
Series 48		230,913		189,107		—
Series 49		371,524		64,300		—
	$	981,445	$	635,518	$	13,945

General and administrative expenses and professional fees incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership for each series for the year ended March 31, 2006, 2005, and 2004 charged to each series operations are as follows:

	2006		2005		2004
Series 47	$	31,359	$	31,106	$	10,053
Series 48		26,802		29,419		—
Series 49		35,008		36,644		—
	$	93,169	$	97,169	$	10,053

F-32

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE B — RELATED PARTY TRANSACTIONS (Continued)

Boston Capital Services, Inc. received dealer-manager fees for the marketing advice and investment banking services performed at the time of the fund’s offering of BACs. The dealer-manager fees are included in partners’ capital as selling commissions and registration costs. During the year ended March 31, 2006, 2005, and 2004 dealer manager fees incurred to Boston Capital Services, Inc. are as follows:

	2006		2005		2004
Series 47	$	—	$	286,163	$	226,254
Series 48		—		288,407		—
Series 49		138,469		711,433		—
	$	138,469	$	1,286,003	$	226,254

The amounts presented for Dealer-Manager Fee, as retained by Boston Capital Securities, Inc, have been adjusted to reflect reimbursements made in March 2006 of certain offering expenses, including expenses associated with wholesaling services, by Boston Capital Holdings Limited Partnership to the applicable fund. These payments were voluntarily made by Boston Capital Holdings Limited Partnership following an inquiry by the NASD of Boston Capital Securities, Inc. This inquiry has been resolved. For the year ended March 31, 2006 the amounts reimbursed by Boston Capital Holdings Limited Partnership were $381,232 and $270,271, for Series 47 and Series 48, respectively.

A receivable from affiliates had been recorded as of March 31, 2005 in the amount of $773,039. This was a result of recent regulatory guidance concerning the treatment of certain offering costs that were paid by the Fund. This receivable was reimbursed by Boston Capital Holdings Limited Partnership as of March 31, 2006.

Other assets at March 31, 2006 includes $531,000 of amounts due from affiliates for reimbursement of costs incurred for future series costs as the Investment General Partner has decided not to expand the fund.

F-33

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE B — RELATED PARTY TRANSACTIONS (Continued)

Boston Capital Holdings Limited Partnership is entitled to asset acquisition fees for selecting, evaluating, structuring, negotiating, and closing the fund’s acquisition of interests in the operating limited partnerships. During the year ended March 31, 2006, 2005, and 2004, acquisition fees incurred to Boston Capital Holdings Limited Partnership by series are as follows.

	2006		2005		2004
Series 47	$	—	$	1,045,369	$	1,180,765
Series 48		—		1,471,598		—
Series 49		634,685		3,205,252		—
	$	634,685	$	5,722,219	$	1,180,765

Accounts payable — affiliates at March 31, 2006, 2005, and 2004 represents acquisition fees, fund management fees, Operating Partnership loans and dealer-manager fees which are payable to Boston Capital Holdings Limited Partnership, Boston Capital Services, Inc., and Boston Capital Asset Management Limited Partnership.

During the year ended March 31, 2006 and 2005, the fund reimbursed affiliates of the general partner for amounts in connection with the offering of BACs. These reimbursements include, but are not limited to, postage, printing, travel and overhead allocations and are included in partners’ capital as selling commissions and registrations costs at March 31, 2006 and 2005. During the year ended March 31, 2006 and 2005, the selling commission and registration costs incurred to affiliates by series are as follows:

	2006		2005		2004
Series 47	$	—	$	64,031	$	74,195
Series 48		—		69,484		—
Series 49		36,714		94,804		—
	$	36,714	$	228,319	$	74,195

F-34

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2006 and 2006, the fund has limited partnership interests in operating limited partnerships which own or are constructing operating apartment complexes. The number of operating limited partnerships in which the fund has limited partnerships interests at March 31, 2006 and 2005 by series are as follows:

	2006		2005
Series 47		15		15
Series 48		10		10
Series 49		21		8
		46		33

Under the terms of the fund’s investment in each operating limited partnership, the fund is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction and/or operations. At March 31, 2006 and 2005, contributions are payable to operating limited partnerships as follows:

	2006		2005
Series 47	$	3,731,835	$	7,963,457
Series 48		2,338,756		7,222,638
Series 49		12,826,512		18,315,431
	$	18,897,103	$	33,501,526

F-35

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

     The fund’s investments in operating limited partnerships at March 31, 2006 is summarized as follows:

	Total			Series 47			Series 48			Series 49
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	86,912,823		$	26,088,302		$	17,425,267		$	43,399,254
Acquisition costs of operating limited partnerships		305,896			106,953			38,454			160,489
Cumulative distributions from operating limited partnerships		(738	)		(738	)		—			—
Cumulative losses from operating limited partnerships		(6,158,939	)		(3,616,645	)		(1,860,431	)		(681,863	)
Investments in operating limited partnerships per balance sheets		81,059,042			22,577,872			15,603,290			42,877,880

F-36

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

	Total			Series 47			Series 48			Series 49
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2006 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2005 (see note A).		(23,915,681	)		(4,433,357	)		(3,000,943	)		(16,481,381	)
The fund has recorded acquisition costs at March 31, 2006 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(305,897	)		(106,953	)		(38,454	)		(160,490	)
Other		(30,562	)		(21,116	)		(9,620	)		174
Equity per operating limited partnerships’ combined financial statements	$	56,806,902		$	18,016,446		$	12,554,273		$	26,236,183

F-37

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

     The fund’s investments in operating limited partnerships at March 31, 2005 is summarized as follows:

	Total			Series 47			Series 48			Series 49
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters	$	70,545,888		$	26,279,545		$	17,391,528		$	26,874,815
Acquisition costs of operating limited partnerships		193,467			108,576			37,428			47,463
Cumulative distributions from operating limited partnerships		(738	)		(738	)		—			—
Cumulative losses from operating limited partnerships		(1,206,897	)		(992,975	)		(213,922	)		—
Investments in operating limited partnerships per balance sheets		69,531,720			25,394,408			17,215,034			26,922,278

F-38

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

	Total			Series 47			Series 48			Series 49
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2005 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2004 (see note A).		(41,626,722	)		(10,410,234	)		(7,887,936	)		(23,328,552	)
The fund has recorded acquisition costs at March 31, 2005 which have not been recorded in the net assets of the operating limited partnerships (see note A).		(193,464	)		(108,575	)		(37,426	)		(47,463	)
Other		(14,713	)		(14,713	)		—			—
Equity per operating limited partnerships’ combined financial statements	$	27,696,821		$	14,860,886		$	9,289,672		$	3,546,263

F-39

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2005 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 47		Series 48		Series 49
ASSETS
Buildings and improvements, net of accumulated depreciation	$	242,474,280	$	102,462,804	$	71,701,492	$	68,309,984
Construction in progress		33,643,645		3,818,773		3,818,773		26,006,099
Land		21,439,276		8,151,020		6,635,577		6,652,679
Other assets		26,227,381		7,424,595		3,846,244		14,956,542
	$	323,784,582	$	121,857,192	$	86,002,086	$	115,925,304
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	189,847,874	$	76,092,992	$	51,558,680	$	62,196,202
Accounts payable and accrued expenses		3,075,059		1,045,003		332,394		1,697,662
Other liabilities		51,930,103		18,040,618		14,094,698		19,794,787
		244,853,036		95,178,613		65,985,772		83,688,651
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund V L.P.		56,806,902		18,016,446		12,554,273		26,236,183
Other partners		22,124,644		8,662,133		7,462,041		6,000,470
		78,931,546		26,678,579		20,016,314		32,236,653
	$	323,784,582	$	121,857,192	$	86,002,086	$	115,925,304

F-40

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED BALANCE SHEETS

	Total		Series 47		Series 48		Series 49
ASSETS
Buildings and improvements, net of accumulated depreciation	$	67,277,915	$	45,318,584	$	21,959,331	$	—
Construction in progress		63,622,140		30,399,586		24,484,363		8,738,191
Land		15,802,569		7,858,128		6,132,293		1,812,148
Other assets		58,555,370		25,745,978		21,245,348		11,564,044
	$	205,257,994	$	109,322,276	$	73,821,335	$	22,114,383
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable	$	136,192,062	$	71,373,669	$	47,680,886	$	17,137,507
Accounts payable and accrued expenses		956,888		815,233		121,306		20,349
Other liabilities		29,952,109		16,932,809		11,609,146		1,410,154
		167,101,059		89,121,711		59,411,338		18,568,010
PARTNERS’ CAPITAL
Boston Capital Tax Credit Fund V L.P.		27,696,821		14,860,886		9,289,672		3,546,263
Other partners		10,460,114		5,339,679		5,120,325		110
		38,156,935		20,200,565		14,409,997		3,546,373
	$	205,257,994	$	109,322,276	$	73,821,335	$	22,114,383

F-41

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2005 for operating limited partnerships in which Series 47 through Series 49 had an interest as of December 31, 2005 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 47			Series 48			Series 49
Revenue
Rent	$	10,696,589		$	5,968,730		$	2,934,817		$	1,793,042
Interest and other		603,587			276,664			178,794			148,129
		11,300,176			6,245,394			3,113,611			1,941,171
Expenses
Interest		4,435,324			2,452,204			1,386,691			596,429
Depreciation and amortization		4,639,304			2,370,090			1,408,422			860,792
Taxes and insurance		2,021,956			1,138,192			637,772			245,992
Repairs and maintenance		1,499,431			823,241			496,910			179,280
Operating expenses		5,788,981			2,956,309			1,689,294			1,143,378
Other expenses		508,349			277,015			182,682			48,652
		18,893,345			10,017,051			5,801,771			3,074,523
NET LOSS	$	(7,593,169	)	$	(3,771,657	)	$	(2,688,160	)	$	(1,133,352	)
Net loss allocated to Boston
Capital Tax Credit Fund V L.P.	$	(4,955,686	)	$	(2,627,314	)	$	(1,646,509	)	$	(681,863	)
Net loss allocated to other partners	$	(2,637,483	)	$	(1,144,343	)	$	(1,041,651	)	$	(451,489	)

F-42

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

The fund invested in the operating limited partnerships subsequent to December 31, 2003, therefore no comparative statement of operations is presented. The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2004 for operating limited partnerships in which Series 47 through Series 49 had an interest as of December 31, 2004 are as follows:

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

	Total			Series 47			Series 48			Series 49
Revenue
Rent	$	2,073,010		$	1,840,650		$	232,360		$	—
Interest and other		62,344			41,915			20,429			—
		2,135,354			1,882,565			252,789			—
Expenses
Interest		698,909			549,502			149,407			—
Depreciation and amortization		818,192			618,700			199,492			—
Taxes and insurance		412,902			376,947			35,955			—
Repairs and maintenance		322,905			279,018			43,887			—
Operating expenses		1,257,215			1,092,950			164,265			—
Other expenses		88,970			82,305			6,665			—
		3,599,093			2,999,422			599,671			—
NET LOSS	$	(1,463,739	)	$	(1,116,857	)	$	(346,882	)	$	—
Net loss allocated to Boston
Capital Tax Credit Fund V L.P.	$	(1,206,897	)	$	(992,975	)	$	(213,922	)	$	—
Net loss allocated to other partners	$	(256,842	)	$	(123,882	)	$	(132,960	)	$	—

F-43

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE D — OTHER ASSETS

Other assets include $0 and $3,490,150, respectively, of cash held by an escrow agent at March 31, 2006 and 2005. The cash held at March 31, 2005 represents capital contributions to be released to the partnership.

In addition, at March 31, 2006 and 2005, other assets includes $2,555,933 and $1,499,361, respectively, of cash advanced to operating limited partnerships, which is to be applied to capital contributions payable when certain criteria have been met. The cash advances at March 31, 2006 and 2005 by series are as follows:

	2006		2005
Series 47	$	—	$	521,053
Series 48		—		978,308
Series 49		2,555,933		—
	$	2,555,933	$	1,499,361

NOTE E — NOTES RECEIVABLE

Notes receivable at March 31, 2006 and 2005 consist of advance installments of $2,704,935 and $766,381, respectively, of capital contributions to operating limited partnerships. The notes are comprised of noninterest bearing and interest bearing notes with rates ranging from prime to prime + 1%. Prime was 7.75% and 5.75% as of March 31, 2006 and 2005, respectively. These notes are secured by future installments of capital contributions or paid upon demand. The carrying value of the notes receivable at March 31, 2006 and 2005 approximates fair value. The notes at March 31, 2006 and 2005 by series are as follows:

	2006		2005
Series 47	$	1,245,069	$	278,096
Series 48		799,602		185,292
Series 49		660,264		302,993
	$	2,704,935	$	766,381

F-44

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE F — RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN

For income tax purposes, the fund reports using a December 31 year-end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2006 is reconciled as follows:

	Total			Series 47			Series 48			Series 49
Net income (loss) for financial reporting purposes	$	(5,938,583	)	$	(3,107,786	)	$	(1,966,680	)	$	(864,117	)
Accrued partnership management fee not deducted for income tax purposes		(290,224	)		(244,399	)		(121,984	)		76,159
Other		712,634			417,922			510,983			(216,271	)
Excess of tax depreciation over book depreciation on operating limited partnership assets		(1,020,735	)		(624,869	)		(297,076	)		(98,790	)
Difference due to fiscal year for book purposes and calendar year for tax purposes		1,570,471			571,686			315,078			683,707
Income (loss) for tax return purposes, December 31, 2005	$	(4,966,437	)	$	(2,987,446	)	$	(1,559,679	)	$	(419,312	)

F-45

Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

For income tax purposes, the fund reports using a December 31 year-end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2005 is reconciled as follows:

	Total			Series 47			Series 48			Series 49
Net income (loss) for financial reporting purposes	$	(2,164,888	)	$	(1,514,651	)	$	(508,620	)	$	(141,617	)
Accrued partnership management fee not deducted for income tax purposes		477,547			244,399			121,985			111,163
Other		300,085			164,525			58,167			77,393
Excess of tax depreciation over book depreciation on operating limited partnership assets		(159,628	)		(84,558	)		(75,070	)		—
Difference due to fiscal year for book purposes and calendar year for tax purposes		266,648			128,806			111,670			26,172
Income (loss) for tax return purposes, December 31, 2004	$	(1,280,236	)	$	(1,061,479	)	$	(291,868	)	$	73,111

NOTE F — RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (continued)

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2006 are as follows:

	Total		Series 47		Series 48			Series 49
Investments in operating limited partnerships — tax return December 31, 2005	$	76,507,336	$	22,500,507	$	15,775,422		$	38,231,407
Operating limited partnerships acquired during the three month period ended March 31, 2006		4,415,379		—		—			4,415,379
Other		136,327		77,365		(172,132	)		231,094
Investments in operating limited partnerships — as reported	$	81,059,042	$	22,577,872	$	15,603,290		$	42,877,880

F-46

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2005 are as follows:

	Total			Series 47			Series 48		Series 49
Investments in operating limited partnerships — tax return December 31, 2004	$	58,068,772		$	25,449,973		$	17,009,433	$	15,609,366
Operating limited partnerships acquired during the three month period ended March 31, 2005		11,610,026			—			—		11,610,026
Other		(147,078	)		(55,565	)		205,601		(297,114	)
Investments in operating limited partnerships — as reported	$	69,531,720		$	25,394,408		$	17,215,034	$	26,922,278

F-47

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE G — INVESTMENTS AVAILABLE-FOR-SALE

At March 31, 2006, the amortized cost and fair value of investments available-for-sale are as follows:

			Gross
	Amortized		unrealized			Fair
	cost		loss			value
Tax-exempt municipal bonds	$	13,323,121	$	(135,121	)	$	13,188,000

The amortized cost and fair value of investments available-for-sale by maturity as of March 31, 2006 is shown below:

	Amortized cost		Fair value
Due in one year or less	$	5,220,067	$	5,167,126
Due in one year through five years		7,029,930		6,958,634
Due in more than 10 years		1,073,125		1,062,240
	$	13,323,122	$	13,188,000

The tax-exempt coupon rates for the investments held during the year ranged from 2.50% to 5.86%.

Proceeds from sales and maturities of investments during the year ended March 31, 2006 were $5,897,378, resulting in a realized loss of $223,290, included in interest income.

F-48

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE G — INVESTMENTS AVAILABLE-FOR-SALE (continued)

At March 31, 2005, the amortized cost and fair value of investments available-for-sale are as follows:

			Gross
	Amortized		unrealized			Fair
	cost		loss			value
Tax-exempt municipal bonds	$	8,807,290	$	(112,777	)	$	8,694,513

The amortized cost and fair value of investments available-for-sale by maturity as of March 31, 2005 is shown below:

	Amortized cost		Fair value
Due in one year or less	$	1,096,344	$	1,082,638
Due in one year through five years		6,928,957		6,858,312
Due in more than 10 years		781,989		753,563
	$	8,807,290	$	8,694,513

The tax-exempt coupon rates for the investments held during the year ranged from 1.00% to 6.25%.

NOTE H — CASH EQUIVALENTS

Cash equivalents of $3,183,674 and $8,270,609 as of March 31, 2006 and 2005, respectively, include tax-exempt sweep accounts and money market accounts with interest rates ranging from 0.40% to 4.12% per annum.

On March 31, 2006 and 2005, the fund purchased $2,650,000 and $25,230,000 of corporate bonds and preferred stock to resell on April 1, 2006 and April 1, 2005, respectively. Interest is earned at a rate of .4% per annum.

F-49

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE I — LINE OF CREDIT

For the year ended March 31, 2006 and 2005, the partnership has a line of credit with an agent bank in the aggregate amount of $40,000,000, of which $0 was outstanding as of March 31, 2006 and March 31, 2005. The line bears interest at the prime rate (7.75% and 5.75% at March 31, 2006 and 2005, respectively) plus .25%. Interest is payable monthly. For the year ended March 31, 2006 and 2005, $90,877 and $177,780 of interest was incurred or paid. Interest been recorded as a cost of acquiring investments in operating limited partnerships and is being amortized over the life of asset. The line is guaranteed by Boston Capital Holdings, L.P. and various affiliates and expired on March 26, 2006.

F-50

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

NOTES TO FINANCIAL STATEMENTS — CONTINUED

March 31, 2006 and 2005

NOTE J — RECONCILIATION OF QUARTERLY FINANCIAL INFORMATION

	First			Second			Third			Fourth
	Quarter			Quarter			Quarter			Quarter
2006
Total revenue	$	197,798		$	184,360		$	287,093		$	189,291
Loss from operations		(270,740	)		(292,334	)		(156,976	)		(266,491	)
Equity in loss of investments in operating partnerships		(366,372	)		(372,316	)		(365,912	)		(3,847,442	)
Net loss		(637,112	)		(664,650	)		(522,888	)		(4,113,933	)
Net loss per unit of limited partnership interest		(0.05	)		(0.06	)		(0.04	)		(0.35	)
2005
Total revenue	$	21,419		$	50,554		$	128,540		$	162,339
Loss from operations		(248,568	)		(131,895	)		(198,056	)		(379,472	)
Equity in loss of investments in operating partnerships		—			—			—			(1,206,897	)
Net loss		(248,568	)		(131,895	)		(198,056	)		(1,586,369	)
Net loss per unit of limited partnership interest		(0.06	)		(0.02	)		(0.02	)		(0.15	)
2004
Total revenue	$	—		$	—		$	—		$	3,814
Loss from operations		—			—			—			(22,501	)
Equity in loss of investments in operating partnerships		—			—			—			—
Net loss		—			—			—			(22,501	)
Net loss per unit of limited partnership interest		—			—			—			(0.07	)

F-51

Boston Capital Tax Credit Fund V LP — Series 47

Schedule III — Real Estate and Accumulated Depreciation

March 31, 2006

							Cost
							Capitalized
							Subsequent to			Gross Amount at Which Carried
			Initial Cost to Company				Acquisition			at Close of Period												Life on Which
					Buildings and							Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements			Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
CAROLLTON II		1,262,908		77,000		2,291,951		498,593			77,000		2,790,544		2,867,544		89,118		11/04		04/04		5-27.5
COLEMAN FOUNTAINHEAD		528,747		10,000		310,562		780,641			10,000		1,091,203		1,101,203		41,392		03/05		03/04		5-27.5
COUNTRY BROOK		7,284,390		952,379		7,128,652		1,649,124			916,996		8,777,776		9,694,772		242,742		07/05		06/04		5-27.5
CP CONTINENTAL		7,044,925		620,000		9,890,223		6,774			620,000		9,896,997		10,516,997		1,007,889		12/04		03/04		5-27.5
DAWN SPRING		607,100		250,000		2,133,550		0			250,000		2,133,550		2,383,550		4,978		10/05		05/05		5-27.5
HILLSBORO FOUNTAINHEAD		1,724,568		60,000		1,239,844		1,423,689			60,000		2,663,533		2,723,533		97,984		07/05		03/04		5-27.5
MARBLE FALLS		6,000,000		0		0		8,820,302			0		8,820,302		8,820,302		158,174		06/05		03/04		7-40
MARION		1,344,848		67,881		1,587,930		10,666			67,881		1,598,596		1,666,477		62,949		12/04		07/04		5-40
MASTERS APARTMENTS		8,000,000		467,086		0		11,936,453			469,361		11,936,453		12,405,814		76,465		10/05		06/04		7-40
MAYFAIR		9,500,000		1,330,032		0		14,186,479			1,330,032		14,186,479		15,516,511		155,068		07/05		03/04		7-40
McEVER VINEYARDS		13,351,578		1,864,444		15,251,440		(41,593	)		1,964,444		15,209,847		17,174,291		615,342		11/03		12/04		5-27.5
PARK PLAZA		763,900		31,600		1,013,065		0			31,600		1,013,065		1,044,665		42,869		11/04		11/04		5-27.5
PARKLAND MANOR		2,694,028		180,000		1,428,560		3,788,231			180,000		5,216,791		5,396,791		120,038		05/05		07/04		5-27.5
PECAN ACRES		2,636,000		277,706		4,787,302		0			277,706		4,787,302		5,065,008		144,583		12/04		06/04		5-27.5
WELLINGTON		13,350,000		1,896,000		0		15,330,210			1,896,000		15,330,210		17,226,210		130,253		07/05		01/04		7-40
		76,092,992		8,084,128		47,063,079		58,389,569			8,151,020		105,452,648		113,603,668		2,989,844

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2005.

U/C-Property was under construction as of March 31, 2006

There were no carrying costs as of December 31, 2005. The column has been omitted for presentation purposes.

F-52

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP — Series 47

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period — 4/1/04				$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		53,917,190
Improvements, etc		0
Other		0
				$	53,917,190
Deductions during period:
Cost of real estate sold	$	0
Other		0
				$	0
Balance at close of period — 3/31/05				$	53,917,190
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		2,383,550
Improvements, etc		58,456,461
Other		0
				$	60,840,011
Deductions during period:
Cost of real estate sold	$	0
Other		(1,153,533	)
				$	(1,153,533	)
Balance at close of period — 3/31/06				$	113,603,668

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period — 4/1/04			$	0
Current year expense	$	740,478
Balance at close of period — 3/31/05			$	740,478
Current year expense	$	2,249,366
Balance at close of period — 3/31/06			$	2,989,844

F-53

Boston Capital Tax Credit Fund IV LP — Series 48

Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006

							Cost
							Capitalized
							Subsequent to			Gross Amount at Which Carried
			Initial Cost to Company				Acquisition			at Close of Period												Life on Which
					Buildings and							Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements			Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
COLUSA AVE		2,003,320		133,857		1,425,873		1,143,541			126,503		2,569,414		2,695,917		109,225		05/05		07/04		5.27.5
CTP LP (CONTEMPO)		1,564,691		0		750,313		1,489,287			105,000		2,239,600		2,344,600		112,493		08/05		08/04		5.27.5
MASTERS APTS		8,000,000		467,086		0		11,936,453			469,361		11,936,453		12,405,814		76,465		10/05		06/04		7-40
MAYFAIR PARK		9,500,000		1,330,032		0		14,186,479			1,330,032		14,186,479		15,516,511		155,068		07/05		03/04		7-40
MCEVER VINYARDS		11,370,582		1,864,444		15,251,440		(41,593	)		1,964,444		15,209,847		17,174,291		615,342		12/04		11/03		5.27.5
PDC SIXTY		1,361,849		100,000		2,528,242		515,778			100,000		3,044,020		3,144,020		120,710		03/05		04/04		5.27.5
STARLITE VILLAGE		1,246,613		200,000		0		2,866,442			200,000		2,866,442		3,066,442		46,663		06/05		11/04		5.27.5
UMATILLA LINKS ASSOC		2,011,625		140,874		2,179,908		50,096			140,874		2,230,004		2,370,878		89,418		11/04		06/04		5.27.5
WELLINGTON PARK		13,350,000		1,896,000		0		15,330,210			1,896,000		15,330,210		17,226,210		130,253		07/05		01/04		7-40
WYNDHAM EMPORIA PTRS		1,150,000		0		0		3,626,281			303,363		3,626,281		3,929,644		81,621		05/05		08/04		5.27.5
		51,558,680		6,132,293		22,135,776		51,102,974			6,635,577		73,238,750		79,874,327		1,537,258

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2005.

U/C-Property was under construction as of March 31, 2006

There were no carrying costs as of December 31, 2005. The column has been omitted for presentation purposes.

F-54

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP — Series 48

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period — 4/1/04			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		28,268,069
Improvements, etc		0
Other		0
			$	28,268,069
Deductions during period:
Cost of real estate sold	$	0
Other		0
			$	0
Balance at close of period — 3/31/05			$	28,268,069
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		0
Improvements, etc		51,606,258
Other		0
			$	51,606,258
Deductions during period:
Cost of real estate sold	$	0
Other		0
			$	0
Balance at close of period — 3/31/06			$	79,874,327

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period — 4/1/04			$	0
Current year expense	$	176,445
Balance at close of period — 3/31/05			$	176,445
Current year expense	$	1,360,813
Balance at close of period — 3/31/06			$	1,537,258

F-55

Boston Capital Tax Credit Fund IV LP — Series 49

Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006

							Cost
							Capitalized
							Subsequent to		Gross Amount at Which Carried
			Initial Cost to Company				Acquisition		at Close of Period												Life on Which
					Buildings and						Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements		Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
BRISTOL APARTMENTS		12,625,000		1,842,588		19,759,757		0		1,842,588		19,759,757		21,602,345		88,884		11/05		05/04		5-27.5
COLUMBIA SR. @ BLACKSHEAR		0		0		0		0		337,557		0		337,557		0		U/C		12/04		5-27.5
GARDEN GRACE		3,072,000		125,000		2,972,000		0		125,000		2,972,000		3,097,000		0		U/C		10/05		N/A
KAUFMAN FOUNTAINHEAD		1,255,857		50,800		1,347,096		0		50,800		1,347,096		1,397,896		35,718		U/C		02/05		5-27.5
LINDA VILLA		1,219,700		210,000		2,640,391		0		210,000		2,640,391		2,850,391		12,738		10/05		05/05		5-27.5
LINDENS-BARTLESVILLE		1,081,549		0		0		0		0		0		0		0		U/C		05/05		N/A
LINDENS-SHAWNEE		1,198,250		0		0		0		0		0		0		0		02/06		12/04		N/A
MARBLE FALLS		6,000,000		0		8,820,302		0		0		8,820,302		8,820,302		158,174		06/05		03/04		7-40
MEADOW GLEN		1,286,904		64,765		1,627,749		0		64,765		1,627,749		1,692,514		49,521		07/05		10/05		5-40
NEW CHESTER TOWNHOUSES		0		0		0		0		0		0		0		0		U/C		03/06		N/A
PERRYTON FOUNTAINHEAD		1,316,835		24,100		1,726,417		0		24,100		1,726,417		1,750,517		37,534		U/C		02/05		5-27.5
POST OAKS		13,600,000		1,597,148		0		6,176,702		1,597,148		6,176,702		7,773,850		30,844		U/C		07/04		7-40
RENAISSANCE VILLAGE		332,908		207,500		780,689		0		207,500		780,689		988,189		1,754		U/C		05/05		5-27.5
RICHWOOD APARTMENTS		0		0		0		0		0		0		0		0		U/C		12/05		N/A
RIDGEVIEW MOUNT VERNON		4,400,404		800,000		5,551,405		0		800,000		5,551,405		6,351,405		109,810		08/05		01/05		5-27.5
ROSEHILL OF TOPEKA II		2,436,012		215,000		0		5,723,730		215,000		5,723,730		5,938,730		79,595		04/05		08/04		10-40

F-56

Boston Capital Tax Credit Fund IV LP — Series 49

Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006

							Cost
							Capitalized
							Subsequent to		Gross Amount at Which Carried
			Initial Cost to Company				Acquisition		at Close of Period												Life on Which
					Buildings and						Buildings and				Accumulated		Date of		Date		Depreciation
Description	Encumbrances		Land		Improvements		Improvements		Land		Improvements		Total		Depreciation		Construction		Acquired		is Computed
ROSEWOOD PLACE		6,777,741		1,050,000		2,895,685		0		1,050,000		2,895,685		3,945,685		0		U/C		02/05		10-40
RURAL HOUSING PARTNERS KEWAUNEE		1,282,640		31,226		2,356,135		0		31,226		2,356,135		2,387,361		142,683		10/05		07/05		5-27.5
RURAL HOUSING PARTNERS MAUSTON I & II		1,049,911		16,995		1,468,725		0		16,995		1,468,725		1,485,720		102,952		06/05		03/05		5-27.5
THE GARDENS OF ATHENS		2,267,363		45,000		3,542,567		0		45,000		3,542,567		3,587,567		0		12/05		01/05		10-40
UNION SQ HOUSING		993,128		35,000		1,786,074		0		35,000		1,786,074		1,821,074		15,233		09/05		02/05		5-40
		62,196,202		6,315,122		57,274,992		11,900,432		6,652,679		69,175,424		75,828,103		865,440

     Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2005.

     U/C-Property was under construction as of March 31, 2006

     There were no carrying costs as of December 31, 2005. The column has been omitted for presentation purposes.

F-57

Notes to Schedule III

Boston Capital Tax Credit Fund IV LP — Series 49

Reconciliation of Land, Building & Improvements current year changes

Balance at beginning of period — 4/1/04			$	0
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		1,812,148
Improvements, etc		0
Other		0
			$	1,812,148
Deductions during period:
Cost of real estate sold	$	0
Other		0
			$	0
Balance at close of period — 3/31/05			$	1,812,148
Additions during period:
Acquisitions through foreclosure	$	0
Other acquisitions		61,777,966
Improvements, etc		12,237,989
Other		0
			$	74,015,955
Deductions during period:
Cost of real estate sold	$	0
Other		0
			$	0
Balance at close of period — 3/31/06			$	75,828,103

Reconciliation of Accumulated Depreciation current year changes

Balance at beginning of period — 4/1/04			$	0
Current year expense	$	0
Balance at close of period — 3/31/05			$	0
Current year expense	$	865,440
Balance at close of period — 3/31/06			$	865,440

F-58

EX-23

INDEPENDENT AUDITORS’ REPORT

To the Partners
Park Plaza Village Limited Partnership

I have audited the accompanying balance sheet of Park Plaza Village Limited Partnership (an Oklahoma limited partnership) as of December 31, 2005, and the related statements of operations, partners’ equity, cash flows and supplemental information for the year then ended. These financial statements are the responsibility of the general partner and management. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. I believe that my audit provides a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Park Plaza Village Limited Partnership as of December 31, 2005, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

My audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying information in Schedule 1 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the procedures applied in the audits of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

Melvin L. Gilbertson
Sapulpa, OK
February 10, 2006

INDEPENDENT AUDITORS’ REPORT

To the Partners
Meadow Glen Apartments Limited Partnership

I have audited the accompanying balance sheet of Meadow Glen Apartments Limited Partnership (an Oklahoma limited partnership), as of December 31, 2005 and the related statements of operations, partners’ equity, cash flows and supplemental information for the year then ended. These financial statements are the responsibility of the general partner and management. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Meadow Glen Apartments Limited Partnership as of December 31, 2005, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying information Schedule 1 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the procedures applied in the audits of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

Melvin L. Gilberston
Sapulpa, Oklahoma
February 10, 2006

INDEPENDENT AUDITORS’ REPORT

To the Members
Rosehill Place of Topeka Two LLC

We have audited the accompanying balance sheet of Rosehill Place of Topeka Two LLC, as of December 31, 2005 and the related statements of operations, members’ equity and cash flows for the year ended. These financial statements are the responsibility of the company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The partnership has determined that it is not required to have, nor we were engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the partnership’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining on a test basis evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statement referred to above presents fairly, in all material respects, the financial position of Rosehill Place of Topeka Two LLC as of December 31, 2005 and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

Mayer Hoffman McCann PC
Topeka Kansas
January 26, 2006

INDEPENDENT AUDITORS REPORT

To the Members
Rosewood Place LLC

We have audited the accompanying balance sheet of Rosewood Place LLC as of December 31, 2005. This balance sheet is the responsibility of the Company’s management. Our responsibility is to express an opinion on this balance sheet based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the balance sheet referred to above presents fairly, in all material respects, the financial position of Rosewood Place LLC, as of December 31, 2005, in conformity with accounting principles generally accepted in the United States of America.

Mayer Hoffman McCann PC
Topeka, Kansas
February 13, 2006

INDEPENDENT AUDITORS REPORT

To the Members
The Gardens of Athens LP

We have audited the accompanying balance sheet of the Gardens of Athens LP as of December 31, 2005. This balance sheet is the responsibility of the Company’s management. Our responsibility is to express an opinion on this balance sheet based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the partnership’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the balance sheet referred to above presents fairly, in all material respects, the financial position of the Gardens of Athens, LP, as of December 31, 2005, in conformity with accounting principles generally accepted in the United States of America.

Mayer, Hoffman, McCann PC
Topeka, Kansas
February 3, 2006

EX-31.(A)

Exhibit 31.a

I, John P. Manning, certify that:

     1. I have reviewed this annual report on Form 10-K of Boston Capital Tax Credit Fund V L.P.;

     2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

     3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

     4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

     (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

     (b) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

     (c) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

     5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

     (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

     (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ John P. Manning
	John P. Manning
	Principal Executive Officer
October 20, 2006

EX-31.(B)

Exhibit 31.b

I, Marc N. Teal, certify that:

     1. I have reviewed this annual report on Form 10-K of Boston Capital Tax Credit Fund V L.P.;

     2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

     3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

     4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

     (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

     (b) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

     (c) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

     5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

     (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

     (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Marc N. Teal
	Marc N. Teal
	Principal Financial Officer
October 20, 2006

EX-32.(A)

EXHIBIT 32.a

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

     In connection with the Annual Report of Boston Capital Tax Credit Fund V L.P. (the “Fund”) on Form 10-K for the period ended March 31, 2006 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John P. Manning, Principal Executive Officer of the Fund’s general partner, Boston Capital Associates V, L.L.C., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

     (1) The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and

     (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

By:	/s/ John P. Manning
	John P. Manning
	Principal Executive Officer
Date: October 20, 2006

     A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.(B)

EXHIBIT 32.b

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

     In connection with the Annual Report of Boston Capital Tax Credit Fund V L.P. (the “Fund”) on Form 10-K for the period ended March 31, 2006 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Marc N. Teal, Principal Financial Officer of the Fund’s general partner, Boston Capital Associates V L.L.C., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

     (1) The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and

     (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

By:	/s/ Marc N. Teal
	Marc N. Teal
	Principal Financial Officer
Date: October 20, 2006

     A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.