b5091310q

0001267425-13-000008.txt : 20131114 0001267425-13-000008.hdr.sgml : 20131114 20131114111602 ACCESSION NUMBER: 0001267425-13-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20130930 FILED AS OF DATE: 20131114 DATE AS OF CHANGE: 20131114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON CAPITAL TAX CREDIT FUND V LP CENTRAL INDEX KEY: 0001267425 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-109898 FILM NUMBER: 131217742 BUSINESS ADDRESS: STREET 1: ONE BOSTON PL. STREET 2: SUITE 2100 CITY: BOSTON STATE: MA ZIP: 02108 BUSINESS PHONE: 6176248900 MAIL ADDRESS: STREET 1: ONE BOSTON PL. STREET 2: SUITE 2100 CITY: BOSTON STATE: MA ZIP: 02108 10-Q 1 b5091310q.htm BCTC V SEPTEMBER 2013 10-Q b5091310q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended September 30, 2013

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

For the transition period from _______ to _______

Commission file number 333-109898

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)

(617) 624-8900

(Registrant's telephone number, including area code)

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 ý

No 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ý

No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act (check one):

Large accelerated filer 	Accelerated filer 
Non-accelerated filer 	Smaller reporting company ý

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

Yes 

No ý

BOSTON CAPITAL TAX CREDIT FUND V L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2013

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
				Pages
	Item 1. Condensed Financial Statements

		Condensed Balance Sheets	3-6
		Condensed Statements of Operations	7-14
		Condensed Statements of Changes in Partners' Capital (Deficit)	15-16
		Condensed Statements of Cash Flows	17-20
		Notes to Condensed Financial Statements	21-28

	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		28-37

	Item 3. Quantitative and Qualitative Disclosures About Market Risk		38

	Item 4. Controls and Procedures		38

PART II - OTHER INFORMATION

	Item 1. Legal Proceedings		39

	Item 1A. Risk Factors		39

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		39

	Item 3. Defaults Upon Senior Securities		39

	Item 4. Mine Safety Disclosures		39

	Item 5. Other Information		39

	Item 6. Exhibits		39


	Signatures		40

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

		September 30, 2013	March 31, 2013

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$26,896,373	$27,607,726

OTHER ASSETS

	Cash and cash equivalents	783,571	1,060,658
	Acquisition costs, net	2,403,094	2,746,392
	Other assets	106,411	106,411
		$30,189,449	$31,521,187

LIABILITIES

	Accounts payable and accrued expenses	$ 843	$ 843
	Accounts payable affiliates	4,202,039	3,833,125
	Capital contributions payable	101	101
		4,202,983	3,834,069

PARTNERS' CAPITAL (DEFICIT)

Assignees
	Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 11,777,706 issued and outstanding	26,182,703	27,879,103
General Partner		(196,237)	(191,985)
		25,986,466	27,687,118
		$30,189,449	$31,521,187

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 47

		September 30, 2013	March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$ 6,232,597	$ 6,296,006

OTHER ASSETS
	Cash and cash equivalents	73,390	116,970
	Acquisition costs, net	1,167,793	1,334,621
	Other assets	-	-
		$ 7,473,780	$ 7,747,597

LIABILITIES

	Accounts payable and accrued expenses	$ 385	$ 385
	Accounts payable affiliates	2,037,605	1,843,433
	Capital contributions payable	-	-
		2,037,990	1,843,818

PARTNERS' CAPITAL (DEFICIT)

Assignees
	Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 3,478,334 issued and outstanding	5,498,909	5,965,728
General Partner		(63,119)	(61,949)
		5,435,790	5,903,779
		$ 7,473,780	$ 7,747,597

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 48

		September 30, 2013	March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$ 4,800,843	$ 4,833,619

OTHER ASSETS
	Cash and cash equivalents	169,422	194,790
	Acquisition costs, net	486,340	555,816
	Other assets	-	-
		$ 5,456,605	$ 5,584,225

LIABILITIES

	Accounts payable and accrued expenses	$ 115	$ 115
	Accounts payable affiliates	1,187,850	1,068,660
	Capital contributions payable	-	-
		1,187,965	1,068,775

PARTNERS' CAPITAL (DEFICIT)

Assignees
	Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 2,299,372 issued and outstanding	4,308,730	4,554,923
General Partner		(40,090)	(39,473)
		4,268,640	4,515,450
		$ 5,456,605	$ 5,584,225

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 49

		September 30, 2013	March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)		$15,862,933	$16,478,101

OTHER ASSETS
	Cash and cash equivalents	540,759	748,898
	Acquisition costs, net	748,961	855,955
	Other assets	106,411	106,411
		$17,259,064	$18,189,365

LIABILITIES

	Accounts payable and accrued expenses	$ 343	$ 343
	Accounts payable affiliates	976,584	921,032
	Capital contributions payable	101	101
		977,028	921,476

PARTNERS' CAPITAL (DEFICIT)

Assignees
	Units of limited partnership interest, $10 stated value per BAC; 15,500,000 authorized BACs; 6,000,000 issued and outstanding	16,375,064	17,358,452
General Partner		(93,028)	(90,563)
		16,282,036	17,267,889
		$17,259,064	$18,189,365

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

		2013	2012

Income
	Interest income	$ 511	$ 1,141
		511	1,141

Share of loss from Operating Partnerships(Note D)		(342,280)	(378,036)

Expenses
	Professional fees	79,420	89,805
	Fund management fee, net (Note C)	259,108	250,172
	Amortization	171,649	184,718
	General and administrative expenses	10,702	15,214
		520,879	539,909

NET LOSS		$ (862,648)	$ (916,804)

Net loss allocated to assignees		$ (860,492)	$ (914,512)

Net loss allocated to general partner		$ (2,156)	$ (2,292)

Net loss per BAC		$ (.07)	$ (.08)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 47

		2013	2012

Income
	Interest income	$ 20	$ 85
		20	85

Share of loss from Operating Partnerships(Note D)		(46,309)	(28,797)

Expenses
	Professional fees	35,548	32,569
	Fund management fee, net (Note C)	84,244	91,172
	Amortization	83,414	83,414
	General and administrative expenses	3,385	4,769
		206,591	211,924

NET LOSS		$ (252,880)	$ (240,636)

Net loss allocated to assignees		$ (252,248)	$ (240,034)

Net loss allocated to general partner		$ (632)	$ (602)

Net loss per BAC		$ (.07)	$ (.07)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 48

		2013	2012

Income
	Interest income	$ 44	$ 114
		44	114

Share of loss from Operating Partnerships(Note D)		(9,835)	(49,997)

Expenses
	Professional fees	16,944	23,180
	Fund management fee, net (Note C)	57,095	53,630
	Amortization	34,738	34,738
	General and administrative expenses	3,132	4,188
		111,909	115,736

NET LOSS		$ (121,700)	$ (165,619)

Net loss allocated to assignees		$ (121,396)	$ (165,205)

Net loss allocated to general partner		$ (304)	$ (414)

Net loss per BAC		$ (.05)	$ (.07)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 49

		2013	2012

Income
	Interest income	$ 447	$ 942
		447	942

Share of loss from Operating Partnerships(Note D)		(286,136)	(299,242)

Expenses
	Professional fees	26,928	34,056
	Fund management fee, net (Note C)	117,769	105,370
	Amortization	53,497	66,566
	General and administrative expenses	4,185	6,257
		202,379	212,249

NET LOSS		$ (488,068)	$ (510,549)

Net loss allocated to assignees		$ (486,848)	$ (509,273)

Net loss allocated to general partner		$ (1,220)	$ (1,276)

Net loss per BAC		$ (.08)	$ (.08)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

		2013	2012

Income
	Interest income	$ 1,075	$ 2,588
		1,075	2,588

Share of loss from Operating Partnerships(Note D)		(698,889)	(768,106)

Expenses
	Professional fees	103,764	90,025
	Fund management fee, net (Note C)	527,896	525,704
	Amortization	343,298	369,436
	General and administrative expenses	27,880	31,817
		1,002,838	1,016,982

NET LOSS		$(1,700,652)	$(1,782,500)

Net loss allocated to assignees		$(1,696,400)	$(1,778,043)

Net loss allocated to general partner		$ (4,252)	$ (4,457)

Net loss per BAC		$ (.14)	$ (.15)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 47

		2013	2012

Income
	Interest income	$ 48	$ 348
		48	348

Share of loss from Operating Partnerships(Note D)		(61,207)	(57,768)

Expenses
	Professional fees	50,568	32,636
	Fund management fee, net (Note C)	180,330	187,258
	Amortization	166,828	166,828
	General and administrative expenses	9,104	10,076
		406,830	396,798

NET LOSS		$ (467,989)	$ (454,218)

Net loss allocated to assignees		$ (466,819)	$ (453,082)

Net loss allocated to general partner		$ (1,170)	$ (1,136)

Net loss per BAC		$ (.13)	$ (.13)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 48

		2013	2012

Income
	Interest income	$ 93	$ 394
		93	394

Share of loss from Operating Partnerships(Note D)		(32,776)	(106,861)

Expenses
	Professional fees	20,459	23,224
	Fund management fee, net (Note C)	116,690	108,300
	Amortization	69,476	69,476
	General and administrative expenses	7,502	8,769
		214,127	209,769

NET LOSS		$ (246,810)	$ (316,236)

Net loss allocated to assignees		$ (246,193)	$ (315,445)

Net loss allocated to general partner		$ (617)	$ (791)

Net loss per BAC		$ (.11)	$ (.14)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 49

		2013	2012

Income
	Interest income	$ 934	$ 1,846
		934	1,846

Share of loss from Operating Partnerships(Note D)		(604,906)	(603,477)

Expenses
	Professional fees	32,737	34,165
	Fund management fee, net (Note C)	230,876	230,146
	Amortization	106,994	133,132
	General and administrative expenses	11,274	12,972
		381,881	410,415

NET LOSS		$ (985,853)	$(1,012,046)

Net loss allocated to assignees		$ (983,388)	$(1,009,516)

Net loss allocated to general partner		$ (2,465)	$ (2,530)

Net loss per BAC		$ (.16)	$ (.17)

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2013
(Unaudited)

	Assignees	General partner	Total

Partners' capital (deficit) April 1, 2013	$ 27,879,103	$(191,985)	$ 27,687,118

Net loss	(1,696,400)	(4,252)	(1,700,652)

Partners' capital (deficit), September 30, 2013	$ 26,182,703	$(196,237)	$ 25,986,466

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2013
(Unaudited)

	Assignees	General partner	Total
Series 47
Partners' capital (deficit) April 1, 2013	$ 5,965,728	$ (61,949)	$ 5,903,779

Net loss	(466,819)	(1,170)	(467,989)

Partners' capital (deficit), September 30, 2013	$ 5,498,909	$ (63,119)	$ 5,435,790

	Assignees	General partner	Total
Series 48
Partners' capital (deficit) April 1, 2013	$ 4,554,923	$ (39,473)	$ 4,515,450

Net loss	(246,193)	(617)	(246,810)

Partners' capital (deficit), September 30, 2013	$ 4,308,730	$ (40,090)	$ 4,268,640

	Assignees	General partner	Total
Series 49
Partners' capital (deficit) April 1, 2013	$ 17,358,452	$ (90,563)	$ 17,267,889

Net loss	(983,388)	(2,465)	(985,853)

Partners' capital (deficit), September 30, 2013	$ 16,375,064	$ (93,028)	$ 16,282,036

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.
CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

				2013		2012
Cash flows from operating activities:

	Net loss			$(1,700,652)		$(1,782,500)
	Adjustments to reconcile net loss to net cash used in operating activities
		Amortization		343,298		369,436
		Distributions from Operating Partnerships		12,464		61,872
		Share of Loss from Operating Partnerships		698,889		768,106
	Changes in assets and liabilities
		Increase in other assets		-		(30,000)
		Increase (Decrease) in accounts payable affiliates		368,914		(206,086)

			Net cash used in operating activities	(277,087)		(819,172)

Cash flows from investing activities:

	Capital contributions paid to Operating Partnerships			-		(91,654)

			Net cash used in investing activities	-		(91,654)

DECREASE IN CASH AND CASH EQUIVALENTS					(277,087)		(910,826)

Cash and cash equivalents, beginning					1,060,658		2,051,958

Cash and cash equivalents, ending					$ 783,571		$ 1,141,132

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 47

					2013		2012
Cash flows from operating activities:

	Net loss				$ (467,989)		$ (454,218)
	Adjustments to reconcile net loss to net cash used in operating activities
		Amortization			166,828		166,828
		Distributions from Operating Partnerships			2,202		13,684
		Share of Loss from Operating Partnerships			61,207		57,768
	Changes in assets and liabilities
		Increase in other assets			-		-
		Increase (Decrease) in accounts payable affiliates			194,172		119,172

			Net cash used in operating activities		(43,580)		(96,766)

Cash flows from investing activities:

	Capital contributions paid to Operating Partnerships				-		(91,654)

			Net cash used in investing activities		-		(91,654)

DECREASE IN CASH AND CASH EQUIVALENTS				(43,580)		(188,420)

Cash and cash equivalents, beginning				116,970		366,067

Cash and cash equivalents, ending				$ 73,390		$ 177,647

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 48

					2013		2012
Cash flows from operating activities:

	Net loss				$ (246,810)		$ (316,236)
	Adjustments to reconcile net loss to net cash used in operating activities
		Amortization			69,476		69,476
		Distributions from Operating Partnerships			-		18,549
		Share of Loss from Operating Partnerships			32,776		106,861
	Changes in assets and liabilities
		Increase in other assets			-		-
		Increase (Decrease) in accounts payable affiliates			119,190		(30,810)

			Net cash used in operating activities		(25,368)		(152,160)

Cash flows from investing activities:

	Capital contributions paid to Operating Partnerships				-		-

			Net cash used in investing activities		-		-

DECREASE IN CASH AND CASH EQUIVALENTS				(25,368)		(152,160)

Cash and cash equivalents, beginning				194,790		348,763

Cash and cash equivalents, ending				$ 169,422		$ 196,603

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 49

					2013		2012
Cash flows from operating activities:

	Net loss				$ (985,853)		$(1,012,046)
	Adjustments to reconcile net loss to net cash used in operating activities
		Amortization			106,994		133,132
		Distributions from Operating Partnerships			10,262		29,639
		Share of Loss from Operating Partnerships			604,906		603,477
	Changes in assets and liabilities
		Increase in other assets			-		(30,000)
		Increase (Decrease) in accounts payable affiliates			55,552		(294,448)

			Net cash used in operating activities		(208,139)		(570,246)

Cash flows from investing activities:

	Capital contributions paid to Operating Partnerships				-		-

			Net cash used in investing activities		-		-

DECREASE IN CASH AND CASH EQUIVALENTS				(208,139)		(570,246)

Cash and cash equivalents, beginning				748,898		1,337,128

Cash and cash equivalents, ending				$ 540,759		$ 766,882

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
September 30, 2013
(Unaudited)

NOTE A - ORGANIZATION

Boston Capital Tax Credit Fund V L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). 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 managers 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 will be assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors will be 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, (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 September 30, 2013, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060.

Below is a summary of the BACs sold and total equity raised, by series, as of September 30, 2013:

Series	Closing Date	BACs Sold	Equity Raised
Series 47	April 30, 2004	3,478,334	$34,783,340
Series 48	August 12, 2004	2,299,372	$22,993,720
Series 49	April 29, 2005	6,000,000	$60,000,000

The Fund concluded its public offering of BACs in the Fund on April 29, 2005.

Boston Capital Tax Credit Fund V L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2013
(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of September 30, 2013 and for the six months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2013.

Amortization

Acquisition costs were originally amortized on the straight-line method over 27.5 years. An impairment loss has been recognized for the years ended March 31, 2013 and 2012 of $209,097 and $153,715, respectively, for Series 49. As of March 31, 2013, the lives of the remaining acquisition costs were reassessed and determined to be 4 years for all Series.

Accumulated amortization of acquisition costs by Series for the quarters ended September 30, 2013 and 2012 are as follows:

	2013	2012
Series 47	$1,746,438	$1,412,782
Series 48	347,380	208,428
Series 49	106,994	133,132
	$2,200,812	$1,754,342

The annual amortization for deferred acquisition costs for the years ending September 30, 2014, 2015, 2016 and 2017 is estimated to be $686,597, $686,597, $686,597, and $343,303, respectively.

Boston Capital Tax Credit Fund V L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2013
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of the general partner, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management L.P. as follows:

An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management L.P. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management L.P., the amounts accrued are not net of reporting fees received. The fund management fee accrued for the quarters ended September 30, 2013 and 2012 are as follows:

	2013	2012
Series 47	$ 97,086	$ 97,086
Series 48	59,595	59,595
Series 49	127,776	127,776
Total	$284,457	$284,457

The fund management fees paid for the quarters ended September 30, 2013 and 2012 are as follows:

	2013	2012
Series 47	$ -	$ 75,000
Series 48	-	150,000
Series 49	-	550,000
Total	$ -	$775,000

The fund management fees paid for the six months ended September 30, 2013 and 2012 are as follows:

	2013	2012
Series 47	$ -	$ 75,000
Series 48	-	150,000
Series 49	200,000	550,000
Total	$200,000	$775,000

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At September 30, 2013 and 2012, the Fund has limited partnership interests in 50 Operating Partnerships, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at September 30, 2013 and 2012 is as follows:

	2013	2012
Series 47	15	15
Series 48	11	11
Series 49	24	24
Total	50	50

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the financial results available for the Operating Partnerships are for the six months ended June 30, 2013.

Boston Capital Tax Credit Fund V L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2013

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Total

		2013	2012
Revenues
	Rental	$ 11,122,140	$ 11,053,662
	Interest and other	388,425	375,567
		11,510,565	11,429,229

Expenses
	Interest	1,725,335	1,828,274
	Depreciation and amortization	3,790,659	3,769,246
	Operating expenses	7,434,109	7,194,323
		12,950,103	12,791,843

NET LOSS		$(1,439,538)	$(1,362,614)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$(1,425,142)	$(1,348,988)

Net loss allocated to other Partners		$ (14,396)	$ (13,626)

* Amounts include $726,253 and $580,882 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund V L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2013

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 47

		2013	2012
Revenues
	Rental	$ 4,299,219	$ 4,265,114
	Interest and other	123,525	114,358
		4,422,744	4,379,472

Expenses
	Interest	634,036	677,022
	Depreciation and amortization	1,248,103	1,212,336
	Operating expenses	2,899,523	2,799,002
		4,781,662	4,688,360

NET LOSS		$ (358,918)	$ (308,888)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (355,329)	$ (305,799)

Net loss allocated to other Partners		$ (3,589)	$ (3,089)

* Amounts include $294,122 and $248,031 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS
September 30, 2013

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 48

		2013	2012
Revenues
	Rental	$ 2,423,851	$ 2,366,522
	Interest and other	80,671	68,800
		2,504,522	2,435,322

Expenses
	Interest	310,014	336,847
	Depreciation and amortization	794,255	795,021
	Operating expenses	1,552,506	1,516,159
		2,656,775	2,648,027

NET LOSS		$ (152,253)	$ (212,705)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (150,730)	$ (210,578)

Net loss allocated to other Partners		$ (1,523)	$ (2,127)

* Amounts include $117,954 and $103,717 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund V L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS
September 30, 2013

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 49

		2013	2012
Revenues
	Rental	$ 4,399,070	$ 4,422,026
	Interest and other	184,229	192,409
		4,583,299	4,614,435

Expenses
	Interest	781,285	814,405
	Depreciation and amortization	1,748,301	1,761,889
	Operating expenses	2,982,080	2,879,162
		5,511,666	5,455,456

NET LOSS		$ (928,367)	$ (841,021)

Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$ (919,083)	$ (832,611)

Net loss allocated to other Partners		$ (9,284)	$ (8,410)

* Amounts include $314,177 and $229,134 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the calendar year ended December 31, 2013 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund's federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2009 remain open.

Item 2. 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. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, 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 these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2013. 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 the Offering. Other sources of liquidity include (i) interest earned on capital contributions held pending investment and on working capital and (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended September 30, 2013 were $284,457 and total fund management fees accrued as of September 30, 2013 were $4,202,039. During the quarter ended September 30, 2013, none of the accrued fund management fees were paid. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships, which will be used to satisfy these liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends

which would create insufficient liquidity to meet future third party obligations of the Fund.

Capital Resources

The Fund offered BACs in the Offering declared effective by the Securities and Exchange Commission on January 2, 2004. The Fund received $34,783,340, $22,993,720 and $60,000,000 representing 3,478,334, 2,299,372 and 6,000,000 BACs from investors admitted as BAC Holders in Series 47, Series 48 and Series 49, respectively, as of September 30, 2013.

Series 47

The Fund commenced offering BACs in Series 47 on January 2, 2004. Offers and sales of BACs in Series 47 were completed on April 30, 2004. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $26,409,598.

During the quarter ended September 30, 2013, Series 47 did not record any releases of capital contributions. Series 47 has released all payments of its capital contributions to the Operating Partnerships.

Series 48

The Fund commenced offering BACs in Series 48 on May 11, 2004. Offers and sales of BACs in Series 48 were completed on August 12, 2004. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $17,452,406.

During the quarter ended September 30, 2013, Series 48 did not record any releases of capital contributions. Series 48 has released all payments of its capital contributions to the Operating Partnerships.

Series 49

The Fund commenced offering BACs in Series 49 on August 24, 2004. Offers and sales of BACs in Series 49 were completed on April 29, 2005. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $45,728,155.

During the quarter ended September 30, 2013, Series 49 did not record any releases of capital contributions. Series 49 has outstanding contributions payable to 1 Operating Partnership in the amount of $101, as of September 30, 2013. The remaining contributions will be released when the Operating Partnership have achieved the conditions set forth in their partnership agreement.

Results of Operations

As of September 30, 2013, the Fund held limited partnership interests in 50 Operating Partnerships. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain 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 to as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of certain asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred and the reporting fees paid by the Operating Partnerships for the three and six months ended September 30, 2013 are as follows:

	3 Months Gross Fund Management Fee	3 Months Reporting Fee	3 Months Fund Management Fee Net of Reporting Fee
Series 47	$ 97,086	$12,842	$ 84,244
Series 48	59,595	2,500	57,095
Series 49	127,776	10,007	117,769
	$284,457	$25,349	$259,108

	6 Months Gross Fund Management Fee	6 Months Reporting Fee	6 Months Fund Management Fee Net of Reporting Fee
Series 47	$194,172	$13,842	$180,330
Series 48	119,190	2,500	116,690
Series 49	255,552	24,676	230,876
	$568,914	$41,018	$527,896

The Fund's investment objectives do not include receipt of significant cash 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 September 30, 2013 and 2012, the average Qualified Occupancy was 100%. The series had a total of 15 properties at September 30, 2013, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2013 and 2012, Series 47 reflects a net loss from Operating Partnerships of $(358,918) and $(308,888), respectively, which includes depreciation and amortization of $1,248,103 and $1,212,336, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

CP Continental L.P. (Time Square on the Hill) is a 200-unit family development located in Fort Worth, TX. Despite occupancy that fluctuates around 90%, the property consistently operates below breakeven due to low rental rates and high operating expenses. Management has successfully reduced bad debt over the past several years and the economic occupancy through the third quarter of 2013 is 89%. The property suffers from poor visibility and has almost no drive-by traffic, requiring a large amount of money to be spent on advertising. The property also has fewer amenities than the competition, which includes properties that have pools, washer/dryer connections and covered parking at the same rent levels as CP Continental. The site staff has increased its visits to nearby retailers and businesses to place fliers in an effort to increase traffic to the property. Occupancy was 92% as of September 30, 2013. Management continues to review the budget to determine areas to control expenses and improve cash flow. The property is expected to continue to operate below breakeven throughout 2013. The operating general partner is also reviewing refinancing options to lower the annual debt service. To date, the operating general partner has not identified a program that would allow it to refinance the current Housing and Urban Development debt and improve annual cash flow. The property's mortgage, real estate taxes, and insurance are current. After rental achievement, the operating general partner is obligated to promptly advance funds to eliminate any operating deficit. The operating general partner is not obligated to have subordinate loans outstanding at any time in excess of $542,490. The management company, an affiliate of the operating general partner, is deferring all fees until operations improve. The low income tax credit compliance period expires on December 31, 2019.

McEver Vineyards, L.P. (McEver Vineyards Apartments) is a 220-unit family property in Gainesville, GA. Occupancy averaged 95%, 96% and 97% in 2010, 2011 and 2012, respectively. Average occupancy through the third quarter of 2013 was 94%. Despite the strong occupancy level, operations remained below breakeven through the third quarter of 2013 due to low rent levels, continued high operating expenses, and elevated extraordinary expenses incurred due to deferred maintenance. Debt service has become burdensome due to insufficient top line revenue growth the last several years. According to management, higher water and sewer rates have caused utility costs to increase faster than inflation as well.

The operating general partner has attempted to restructure the debt in order to improve cash flow; to date this has been unsuccessful. While the investment general partner intends to continue to work with the operating general partner and lender to improve operations, as of September 30, 2013 the lender continues to not be interested in negotiating and documenting a loan modification. The mortgage, insurance and real estate taxes are all current through the third quarter of 2013. If the property is foreclosed in 2014, the estimated credit loss of $299,479 and tax credit recapture cost and interest penalty of $909,376 are equivalent to a credit loss of $86 per 1,000 BACs and a recapture and interest penalty cost of $261 per 1,000 BACs.

Pecan Acres, L.P. (La Maison Apartments) is a 78-unit family property located in Lake Charles, LA. The property operated well above breakeven from 2010 through 2012 and maintained high occupancy. Occupancy continues to be high and was 97% as of September 30, 2013. In May 2012, the investment general partner learned that one of the two operating general partners had been charging its own overhead and other unrelated expenses to the property. The investment general partner sent a demand notice to this operating general partner to return all misappropriated funds to the property accounts at that time. The investment general partner has engaged counsel who worked with this operating general partner's attorney to resolve this matter. The investment general partner has reached an agreement with this operating general partner. This operating general partner will withdraw from the Operating Partnership and a settlement agreement dealing with this matter is expected to be executed in the fourth quarter of 2013. All real estate tax, insurance and mortgage payments are current. The low income housing tax credit compliance period expires on December 31, 2019.

Hillsboro Fountainhead, L.P. (Pecan Creek Apartments) is a 48-unit family property in Hillsboro, Texas. The property is located in an economically depressed rural area approximately 35 miles north of Waco, Texas. Despite a 22% decrease in operating expenses from 2012, the property continues to operate below breakeven through the third quarter of 2013, primarily from low occupancy. According to management, the tenant base is primarily composed of employees of a large outlet mall located two blocks from the property. In an effort to increase applicant traffic and occupancy, management has increased community outreach efforts to include local churches, social agencies, and the housing authority. In addition, print advertisements are circulated in the local newspapers monthly. Through the third quarter of 2013, average annual occupancy improved to 83% from a 2012 low of 63% in November. The investment general partner intends to continue to work with the operating general partner to improve resident selection, reduce administrative and maintenance expenses, and increase occupancy. The operating general partner will fund deficits as necessary. All real estate taxes, insurance, and mortgage payments are current. The low income housing tax credit compliance period expires on December 31, 2019.

Series 48

As of September 30, 2013 and 2012, the average Qualified Occupancy was 100%. The series had a total of 11 properties at September 30, 2013, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2013 and 2012, Series 48 reflects a net loss from Operating Partnerships of $(152,253) and $(212,705), respectively, which includes depreciation and amortization of $794,255 and $795,021, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

The operating general partner has attempted to restructure the debt in order to improve cash flow; to date this has been unsuccessful. While the investment general partner intends to continue to work with the operating general partner and lender to improve operations, as of September 30, 2013 the lender continues to not be interested in negotiating and documenting a loan modification. The mortgage, insurance and real estate taxes are all current through the third quarter of 2013. If the property is foreclosed in 2014, the estimated credit loss of $299,479 and tax credit recapture cost and interest penalty of $909,376 are equivalent to a credit loss of $130 per 1,000 BACs and a recapture and interest penalty cost of $395 per 1,000 BACs.

Wyndam-Emporia (Wyndam Place Senior Residences) is a 42-unit senior property located in Emporia, KS. During the third quarter of 2013 the property had declining occupancy that has led to below breakeven operations. Occupancy at the end of September 2013 was 81% with six vacant units. One factor affecting occupancy is that seven tenants who have lived at the property since its opening have passed away in the past six months and several other original tenants have been forced to move into nursing homes due to their advanced age. Another factor impacting occupancy at Wyndam Place Senior Residence is the opening of a new senior property a half-mile away. Wyndam Place Senior Residence has lost four or five potenial tenants to the new senior property since it opened in March 2013. The issue is not that tenants are leaving for the new property but potential tenants are visiting it prior the looking at Wyndam Place. The new senior property is located in a more desirable location, directly across the street from the senior center and the hospital, offering more amenities and charging lower rents for larger units.

Beginning in the fourth quarter of 2013, the plan is to intensify the marketing and advertising efforts and capitalize on the 100% occupancy at the new senior property before the winter weather begins. Management plans to increase newspaper and radio advertisements and has already distributed 12,000 fliers throughout eight local towns. The property manager and the regional manager will have a booth at the upcoming senior fair in Emporia on October 23 where 500-600 local seniors are expected to attend. They plan to hand out gift bags and promote the property. To take advantage of the senior fair, management has planned an open house for Saturday October 26. Prospective tenants can tour the property and meet with current residents. Management is confident that they can fill the vacant units if they can get prospective tenants to visit the property. Management plans to increase their marketing efforts and focus on community outreach to improve occupancy at the property. All real estate taxes, mortgage and insurance payments are current through September 30, 2013. The operating general partner remains under their operating guarantee through the end of 2014. On December 31, 2020, the 15-year low income housing tax credit compliance period will expire with respect to Wyndam Place Senior Residences.

Series 49

As of September 30, 2013 and 2012, the average Qualified Occupancy was 100%. The series had a total of 24 properties at September 30, 2013, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2013 and 2012, Series 49 reflects a net loss from Operating Partnerships of $(928,367) and $(841,021), respectively, which includes depreciation and amortization of $1,748,301 and $1,761,889, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Rosewood Senior Apartments (Rosewood Place, LLC) is a 144-unit seniors development located in Lenexa, Kansas. The property reached initial full qualified occupancy in November 2007. The average occupancy in 2010, 2011 and 2012 was 95%, 99% and 98%, respectively. Conversely, in 2013 Rosewood Place has experienced a decline in average occupancy to 93% during the first three quarters of 2013. A perceived reduction in federal benefits for seniors and a rent increase at Rosewood Place, as well as strategic tenant relocations by management due to the declining health of certain tenants and their inability to live independently were principal reasons for the increasing vacancy during 2013. First, in January 2013 asking rents for one and two bedroom units at Rosewood Place were increased by $15 and $25, respectively, which in conjunction with the minimal increase in social security benefits and the rise in Medicare Part B premiums left the target resident population income after rent and Medicare Part B premiums lower than in 2012. This prompted some residents to move out. Second, even though Rosewood Place is for seniors 55 years of age and older, the average age of residents is closer to 77. As a result, some residents are less able to live independently and require more intensive care, or additional services, than can be provided at Rosewood Place. By the start of the third quarter of 2013, management had implemented a more targeted approach to tenant retention by seeking the involvement of current tenants through suggestions and referrals. A referral program for existing tenants was implemented in which $100 is paid to any existing Rosewood tenant whose referral leads to a lease with a new tenant. Management views the recent decline in occupancy as an opportunity to sign younger and healthier tenants which should reduce the risk of losing occupancy for health related reasons for the next several years. The average age of new tenants in 2013 has been 60, well below the property's current average tenant age of 77. In addition, management has undertaken several capital improvement projects (new carpeting in the lobby and elevators, upgraded aviary, sealing the parking lot, and adding more flowers to the landscaping) aimed at enhancing the premises as well as improving the quality of life for the residents. The goal of the operating general partner is to re-establish occupancy above 95% by the end of 2013.

Operations at Rosewood Place were nominally above breakeven during 2010, 2011, and 2012, but fell just below breakeven through the third quarter of 2013. This was due to the previously described decline in occupancy and an increase in administrative costs and repair and maintenance expenses. A portion of the $115,000 operating reserve was utilized to pay approximately $22,000 of aged payables in September 2013. The Operating Partnership was able to stay current on its first mortgage debt during the time period 2007 - 2010 because no real estate tax payments were made for tax years 2006 through 2010. All outstanding taxes were paid including interest and penalties on January 7, 2011. At December 31, 2010, an estimated $605,700 in real estate taxes and interest penalties were owed by Rosewood Place, LLC, including the first and second half 2010 real estate taxes. As previously noted, the full tax amount owed was paid on January 7, 2011 from capital raised as part of the loan amendment described below that closed into escrow on December 21, 2010 and was released from escrow on January 6, 2011 when all conditions for closing the amendment were satisfied.

In July 2009, a contractor filed a motion for summary judgment, requesting foreclosure of its mechanic's lien. This motion was approved on February 17, 2010, and an advertised foreclosure sale on April 14, 2010 was scheduled. On April 12, 2010, the contractor agreed to postpone the sale and to continue to negotiate a payment plan with the operating general partner. In June 2010, the operating general partner and the contractor reached an oral agreement on a five-year payment plan to settle the mechanic's lien claim for $250,000. The mechanic's lien judgment was released on December 29, 2010 as part of the settlement agreement executed in December 2010 by the contractor and the operating general partner.

In June 2010, the operating general partner refocused its efforts on negotiating a loan modification with the existing mortgage lender. By late July 2010, the operating general partner, the investment general partner and the lender had agreed in principle on a restructuring plan. In August 2010 the contractor also agreed, in concept, to the proposed loan modification. The modification documents were executed and the transaction closed into escrow on December 21, 2010. They were released from escrow on January 6, 2011 when all closing conditions were satisfied. The operating general partner contributed $148,000 towards the loan modification and a new investor contributed $600,000. The new investor was assigned a 45% interest in Rosewood Place, LLC in exchange for its $600,000 capital contribution. The new investor entity is related to the investment general partner. As a result of this transaction, approximately $249,000 per year of federal tax credits, equivalent to approximately $42 per 1,000 BACs, will be allocated to the new investor. It is anticipated that the new investor will put its 45% interest in Rosewood Place, LLC back to the investment limited partner in early 2015. On a cumulative basis, the investment general partner originally forecasted that the tax credits allocated to the original investors in Rosewood Place, LLC would be reduced by approximately $748,000 (equivalent to $125 per 1,000 BACs). However, it is now projected that the amount of tax credit reduction for the original investors will be approximately $997,000 (equivalent to $167 per 1,000 BACs). If the new investor had not contributed to the loan modification and the foreclosure had occurred in 2010, the investment general partner estimates that there would have been recapture and interest penalties relating to credits previously claimed of $613,304, as well as an estimated loss of credits for the tax years 2010-2017 of $3,854,295. This represents recapture of $102 and credit loss totaling $642, respectively, per 1,000 BACs.

This property is part of a portfolio that includes several properties that experienced operational difficulties in 2008 and 2009. During those years the operating general partner's financial position also deteriorated, preventing his ability to recapitalize any of these properties. Although the operating general partner's financial position did not improve during 2010, 2011, and 2012, operations throughout his portfolio did stabilize. During 2010, the investment general partner actively worked with the operating general partner and lender to restructure the mortgage debt as discussed above. Since the loan amendment for Rosewood Place, LLC closed in January 2011, real estate taxes, insurance escrows and bond payments have been paid currently and remained current as of September 30, 2013. In addition, payments to the contractor under the aforementioned five-year payment plan were current through August 31, 2013; however, the September 2013 payment to the contractor was deferred (as permitted under the terms of the restructuring agreement) as a result of the previously discussed decline in property operations.

Rural Housing Partners of Kewaunee L.P. (Sunset Manor) is a 38-unit property located in Kewaunee, WI. Occupancy has historically been an issue at this property, mainly due to evictions for nonpayment of rent and residents vacating because of job losses. Current marketing includes advertising on Rent.com and Craigslist, advertising in the Local Free Shopper which covers three cities/towns, posting fliers in the local community, and frequent contacts with local housing agencies, as well as For Rent signs located on the property. Occupancy averaged 88% in 2012 and the property operated below breakeven. In 2013, occupancy remained a concern as the property was 89% occupied as of September 30, 2013, and the property operated below breakeven through the third quarter of 2013. All real estate taxes, mortgage and insurance payments are current. On December 31, 2019, the 15-year low income housing tax credit compliance period will expire with respect to Sunset Manor Apartments.

Rural Housing Partners of Mauston L.P. (Brookview I & II Apartments) is a 22-unit family property located in Mauston, WI. As of September 30, 2013, occupancy was 77% and the property was operating slightly below breakeven. The struggle with vacancy is a direct reflection of economic conditions in Mauston, where ongoing job losses have led to increased evictions and migration from the area. Management continues to focus marketing efforts on internet advertising. They also perform outreach to the local Housing and Urban Development office, the Wisconsin Housing Authority, and the Juneau County housing agencies. All real estate taxes, mortgage and insurance payments are current. On December 31, 2019, the 15-year low income housing tax credit compliance period will expire with respect to Brookview Apartments.

Kaufman Fountainhead LP (Briarwood Apartments) is a 48-unit family property in Kaufman, Texas. The property, located 45 miles southeast of Dallas, Texas, receives USDA/RD rental assistance for 21 units. The property continues to operate below breakeven in 2013 due to high operating expenses and low occupancy. The declining local economy contributed to a number of skips and evictions for non-payment of rent. Occupancy is averaging 83% in 2013 after hitting a low of 77% in May and June. The operating general partner indicated a number of recent move-outs were families relocating for employment opportunities out of the area; also, a number of applicants that would otherwise move into the property and commute to Dallas for work are moving closer to the city due to rising commuting costs. Management is allowing new move-ins to pay their security deposits over a four month period. The operating general partner believes occupancy will continue to improve without the use of move-in concessions. Management attributed the higher maintenance in 2013 to interior and exterior foundation repairs and unit turnover costs and $29,669 was withdrawn from the replacement reserve in May for expensed improvements. The operating general partner continues to fund deficits as necessary. Real estate taxes, insurance, and mortgage payments are current. The low income housing tax credit compliance period expires on December 31, 2021.

Off Balance Sheet Arrangements

None.

Principal Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), which require the Fund to make various estimates and assumptions. 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 the 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 are 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 Partnerships. The purpose of an impairment analysis is to verify that the real estate investment balance reflected on the balance sheet does not exceed the value of the underlying investments.

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 Partnership.

The main reason an impairment loss typically occurs is that the annual operating losses, recorded in accordance with the equity method of accounting, of the investment in limited partnership does not reduce the balance as quickly as the annual use of the tax credits. In years prior to the year ended March 31, 2009, management included remaining tax credits as well as residual value in the calculated value of the underlying investments. However, management decided to take a more conservative approach to the investment calculation and determined that the majority of the residual value component of the valuation was zero for the years ended, March 31, 2012 and 2011. However, it is important to note that this change in the accounting estimate to the calculation method of the impairment loss has no effect on the actual value or performance of the overall investment, nor does it have any effect on the remaining credits to be generated.

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it 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. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors. 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 has (1) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE.

Principal Accounting Policies and Estimates - continued

Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations. However, management does not consolidate the Fund's interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, 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 Partnerships, advances made to Operating Partnerships, plus the risk of recapture of tax credits previously recognized on the 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 housing complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.

Item 3		Quantitative and Qualitative Disclosures About Market Risk

		Not Applicable
Item 4	Controls and 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 under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund'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 effective to ensure that information relating to any series or the Fund as a whole required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Fund's management, including the Fund's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.
	(b)		Changes in Internal Controls

			There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended September 30, 2013 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

None

Item 1A.

Risk Factors

There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Form 10-K for the fiscal year ended March 31, 2013.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3.

Defaults upon Senior Securities

None

Item 4.

Mine Safety Disclosures

Not Applicable

Item 5.

Other Information

None

Item 6.

Exhibits

(a)Exhibits

31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith

31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith

32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith

32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith

101. The following materials from the Boston Capital Tax Credit Fund V L.P. Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, furnished herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

	Boston Capital Tax Credit Fund V L.P.

		By:	Boston Capital Associates V LLC, General Partner


Date: November 14, 2013			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:

November 14, 2013	/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.







November 14, 2013	/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.

EX-31 2 b50913cert302jpm.htm BCTC V CERTIFICATION 302 SECURITIES AND EXCHANGE COMMISSION

Exhibit 31.a

I, John P. Manning, certify that:

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

Based on my knowledge, this 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;

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;

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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

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;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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

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

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):

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

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.

November 14, 2013	/s/ John P. Manning
	John P. Manning
	Principal
	Executive Officer

EX-31 3 b50913cert302mnt.htm BCTC V CERTIFICATION 302 SECURITIES AND EXCHANGE COMMISSION

Exhibit 31.b

I, Marc N. Teal, certify that:

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

Based on my knowledge, this 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;

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;

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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

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;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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

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

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):

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

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.

November 14, 2013	/s/ Marc N. Teal
	Marc N. Teal
	Principal Financial Officer

EX-32 4 b50913cert906jpm.htm BCTC V CERTIFICATION 906 EXHIBIT 99

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 Quarterly Report of Boston Capital Tax Credit Fund V L.P. (the "Fund") on Form 10-Q for the period ended September 30, 2013 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.


Date:
November 14, 2013		/s/ John P. Manning

		John P. Manning
		Principal Executive Officer

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 5 b50913cert906mnt.htm BCTC V CERTIFICATION 906 EXHIBIT 99

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 Quarterly Report of Boston Capital Tax Credit Fund V L.P. (the "Fund") on Form 10-Q for the period ended September 30, 2013 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.


Date:
November 14, 2013		/s/ Marc N. Teal

		Marc N. Teal
		Principal Financial Officer

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.

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<div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt">Below is a summary <font style="FONT-FAMILY:courier new,courier,monospace">of the BACs sold and total equity raised</font>, by series, as of September 30, 2013:</font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="clear:both;BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0in; WIDTH: 43%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Courier New; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; TEXT-DECORATION: underline" width="11%"> <div><font style="FONT-SIZE: 10pt">Series</font></div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Courier New; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; TEXT-DECORATION: underline" width="10%"> <div><font style="FONT-SIZE: 10pt">Closing Date</font></div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Courier New; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; TEXT-DECORATION: underline" width="8%"> <div><font style="FONT-SIZE: 10pt">BACs Sold</font></div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Courier New; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; TEXT-DECORATION: underline" width="9%"> <div><font style="FONT-SIZE: 10pt">Equity Raised</font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="11%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="8%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="9%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div><font style="FONT-SIZE: 10pt">Series 47</font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div><font style="FONT-SIZE: 10pt">April 30, 2004</font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div><font style="FONT-SIZE: 10pt">3,478,334</font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div><font style="FONT-SIZE: 10pt">$34,783,340</font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="11%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="8%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="9%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div><font style="FONT-SIZE: 10pt">Series 48</font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div><font style="FONT-SIZE: 10pt">August 12, 2004</font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div><font style="FONT-SIZE: 10pt">2,299,372</font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div><font style="FONT-SIZE: 10pt">$22,993,720</font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="11%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="8%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="9%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div><font style="FONT-SIZE: 10pt">Series 49</font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div><font style="FONT-SIZE: 10pt">April 29, 2005</font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="8%"> <div><font style="FONT-SIZE: 10pt">6,000,000</font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div><font style="FONT-SIZE: 10pt">$60,000,000</font></div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div><font style="FONT-SIZE: 10pt"> </font></div> </td> </tr> </table> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt">  </div> </div> </div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

250000 7000000 10 8500000

117777060

<div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><u> </u></font></font></font></font></font></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><u>NOTE A  ORGANIZATION</u></font></font></font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><u> </u> </font></font></font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New">Boston Capital Tax Credit Fund V L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). 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 managers 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.</font></font></font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New">  </font></font></font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New">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 will be assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors will be 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.<br/> </font></font></font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New">  </font></font></font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New">A Registration Statement on Form S-11 and the related prospectus, (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 <font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> 250,000</font> BACs and a maximum of <font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> 7,000,000</font> BACs at $<font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt">10</font> per BAC. On August 10, 2004, an amendment to Form S-11, which registered an additional <font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> 8,500,000</font> BACs for sale to the public in one or more series, became effective. As of September 30, 2013, subscriptions had been received and accepted by the Fund for <font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> 11,777,706</font> BACs representing capital contributions of $<font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt">117,777,060</font>.</font></font></font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt">  </div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font>Below is a summary of the BACs sold and total equity raised, by series, as of September 30, 2013:</div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt">  </div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;TEXT-ALIGN:Left; WIDTH: 100%; TEXT-INDENT: 0in"> <table style="clear:both;OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: #9eb6ce 0px solid; MARGIN: 0in; BORDER-LEFT: #9eb6ce 0px solid; WIDTH: 43%" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: center; TEXT-DECORATION: underline" width="11%"> <div>Series</div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: center" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: center; TEXT-DECORATION: underline" width="10%"> <div>Closing Date</div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: center" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: center; TEXT-DECORATION: underline" width="8%"> <div>BACs Sold</div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: center" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: center" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: center; TEXT-DECORATION: underline" width="9%"> <div>Equity Raised</div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="11%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="10%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: right" width="8%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: right" width="9%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="11%"> <div>Series 47</div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="10%"> <div>April 30, 2004</div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: right; PADDING-RIGHT: 5px" width="8%"> <div>3,478,334</div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: right" width="9%"> <div>$34,783,340</div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="11%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="10%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: right" width="8%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: right" width="9%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="11%"> <div>Series 48</div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="10%"> <div>August 12, 2004</div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: right; PADDING-RIGHT: 5px" width="8%"> <div>2,299,372</div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: right" width="9%"> <div>$22,993,720</div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="11%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="10%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: right" width="8%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: right" width="9%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="11%"> <div>Series 49</div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="10%"> <div>April 29, 2005</div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: right; PADDING-RIGHT: 5px" width="8%"> <div>6,000,000</div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: right" width="9%"> <div>$60,000,000</div> </td> <td style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New; VERTICAL-ALIGN: bottom; BACKGROUND: #ffffff; FONT-WEIGHT: 400; FONT-STYLE: normal; TEXT-ALIGN: left" width="1%"> <div> </div> </td> </tr> </table> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> </div> <font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"></font></div> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"> </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New">The Fund concluded its public offering of BACs in the Fund on April 29, 2005.</font></font></div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

2004-04-30 2004-08-12 2005-04-29

34783340

22993720

60000000

<div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><u> </u></font></font></font></font></font></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><u>NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES<br/> </u></font></font></font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><u></u> </font></font></font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New">The condensed financial statements herein as of September 30, 2013 and for the six months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.<br/> </font></font></font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"> </font></font></font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New">The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2013.</font></font></font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><u><u> </u></u></font></font></font></font></font></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><u></u></font></font></font></font></font></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><u><br/> Amortization</u></font></font></font></font></font></font></div> </div> </div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New">  </font></font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New">Acquisition costs were originally amortized on the straight-line method over <font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt">27.5</font> years. An impairment loss has been recognized for the years ended March 31, 2013 and 2012 of $<font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt">209,097</font> and $<font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt">153,715</font>, respectively, for Series 49. As of March 31, 2013, the lives of the remaining acquisition costs were reassessed and determined to be <font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> <font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> <font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> 4</font></font></font> years for all Series.</font></font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt">  </div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font>Accumulated amortization of acquisition costs by Series for the quarters ended September 30, 2013 and 2012 are as follows:</div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt">  </div> <center> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;TEXT-ALIGN:center; TEXT-INDENT: 0in; WIDTH: 100%" align="center"> <table style="clear:both;BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0px:auto; WIDTH: 46%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="center"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="21%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Courier New; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; TEXT-DECORATION: underline" width="11%" colspan="2"> <div>2013</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Courier New; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; TEXT-DECORATION: underline" width="11%" colspan="2"> <div>2012</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="21%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="21%"> <div>Series 47</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,746,438</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,412,782</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="21%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="21%"> <div>Series 48</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>347,380</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>208,428</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="21%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="21%"> <div>Series 49</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; TEXT-DECORATION: underline" width="10%"> <div>106,994</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; TEXT-DECORATION: underline" width="10%"> <div>133,132</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="21%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="21%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; TEXT-DECORATION: underline" width="10%"> <div>2,200,812</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400; TEXT-DECORATION: underline" width="10%"> <div>1,754,342</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Courier New; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> </table> <font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"></font></div> </center> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt">  <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New"></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font size="2" style="FONT-FAMILY:Courier New"><font size="2" style="FONT-FAMILY:Courier New">The annual amortization for deferred acquisition costs for the years ending September 30, 2014, 2015, 2016 and 2017 is estimated to be $<font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt">686,597</font>, $<font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt">686,597</font>, $<font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt">686,597</font>, and $<font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt">343,303</font>, respectively.</font></font></div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

P27Y6M 686597 686597 686597 343303 209097 153715 P4Y P4Y P4Y 2200812 1754342 1746438 347380 106994 1412782 208428 133132 0.005 284457 284457 97086 59595 127776 97086 59595 127776 0 775000 0 0 0 75000 150000 550000 200000 775000 0 0 200000 75000 150000 550000 294122 248031 726253 580882 50 50 15 11 24 15 11 24 11122140 11053662 388425 375567 11510565 11429229 1725335 1828274 3790659 3769246 7434109 7194323 12950103 12791843 -1439538 -1362614 -1425142 -1348988 -14396 -13626 4299219 4265114 123525 114358 4422744 4379472 634036 677022 1248103 1212336 2899523 2799002 4781662 4688360 -358918 -308888 -355329 -305799 -3589 -3089 117954 103717 314177 229134 2423851 2366522 80671 68800 2504522 2435322 310014 336847 794255 795021 1552506 1516159 2656775 2648027 -152253 -212705 -150730 -210578 -1523 -2127 4399070 4422026 184229 192409 4583299 4614435 781285 814405 1748301 1761889 2982080 2879162 5511666 5455456 -928367 -841021 -919083 -832611 -9284 -8410 <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <font style="FONT-FAMILY:courier new,courier,monospace"></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY:courier new,courier,monospace"><u><font style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New">NOTE E - TAXABLE LOSS</font></u></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <u><font style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New"> </font></u></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New"> </font> </div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New">The Fund's taxable loss for the calendar year ended December 31, 2013 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.</font></div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <u><font style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New">NOTE F - INCOME TAXES</font></u></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <u><font style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New"> </font></u></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New"> </font> </div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt; FONT-FAMILY: Courier New">The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2009 remain open.</font></div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:courier new,courier,monospace">Accumulated amortization of acquisition costs by Series for the quarters ended September 30, 2013 and 2012 are as follows:</font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt">  </div> <center> <table style="clear:both;FONT-SIZE: 10pt" dir="ltr" cellspacing="0" cellpadding="7" width="402" border="0"> <tr> <td height="16" valign="top" width="31%"> <div> </div> </td> <td height="16" valign="top" width="34%"><u></u><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>2013</u></font></font></div> </td> <td height="16" valign="top" width="34%"><u></u><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>2012</u></font></font></div> </td> </tr> <tr> <td height="11" valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:courier new,courier,monospace">Series 47</font></font></font></div> </td> <td height="11" valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">$1,746,438</font></font></div> </td> <td height="11" valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">$1,412,782</font></font></div> </td> </tr> <tr> <td height="14" valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Series 48</font></font></div> </td> <td height="14" valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">347,380</font></font></div> </td> <td height="14" valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">208,428</font></font></div> </td> </tr> <tr> <td valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Series 49</font></font></div> </td> <td valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>  106,994</u></font></font></div> </td> <td valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>  133,132</u></font></font></div> </td> </tr> <tr> <td valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div> </div> </td> <td valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:courier new,courier,monospace">$<u>2,200,812</u></font></font></font></div> </td> <td valign="top" width="34%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:courier new,courier,monospace">$<u>1,754,342</u></font></font></font></div> </td> </tr> </table> </center> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:courier new,courier,monospace"><u>NOTE C - RELATED PARTY TRANSACTIONS<br/> </u></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt">  </div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:courier new,courier,monospace">The Fund has entered into several transactions with various affiliates of the general partner, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management L.P. as follows:<br/> </font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:courier new,courier,monospace">An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management L.P. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management L.P., the amounts accrued are not net of reporting fees received. The fund management fee accrued for the quarters ended September 30, 2013 and 2012 are as follows:</font></div> <table style="clear:both;FONT-SIZE: 10pt" dir="ltr" cellspacing="0" cellpadding="7" width="444" border="0"> <tr> <td valign="top" width="39%"> <div><font style="FONT-FAMILY:courier new,courier,monospace">  </font></div> </td> <td valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>2013</u></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>2012</u></font></font></div> </td> </tr> <tr> <td valign="top" width="39%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Series 47</font></font></div> </td> <td valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">$ 97,086</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">$ 97,086</font></font></div> </td> </tr> <tr> <td height="11" valign="top" width="39%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Series 48</font></font></div> </td> <td height="11" valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">59,595</font></font></div> </td> <td height="11" valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">59,595</font></font></div> </td> </tr> <tr> <td height="11" valign="top" width="39%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Series 49</font></font></div> </td> <td height="11" valign="top" width="31%"><u></u><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>127,776</u></font></font></div> </td> <td height="11" valign="top" width="30%"><u></u><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>127,776</u></font></font></div> </td> </tr> <tr> <td height="11" valign="top" width="39%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Total</font></font></div> </td> <td height="11" valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:courier new,courier,monospace">$<u>284,457</u></font></font></font></div> </td> <td height="11" valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:courier new,courier,monospace">$<u>284,457</u></font></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"></font></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:courier new,courier,monospace">The fund management fees paid for the quarters ended September 30, 2013 and 2012 are as follows:<br/> </font></font></font></div> <table style="clear:both;FONT-SIZE: 10pt" dir="ltr" cellspacing="0" cellpadding="7" width="444" border="0"> <tr> <td valign="top" width="41%"> <div><font style="FONT-FAMILY:courier new,courier,monospace">  </font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>2013</u></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>2012</u></font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Series 47</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">$      -</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">$ 75,000</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Series 48</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">-</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">150,000</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Series 49</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>      -</u></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>550,000</u></font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Total</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:courier new,courier,monospace">$<u>      -</u></font></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:courier new,courier,monospace">$<u>775,000</u></font></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"></font></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">The fund management fees paid for the six months ended September 30, 2013 and 2012 are as follows:<br/> </font></font></div> <table style="clear:both;FONT-SIZE: 10pt" dir="ltr" cellspacing="0" cellpadding="7" width="444" border="0"> <tr> <td valign="top" width="41%"> <div><font style="FONT-FAMILY:courier new,courier,monospace">  </font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>2013</u></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>2012</u></font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Series 47</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">$      -</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">$ 75,000</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Series 48</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">-</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">150,000</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Series 49</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>200,000</u></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>550,000</u></font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Total</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:courier new,courier,monospace">$<u>200,000</u></font></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:courier new,courier,monospace">$<u>775,000</u></font></font></font></div> </td> </tr> </table> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-FAMILY:courier new,courier,monospace">The fund management fee accrued for the quarters ended September 30, 2013 and 2012 are as follows:</font></div> <table style="clear:both;FONT-SIZE: 10pt" dir="ltr" cellspacing="0" cellpadding="7" width="444" border="0"> <tr> <td valign="top" width="39%"> <div><font style="FONT-FAMILY:courier new,courier,monospace">  </font></div> </td> <td valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>2013</u></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>2012</u></font></font></div> </td> </tr> <tr> <td valign="top" width="39%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Series 47</font></font></div> </td> <td valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">$ 97,086</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">$ 97,086</font></font></div> </td> </tr> <tr> <td height="11" valign="top" width="39%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Series 48</font></font></div> </td> <td height="11" valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">59,595</font></font></div> </td> <td height="11" valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">59,595</font></font></div> </td> </tr> <tr> <td height="11" valign="top" width="39%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Series 49</font></font></div> </td> <td height="11" valign="top" width="31%"><u></u><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>127,776</u></font></font></div> </td> <td height="11" valign="top" width="30%"><u></u><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>127,776</u></font></font></div> </td> </tr> <tr> <td height="11" valign="top" width="39%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Total</font></font></div> </td> <td height="11" valign="top" width="31%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:courier new,courier,monospace">$<u>284,457</u></font></font></font></div> </td> <td height="11" valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:courier new,courier,monospace">$<u>284,457</u></font></font></font></div> </td> </tr> </table> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"> </font></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:courier new,courier,monospace">The fund management fees paid for the quarters ended September 30, 2013 and 2012 are as follows:<br/> </font></font></font></div> <table style="clear:both;FONT-SIZE: 10pt" dir="ltr" cellspacing="0" cellpadding="7" width="444" border="0"> <tr> <td valign="top" width="41%"> <div><font style="FONT-FAMILY:courier new,courier,monospace">  </font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>2013</u></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>2012</u></font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Series 47</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">$      -</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">$ 75,000</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Series 48</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">-</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">150,000</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Series 49</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>      -</u></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>550,000</u></font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Total</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:courier new,courier,monospace">$<u>      -</u></font></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:courier new,courier,monospace">$<u>775,000</u></font></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"></font></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">The fund management fees paid for the six months ended September 30, 2013 and 2012 are as follows:<br/> </font></font></div> <table style="clear:both;FONT-SIZE: 10pt" dir="ltr" cellspacing="0" cellpadding="7" width="444" border="0"> <tr> <td valign="top" width="41%"> <div><font style="FONT-FAMILY:courier new,courier,monospace">  </font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>2013</u></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>2012</u></font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Series 47</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">$      -</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">$ 75,000</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Series 48</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">-</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">150,000</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Series 49</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>200,000</u></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace"><u>550,000</u></font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt;FONT-FAMILY:courier new,courier,monospace">Total</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:courier new,courier,monospace">$<u>200,000</u></font></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt"></font> <div align="right"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY:courier new,courier,monospace">$<u>775,000</u></font></font></font></div> </td> </tr> </table> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u><font style="FONT-FAMILY:courier new,courier,monospace">NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS</font></u></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">At September 30, 2013 and 2012, the Fund has limited partnership interests in 50 Operating Partnerships, which own or are constructing apartment complexes.<br/> </font></font></font></font></div> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font></font></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">The breakdown of Operating Partnerships within the Fund at September 30, 2013 and 2012 is as follows:<br/> </font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> </font></font></font></font> <table style="clear:both;FONT-SIZE: 10pt" dir="ltr" cellspacing="0" cellpadding="7" width="444" border="0"> <tr> <td valign="top" width="41%"> <div> </div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 2013</u></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 2012</u></font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Series 47</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">15</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">15</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Series 48</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">11</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">11</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Series 49</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 24</u></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 24</u></font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Total</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 50</u></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 50</u></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the financial results available for the Operating Partnerships are for the six months ended June 30, 2013.<u><br/> </u></font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br/> Six Months Ended June 30,<br/> (Unaudited)</font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>Total</u><br/> </font></font></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> </font></font></font></font> <table style="clear:both;FONT-SIZE: 10pt" dir="ltr" cellspacing="0" cellpadding="7" width="600" border="0"> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font></u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 2013</u></font></font></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font></u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 2012</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Revenues</font></font></div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Rental</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $ 11,122,140</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $ 11,053,662</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Interest and other</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>     388,425</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>     375,567</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>  11,510,565</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>  11,429,229</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Expenses</font></font></div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Interest</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 1,725,335</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 1,828,274</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Depreciation and amortization</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 3,790,659</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 3,769,246</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Operating expenses</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   7,434,109</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   7,194,323</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>  12,950,103</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>  12,791,843</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">NET LOSS</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>(1,439,538)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>(1,362,614)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><br/> $<u>(1,425,142)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><br/> $<u>(1,348,988)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Net loss allocated to other Partners</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>   (14,396)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>   (13,626)</u></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><br/> <br/> * Amounts include $726,253 and $580,882 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.</font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>S<font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt">eries 47</font></u></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <table style="clear:both;FONT-SIZE: 10pt" dir="ltr" cellspacing="0" cellpadding="7" width="600" border="0"> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font></u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 2013</u></font></font></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font></u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 2012</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Revenues</font></font></div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Rental</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $  4,299,219</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $  4,265,114</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Interest and other</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>     123,525</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>     114,358</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   4,422,744</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   4,379,472</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Expenses</font></font></div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Interest</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 634,036</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 677,022</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Depreciation and amortization</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 1,248,103</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 1,212,336</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Operating expenses</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   2,899,523</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   2,799,002</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   4,781,662</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   4,688,360</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">NET LOSS</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>  (358,918)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>  (308,888)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><br/> $<u>  (355,329)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><br/> $<u>  (305,799)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Net loss allocated to other Partners</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>    (3,589)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>    (3,089)</u></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><br/> * Amounts include $294,122 and $248,031 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.</font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>Series 48<br/> </u></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font> <table style="clear:both;FONT-SIZE: 10pt" dir="ltr" cellspacing="0" cellpadding="7" width="600" border="0"> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font></u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 2013</u></font></font></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font></u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 2012</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Revenues</font></font></div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Rental</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $  2,423,851</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $  2,366,522</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Interest and other</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>      80,671</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>      68,800</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   2,504,522</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   2,435,322</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Expenses</font></font></div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Interest</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 310,014</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 336,847</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Depreciation and amortization</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 794,255</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 795,021</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Operating expenses</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   1,552,506</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   1,516,159</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   2,656,775</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   2,648,027</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">NET LOSS</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>  (152,253)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>  (212,705)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><br/> $<u>  (150,730)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><br/> $<u>  (210,578)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Net loss allocated to other Partners</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>    (1,523)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>    (2,127)</u></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">* Amounts include $117,954 and $103,717 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.</font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>Series 49<br/> </u></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font> <table style="clear:both;FONT-SIZE: 10pt" dir="ltr" cellspacing="0" cellpadding="7" width="600" border="0"> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font></u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 2013</u></font></font></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font></u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 2012</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Revenues</font></font></div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Rental</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $  4,399,070</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $  4,422,026</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Interest and other</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>     184,229</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>     192,409</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   4,583,299</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   4,614,435</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Expenses</font></font></div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Interest</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 781,285</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 814,405</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Depreciation and amortization</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 1,748,301</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 1,761,889</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Operating expenses</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   2,982,080</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   2,879,162</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   5,511,666</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   5,455,456</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">NET LOSS</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>  (928,367)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>  (841,021)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><br/> $<u>  (919,083)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><br/> $<u>  (832,611)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Net loss allocated to other Partners</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>    (9,284)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>    (8,410)</u></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>  </u></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> </u> </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">* Amounts include $314,177 and $229,134 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.</font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</font></font></div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">The breakdown of Operating Partnerships within the Fund at September 30, 2013 and 2012 is as follows:<br/> </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font> <table style="clear:both;FONT-SIZE: 10pt" dir="ltr" cellspacing="0" cellpadding="7" width="444" border="0"> <tr> <td valign="top" width="41%"> <div> </div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 2013</u></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 2012</u></font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Series 47</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">15</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">15</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Series 48</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">11</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">11</font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Series 49</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 24</u></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 24</u></font></font></div> </td> </tr> <tr> <td valign="top" width="41%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Total</font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 50</u></font></font></div> </td> <td valign="top" width="30%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 50</u></font></font></div> </td> </tr> </table> </div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Courier New, Times, Serif "> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Accordingly, the financial results available for the Operating Partnerships are for the six months ended June 30, 2013.<u><br/> </u></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> </u> </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS<br/> Six Months Ended June 30,<br/> (Unaudited)</font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> </u> </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>Total</u><br/> </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font> <table style="clear:both;FONT-SIZE: 10pt" dir="ltr" cellspacing="0" cellpadding="7" width="600" border="0"> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font></u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 2013</u></font></font></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font></u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 2012</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Revenues</font></font></div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Rental</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $ 11,122,140</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $ 11,053,662</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Interest and other</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>     388,425</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>     375,567</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>  11,510,565</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>  11,429,229</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Expenses</font></font></div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Interest</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 1,725,335</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 1,828,274</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Depreciation and amortization</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 3,790,659</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 3,769,246</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Operating expenses</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   7,434,109</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   7,194,323</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>  12,950,103</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>  12,791,843</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">NET LOSS</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>(1,439,538)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>(1,362,614)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><br/> $<u>(1,425,142)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><br/> $<u>(1,348,988)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Net loss allocated to other Partners</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>   (14,396)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>   (13,626)</u></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><br/> <br/> * Amounts include $726,253 and $580,882 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.</font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>S<font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt">eries 47</font></u></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <table style="clear:both;FONT-SIZE: 10pt" dir="ltr" cellspacing="0" cellpadding="7" width="600" border="0"> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font></u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 2013</u></font></font></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font></u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 2012</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Revenues</font></font></div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Rental</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $  4,299,219</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $  4,265,114</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Interest and other</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>     123,525</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>     114,358</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   4,422,744</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   4,379,472</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Expenses</font></font></div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Interest</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 634,036</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 677,022</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Depreciation and amortization</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 1,248,103</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 1,212,336</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Operating expenses</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   2,899,523</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   2,799,002</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   4,781,662</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   4,688,360</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">NET LOSS</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>  (358,918)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>  (308,888)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><br/> $<u>  (355,329)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><br/> $<u>  (305,799)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Net loss allocated to other Partners</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>    (3,589)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>    (3,089)</u></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><br/> * Amounts include $294,122 and $248,031 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.</font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>Series 48<br/> </u></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font> <table style="clear:both;FONT-SIZE: 10pt" dir="ltr" cellspacing="0" cellpadding="7" width="600" border="0"> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font></u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 2013</u></font></font></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font></u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 2012</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Revenues</font></font></div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Rental</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $  2,423,851</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $  2,366,522</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Interest and other</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>      80,671</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>      68,800</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   2,504,522</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   2,435,322</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Expenses</font></font></div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Interest</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 310,014</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 336,847</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Depreciation and amortization</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 794,255</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 795,021</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Operating expenses</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   1,552,506</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   1,516,159</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   2,656,775</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   2,648,027</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">NET LOSS</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>  (152,253)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>  (212,705)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><br/> $<u>  (150,730)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><br/> $<u>  (210,578)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Net loss allocated to other Partners</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>    (1,523)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>    (2,127)</u></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">* Amounts include $117,954 and $103,717 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.</font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>Series 49<br/> </u></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font> <table style="clear:both;FONT-SIZE: 10pt" dir="ltr" cellspacing="0" cellpadding="7" width="600" border="0"> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font></u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 2013</u></font></font></div> </td> <td valign="top" width="21%"><u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font></u><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> 2012</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Revenues</font></font></div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-FAMILY: 'courier new','serif'; FONT-SIZE: 10pt"> </font></font></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Rental</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $  4,399,070</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $  4,422,026</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Interest and other</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>     184,229</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>     192,409</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   4,583,299</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   4,614,435</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Expenses</font></font></div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> Interest</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 781,285</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 814,405</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Depreciation and amortization</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 1,748,301</font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> 1,761,889</font></font></div> </td> </tr> <tr> <td valign="top" width="5%"> <div> </div> </td> <td valign="top" width="48%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Operating expenses</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   2,982,080</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   2,879,162</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   5,511,666</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>   5,455,456</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">NET LOSS</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>  (928,367)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>  (841,021)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Net loss allocated to Boston Capital Tax Credit Fund V L.P.*</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><br/> $<u>  (919,083)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><br/> $<u>  (832,611)</u></font></font></div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"> <div> </div> </td> <td valign="top" width="26%"> <div> </div> </td> <td valign="top" width="21%"> <div> </div> </td> </tr> <tr> <td valign="top" width="53%" colspan="2"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">Net loss allocated to other Partners</font></font></div> </td> <td valign="top" width="26%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>    (9,284)</u></font></font></div> </td> <td valign="top" width="21%"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font> <div align="right"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"> $<u>    (8,410)</u></font></font></div> </td> </tr> </table> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt" align="center"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"></font></font> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u>  </u></font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><u> </u> </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">* Amounts include $314,177 and $229,134 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting.</font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">  </font></font></div> <div style="clear:both; FONT-FAMILY:Courier New;FONT-SIZE: 10pt"> <font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New"><font style="FONT-SIZE: 10pt;FONT-FAMILY:Courier New">The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.</font></font></div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> Amounts include $726,253 and $580,882 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting. Amounts include $294,122 and $248,031 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting. Amounts include $117,954 and $103,717 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting. Amounts include $314,177 and $229,134 for 2013 and 2012, respectively, of loss not recognized under the equity method of accounting. 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This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and IRS accounting methods. Income Tax Disclosure [Abstract] Income Tax Relating To Partnership Disclosure [Text Block] Description containing the income tax disclosure relating to Partnership that has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Organization, Consolidation and Presentation of Financial Statements [Abstract] Schedule of Limited Partners Capital Account by Class [Table Text Block] Accounting Policies [Abstract] Schedule Of Accumulated Amortization Of Acquisition Costs [Table Text Block] Tabular disclosure for accumulated amortization of acquisition costs. Related Party Transactions [Abstract] Schedule Of Gross Management Fee [Table Text Block] Tabular disclosure for gross management fee. Schedule Of Management Fees Paid [Table Text Block] Schedule Of Management Fees Paid [Table Text Block] Tabular disclosure for management fees paid. Schedule Of Number Of Operating Partnerships [Table Text Block] Schedule Of Number Of Operating Partnerships [Table Text Block] Tabular disclosure for number of operating partnerships. Schedule Of Summarized Statement Of Operations In Operating Partnerships [Table Text Block] Schedule Of Summarized Statement Of Operations In Operating Partnerships [Table Text Block] Tabular disclosure for summarized statement of operations in operating partnerships. Statement [Table] Tax Credit Series [Axis] Tax Credit Series [Domain] Series Forty Seven [Member] Series Forty Seven Series Forty Eight [Member] Series Forty Eight Series Forty Nine [Member] Series Forty Nine Statement [Line Items] Closing Date Of Units Issued And Equity Raised Closing Date Closing date of units issued and equity raised. 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Statement Of Financial Position [Abstract] Assets [Abstract] ASSETS Real Estate Investment Property, Net, Total INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) Other Assets, Unclassified [Abstract] OTHER ASSETS Cash and Cash Equivalents, at Carrying Value, Total Cash and cash equivalents Cash and cash equivalents, beginning Cash and cash equivalents, ending Acquisition Cost Net Of Amortization Acquisition costs, net Carrying amount as of the balance sheet date of acquisition cost, net amortization. Other Assets Other assets Assets, Total Assets Liabilities [Abstract] LIABILITIES Accounts Payable and Accrued Liabilities, Total Accounts payable and accrued expenses Due To Affiliate Accounts payable affiliates Capital Contributions Payable Capital contributions payable Carrying value of the capital contribution payable to operating partnerships. Under the terms of the Partnership's investment in each Operating Partnership, the Partnership is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. Liabilities, Total Total Liabilities Partners Capital [Abstract] PARTNERS' CAPITAL (DEFICIT) PARTNERS' CAPITAL Limited Partners Capital Account Units of limited partnership interest General Partners Capital Account General partner Partners Capital, Total Partners Capital Partners' capital (deficit) Partners' capital (deficit) Liabilities and Equity, Total Liabilities and Stockholders' Equity Amortization Period Of Acquisition Costs Amortization period of capitalization acquisition costs. Impairment Loss Of Acquisition Costs Amount of impairment loss of acquisition costs. Amortization Of Acquisition Cost Remaining Contractual Term Amortization of acquisition cost remaining contractual term in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Amortization Of Deferred Acquisition Costs Year One Amount of amortized deferred acquisition costs reported in first year. Amortization Of Deferred Acquisition Costs Year Two Amount of amortized deferred acquisition costs reported in second year. Amortization Of Deferred Acquisition Costs Year Three Amount of amortized deferred acquisition costs reported in third year. Amortization Of Deferred Acquisition Costs Year Four Amount of amortized deferred acquisition costs reported in forth year. Gross Management Fee Gross Fund Management Fee Gross amount of management fee during the period. Management Fees Paid Management Fees Paid Amount of management fees paid during the period. Percentage Of Annual Management Fee Percentage Of Annual Management Fee The percentage of annual management fee. Number Of Operating Partnerships Number Of Operating Partnerships Number of operating partnerships. Revenues [Abstract] Revenues Income Operating Partnerships Rental Income Rental The amount of rental income by an operating partnerships of the entity. Operating Partnerships Interest and Other Income Interest and other The amount of interest and other income by an operating partnerships of the entity. Operating Partnerships Revenues Operating Partnerships Revenues The amount of revenues by an operating partnerships of the entity. Expenses [Abstract] Expenses Operating Partnerships Interest Expenses Interest The amount of interest expenses by an operating partnerships of the entity. Operating Partnerships Depreciation and Amortization Depreciation and amortization The amount of depreciation and amortization by an operating partnerships of the entity. Operating Partnerships Operating Expenses Operating expenses The amount of operating expenses by an operating partnerships of the entity. Operating Partnerships Total Expenses Operating Partnerships Total Expenses The amount of total expenses by an operating partnerships of the entity. Operating Partnerships Net Income Loss NET LOSS The amount of net income (loss) by an operating partnerships of the entity. Operating Partnerships Net Income Loss Allocated To Parent Net loss allocated to Boston Capital Tax Credit Fund V L.P. * The amount of net income (loss) allocated to parent by an operating partnerships of the entity. Operating Partnerships Net Income Loss Allocated To Other Partners Net loss allocated to other Partners The amount of net income (loss) allocated to other partners by an operating partnerships of the entity. Income Loss Not Recognized Under Equity Method Accounting Income Loss Not Recognized Under Equity Method Accounting Amount of income loss not recognized under equity method accounting. Balance Sheet Parenthetical [Abstract] Partners Capital Account, Distribution Per Unit Of Limited Partner Interest Beneficial assignee certificate, par value (in dollars per share) Limited Partners Capital Account, Units Authorized Units of limited partnership interest, authorized Limited Partners Capital Account, Units Outstanding Units of limited partnership interest, outstanding Receivables [Abstract] Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Abstract] Income Statement [Abstract] Interest Income, Securities, Operating Interest income Revenues, Total Total income Income (Loss) From Equity Method Investments Share of loss from Operating Partnerships (Note D) Share of Loss from Operating Partnerships Operating Expenses [Abstract] Expenses Professional Fees Professional fees Fund Management Fee Fund management fee, net (Note C) Annual fund management fee charged on all apartment complexes owned by the Operating Partnerships net of reporting fees. Amortization Of Acquisition Costs Amortization General and Administrative Expense, Total General and administrative expenses Total Expenses Operating expenses Total Amount of expenses incurred during the year by the entity. Net Income (Loss) Attributable to Parent, Total NET LOSS Net loss Net Income (Loss) Allocated to Limited Partners Net loss allocated to assignees Net Income (Loss) Allocated to General Partners Net loss allocated to general partner Net Income (Loss), Per Outstanding Limited Partnership Unit, Basic, Net of Tax, Total Net loss per BAC (in dollars per share) Cash and Cash Equivalents [Abstract] Statement Of Partners Capital [Abstract] Partner Capital Components [Domain] Assignees [Member] General Partner [Member] Partner Capital Components [Axis] Statement Of Cash Flows [Abstract] Net Cash Provided By (Used In) Operating Activities [Abstract] Cash flows from operating activities: Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract] Adjustments to reconcile net loss to net cash used in operating activities Amortization, Total Amortization Equity Method Investment, Dividends Or Distributions Distributions from Operating Partnerships Increase (Decrease) In Operating Capital [Abstract] Changes in assets and liabilities Increase (Decrease) in Other Operating Assets, Total Increase in other assets Increase (Decrease) In Due To Affiliates Increase (Decrease) in accounts payable affiliates Net Cash Provided by (Used in) Operating Activities, Total Net cash used in operating activities Net Cash Provided By (Used In) Investing Activities [Abstract] Cash flows from investing activities: Payments To Acquire Equity Method Investments Capital contributions paid to Operating Partnerships Net Cash Provided by (Used in) Investing Activities, Total Net cash used in investing activities Cash and Cash Equivalents, Period Increase (Decrease), Total DECREASE IN CASH AND CASH EQUIVALENTS Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Significant Accounting Policies [Text Block] Related Party Transactions Disclosure [Text Block] Related Party Transactions Disclosure [Text Block] Document And Entity Information [Abstract] Document Information [Table] Class of Stock [Axis] Entity Registrant Name Entity Central Index Key Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Document Type Amendment Flag Document Period End Date Document Fiscal Period Focus Document Fiscal Year Focus Document Information [Line Items] Class of Stock [Domain] EX-101.PRE 11 bctcv-20130930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R17.htm IDEA: XBRL DOCUMENT

ORGANIZATION (Details) (USD $)	6 Months Ended
ORGANIZATION (Details) (USD $)	Sep. 30, 2013	Mar. 31, 2013
BACs Sold	11,777,706	11,777,706
Equity Raised	$ 117,777,060
Series Forty Seven [Member]
Closing Date	Apr. 30, 2004
BACs Sold	3,478,334	3,478,334
Equity Raised	34,783,340
Series Forty Eight [Member]
Closing Date	Aug. 12, 2004
BACs Sold	2,299,372	2,299,372
Equity Raised	22,993,720
Series Forty Nine [Member]
Closing Date	Apr. 29, 2005
BACs Sold	6,000,000	6,000,000
Equity Raised	$ 60,000,000

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Item 1.	Legal Proceedings

	None

Item 1A.	Risk Factors

	There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Form 10-K for the fiscal year ended March 31, 2013.

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds

	None

Item 3.	Defaults upon Senior Securities

	None

Item 4.	Mine Safety Disclosures

	Not Applicable

Item 5.	Other Information

	None

Item 6.	Exhibits

	(a)Exhibits

		31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith

		31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith

		32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith

		32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith

		101. The following materials from the Boston Capital Tax Credit Fund V L.P. Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2013 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, furnished herewith

CONDENSED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
CONDENSED STATEMENTS OF OPERATIONS (USD $)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income
Interest income	$ 511	$ 1,141	$ 1,075	$ 2,588
Total income	511	1,141	1,075	2,588
Share of loss from Operating Partnerships (Note D)	(342,280)	(378,036)	(698,889)	(768,106)
Expenses
Professional fees	79,420	89,805	103,764	90,025
Fund management fee, net (Note C)	259,108	250,172	527,896	525,704
Amortization	171,649	184,718	343,298	369,436
General and administrative expenses	10,702	15,214	27,880	31,817
Operating expenses	520,879	539,909	1,002,838	1,016,982
NET LOSS	(862,648)	(916,804)	(1,700,652)	(1,782,500)
Net loss allocated to assignees	(860,492)	(914,512)	(1,696,400)	(1,778,043)
Net loss allocated to general partner	(2,156)	(2,292)	(4,252)	(4,457)
Net loss per BAC (in dollars per share)	$ (0.07)	$ (0.08)	$ (0.14)	$ (0.15)
Series Forty Seven [Member]
Income
Interest income	20	85	48	348
Total income	20	85	48	348
Share of loss from Operating Partnerships (Note D)	(46,309)	(28,797)	(61,207)	(57,768)
Expenses
Professional fees	35,548	32,569	50,568	32,636
Fund management fee, net (Note C)	84,244	91,172	180,330	187,258
Amortization	83,414	83,414	166,828	166,828
General and administrative expenses	3,385	4,769	9,104	10,076
Operating expenses	206,591	211,924	406,830	396,798
NET LOSS	(252,880)	(240,636)	(467,989)	(454,218)
Net loss allocated to assignees	(252,248)	(240,034)	(466,819)	(453,082)
Net loss allocated to general partner	(632)	(602)	(1,170)	(1,136)
Net loss per BAC (in dollars per share)	$ (0.07)	$ (0.07)	$ (0.13)	$ (0.13)
Series Forty Eight [Member]
Income
Interest income	44	114	93	394
Total income	44	114	93	394
Share of loss from Operating Partnerships (Note D)	(9,835)	(49,997)	(32,776)	(106,861)
Expenses
Professional fees	16,944	23,180	20,459	23,224
Fund management fee, net (Note C)	57,095	53,630	116,690	108,300
Amortization	34,738	34,738	69,476	69,476
General and administrative expenses	3,132	4,188	7,502	8,769
Operating expenses	111,909	115,736	214,127	209,769
NET LOSS	(121,700)	(165,619)	(246,810)	(316,236)
Net loss allocated to assignees	(121,396)	(165,205)	(246,193)	(315,445)
Net loss allocated to general partner	(304)	(414)	(617)	(791)
Net loss per BAC (in dollars per share)	$ (0.05)	$ (0.07)	$ (0.11)	$ (0.14)
Series Forty Nine [Member]
Income
Interest income	447	942	934	1,846
Total income	447	942	934	1,846
Share of loss from Operating Partnerships (Note D)	(286,136)	(299,242)	(604,906)	(603,477)
Expenses
Professional fees	26,928	34,056	32,737	34,165
Fund management fee, net (Note C)	117,769	105,370	230,876	230,146
Amortization	53,497	66,566	106,994	133,132
General and administrative expenses	4,185	6,257	11,274	12,972
Operating expenses	202,379	212,249	381,881	410,415
NET LOSS	(488,068)	(510,549)	(985,853)	(1,012,046)
Net loss allocated to assignees	(486,848)	(509,273)	(983,388)	(1,009,516)
Net loss allocated to general partner	$ (1,220)	$ (1,276)	$ (2,465)	$ (2,530)
Net loss per BAC (in dollars per share)	$ (0.08)	$ (0.08)	$ (0.16)	$ (0.17)

INVESTMENTS IN OPERATING PARTNERSHIPS (Details)	Sep. 30, 2013 Numbers	Sep. 30, 2012 Numbers
Number Of Operating Partnerships	50	50
Series Forty Seven [Member]
Number Of Operating Partnerships	15	15
Series Forty Eight [Member]
Number Of Operating Partnerships	11	11
Series Forty Nine [Member]
Number Of Operating Partnerships	24	24

ORGANIZATION (Details Textual) (USD $)	1 Months Ended
ORGANIZATION (Details Textual) (USD $)	Aug. 31, 2004	Sep. 30, 2013	Mar. 31, 2013
Minimum Units Of Limited Partners Beneficial Interest For Sale		250,000
Maximum Units Of Limited Partners Beneficial Interest For Sale		7,000,000
Limited Partners Capital Account Per Units		$ 10
Limited Partners Capital Account Additional Units Registered For Sale	8,500,000
Limited Partners Capital Account, Units Issued		11,777,706	11,777,706
Limited Partners Contributed Capital		$ 117,777,060

INVESTMENTS IN OPERATING PARTNERSHIPS (Details Textual) (USD $)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Income Loss Not Recognized Under Equity Method Accounting	$ 726,253	$ 580,882
Series Forty Seven [Member]
Income Loss Not Recognized Under Equity Method Accounting	294,122	248,031
Series Forty Eight [Member]
Income Loss Not Recognized Under Equity Method Accounting	117,954	103,717
Series Forty Nine [Member]
Income Loss Not Recognized Under Equity Method Accounting	$ 314,177	$ 229,134

CONDENSED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:
Net loss	$ (1,700,652)	$ (1,782,500)
Adjustments to reconcile net loss to net cash used in operating activities
Amortization	343,298	369,436
Distributions from Operating Partnerships	12,464	61,872
Share of Loss from Operating Partnerships	698,889	768,106
Changes in assets and liabilities
Increase in other assets	0	(30,000)
Increase (Decrease) in accounts payable affiliates	368,914	(206,086)
Net cash used in operating activities	(277,087)	(819,172)
Cash flows from investing activities:
Capital contributions paid to Operating Partnerships	0	(91,654)
Net cash used in investing activities	0	(91,654)
DECREASE IN CASH AND CASH EQUIVALENTS	(277,087)	(910,826)
Cash and cash equivalents, beginning	1,060,658	2,051,958
Cash and cash equivalents, ending	783,571	1,141,132
Series Forty Seven [Member]
Cash flows from operating activities:
Net loss	(467,989)	(454,218)
Adjustments to reconcile net loss to net cash used in operating activities
Amortization	166,828	166,828
Distributions from Operating Partnerships	2,202	13,684
Share of Loss from Operating Partnerships	61,207	57,768
Changes in assets and liabilities
Increase in other assets	0	0
Increase (Decrease) in accounts payable affiliates	194,172	119,172
Net cash used in operating activities	(43,580)	(96,766)
Cash flows from investing activities:
Capital contributions paid to Operating Partnerships	0	(91,654)
Net cash used in investing activities	0	(91,654)
DECREASE IN CASH AND CASH EQUIVALENTS	(43,580)	(188,420)
Cash and cash equivalents, beginning	116,970	366,067
Cash and cash equivalents, ending	73,390	177,647
Series Forty Eight [Member]
Cash flows from operating activities:
Net loss	(246,810)	(316,236)
Adjustments to reconcile net loss to net cash used in operating activities
Amortization	69,476	69,476
Distributions from Operating Partnerships	0	18,549
Share of Loss from Operating Partnerships	32,776	106,861
Changes in assets and liabilities
Increase in other assets	0	0
Increase (Decrease) in accounts payable affiliates	119,190	(30,810)
Net cash used in operating activities	(25,368)	(152,160)
Cash flows from investing activities:
Capital contributions paid to Operating Partnerships	0	0
Net cash used in investing activities	0	0
DECREASE IN CASH AND CASH EQUIVALENTS	(25,368)	(152,160)
Cash and cash equivalents, beginning	194,790	348,763
Cash and cash equivalents, ending	169,422	196,603
Series Forty Nine [Member]
Cash flows from operating activities:
Net loss	(985,853)	(1,012,046)
Adjustments to reconcile net loss to net cash used in operating activities
Amortization	106,994	133,132
Distributions from Operating Partnerships	10,262	29,639
Share of Loss from Operating Partnerships	604,906	603,477
Changes in assets and liabilities
Increase in other assets	0	(30,000)
Increase (Decrease) in accounts payable affiliates	55,552	(294,448)
Net cash used in operating activities	(208,139)	(570,246)
Cash flows from investing activities:
Capital contributions paid to Operating Partnerships	0	0
Net cash used in investing activities	0	0
DECREASE IN CASH AND CASH EQUIVALENTS	(208,139)	(570,246)
Cash and cash equivalents, beginning	748,898	1,337,128
Cash and cash equivalents, ending	$ 540,759	$ 766,882

CONDENSED BALANCE SHEETS [Parenthetical] (USD $)	Sep. 30, 2013	Mar. 31, 2013
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	11,777,706	11,777,706
Units of limited partnership interest, outstanding	11,777,706	11,777,706
Series Forty Seven [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	3,478,334	3,478,334
Units of limited partnership interest, outstanding	3,478,334	3,478,334
Series Forty Eight [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	2,299,372	2,299,372
Units of limited partnership interest, outstanding	2,299,372	2,299,372
Series Forty Nine [Member]
Beneficial assignee certificate, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	6,000,000	6,000,000
Units of limited partnership interest, outstanding	6,000,000	6,000,000

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) (USD $)	Total	Assignees [Member]	General Partner [Member]	Series Forty Seven [Member]	Series Forty Seven [Member] Assignees [Member]	Series Forty Seven [Member] General Partner [Member]	Series Forty Eight [Member]	Series Forty Eight [Member] Assignees [Member]	Series Forty Eight [Member] General Partner [Member]	Series Forty Nine [Member]	Series Forty Nine [Member] Assignees [Member]	Series Forty Nine [Member] General Partner [Member]
Partners' capital (deficit) at Mar. 31, 2013	$ 27,687,118	$ 27,879,103	$ (191,985)	$ 5,903,779	$ 5,965,728	$ (61,949)	$ 4,515,450	$ 4,554,923	$ (39,473)	$ 17,267,889	$ 17,358,452	$ (90,563)
Net loss	(1,700,652)	(1,696,400)	(4,252)	(467,989)	(466,819)	(1,170)	(246,810)	(246,193)	(617)	(985,853)	(983,388)	(2,465)
Partners' capital (deficit) at Sep. 30, 2013	25,986,466	26,182,703	(196,237)	5,435,790	5,498,909	(63,119)	4,268,640	4,308,730	(40,090)	16,282,036	16,375,064	(93,028)
Partners' capital (deficit) at Jun. 30, 2013
Net loss	(862,648)			(252,880)			(121,700)			(488,068)
Partners' capital (deficit) at Sep. 30, 2013	$ 25,986,466			$ 5,435,790			$ 4,268,640			$ 16,282,036

CONDENSED BALANCE SHEETS (USD $)	Sep. 30, 2013	Mar. 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	$ 26,896,373	$ 27,607,726
OTHER ASSETS
Cash and cash equivalents	783,571	1,060,658
Acquisition costs, net	2,403,094	2,746,392
Other assets	106,411	106,411
Assets	30,189,449	31,521,187
LIABILITIES
Accounts payable and accrued expenses	843	843
Accounts payable affiliates	4,202,039	3,833,125
Capital contributions payable	101	101
Total Liabilities	4,202,983	3,834,069
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	26,182,703	27,879,103
General partner	(196,237)	(191,985)
Partners Capital	25,986,466	27,687,118
Liabilities and Stockholders' Equity	30,189,449	31,521,187
Series Forty Seven [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	6,232,597	6,296,006
OTHER ASSETS
Cash and cash equivalents	73,390	116,970
Acquisition costs, net	1,167,793	1,334,621
Other assets	0	0
Assets	7,473,780	7,747,597
LIABILITIES
Accounts payable and accrued expenses	385	385
Accounts payable affiliates	2,037,605	1,843,433
Capital contributions payable	0	0
Total Liabilities	2,037,990	1,843,818
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	5,498,909	5,965,728
General partner	(63,119)	(61,949)
Partners Capital	5,435,790	5,903,779
Liabilities and Stockholders' Equity	7,473,780	7,747,597
Series Forty Eight [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	4,800,843	4,833,619
OTHER ASSETS
Cash and cash equivalents	169,422	194,790
Acquisition costs, net	486,340	555,816
Other assets	0	0
Assets	5,456,605	5,584,225
LIABILITIES
Accounts payable and accrued expenses	115	115
Accounts payable affiliates	1,187,850	1,068,660
Capital contributions payable	0	0
Total Liabilities	1,187,965	1,068,775
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	4,308,730	4,554,923
General partner	(40,090)	(39,473)
Partners Capital	4,268,640	4,515,450
Liabilities and Stockholders' Equity	5,456,605	5,584,225
Series Forty Nine [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	15,862,933	16,478,101
OTHER ASSETS
Cash and cash equivalents	540,759	748,898
Acquisition costs, net	748,961	855,955
Other assets	106,411	106,411
Assets	17,259,064	18,189,365
LIABILITIES
Accounts payable and accrued expenses	343	343
Accounts payable affiliates	976,584	921,032
Capital contributions payable	101	101
Total Liabilities	977,028	921,476
PARTNERS' CAPITAL (DEFICIT)
Units of limited partnership interest	16,375,064	17,358,452
General partner	(93,028)	(90,563)
Partners Capital	16,282,036	17,267,889
Liabilities and Stockholders' Equity	$ 17,259,064	$ 18,189,365

RELATED PARTY TRANSACTIONS (Details Textual)	6 Months Ended
RELATED PARTY TRANSACTIONS (Details Textual)	Sep. 30, 2013
Percentage Of Annual Management Fee	0.50%

ACCOUNTING AND FINANCIAL REPORTING POLICIES (Details) (USD $)	Sep. 30, 2013	Sep. 30, 2012
Accumulated Amortization Of Acquisition Costs	$ 2,200,812	$ 1,754,342
Series Forty Seven [Member]
Accumulated Amortization Of Acquisition Costs	1,746,438	1,412,782
Series Forty Eight [Member]
Accumulated Amortization Of Acquisition Costs	347,380	208,428
Series Forty Nine [Member]
Accumulated Amortization Of Acquisition Costs	$ 106,994	$ 133,132

RELATED PARTY TRANSACTIONS (Details 1) (USD $)	3 Months Ended		6 Months Ended
RELATED PARTY TRANSACTIONS (Details 1) (USD $)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Management Fees Paid	$ 0	$ 775,000	$ 200,000	$ 775,000
Series Forty Seven [Member]
Management Fees Paid	0	75,000	0	75,000
Series Forty Eight [Member]
Management Fees Paid	0	150,000	0	150,000
Series Forty Nine [Member]
Management Fees Paid	$ 0	$ 550,000	$ 200,000	$ 550,000

ACCOUNTING AND FINANCIAL REPORTING POLICIES (Details Textual) (USD $)	6 Months Ended	12 Months Ended
	Sep. 30, 2013	Mar. 31, 2013	Mar. 31, 2013 Series Forty Seven [Member]	Mar. 31, 2013 Series Forty Eight [Member]	Mar. 31, 2013 Series Forty Nine [Member]	Mar. 31, 2012 Series Forty Nine [Member]
Amortization Period Of Acquisition Costs		27 years 6 months
Impairment Loss Of Acquisition Costs					$ 209,097	$ 153,715
Amortization Of Acquisition Cost Remaining Contractual Term			4 years	4 years	4 years
Amortization Of Deferred Acquisition Costs Year One	686,597
Amortization Of Deferred Acquisition Costs Year Two	686,597
Amortization Of Deferred Acquisition Costs Year Three	686,597
Amortization Of Deferred Acquisition Costs Year Four	$ 343,303

Document And Entity Information	6 Months Ended
Document And Entity Information	Sep. 30, 2013
Document Information [Line Items]
Entity Registrant Name	BOSTON CAPITAL TAX CREDIT FUND V LP
Entity Central Index Key	0001267425
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	0
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2013
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2014

RELATED PARTY TRANSACTIONS (Details) (USD $)	6 Months Ended
RELATED PARTY TRANSACTIONS (Details) (USD $)	Sep. 30, 2013	Sep. 30, 2012
Gross Fund Management Fee	$ 284,457	$ 284,457
Series Forty Seven [Member]
Gross Fund Management Fee	97,086	97,086
Series Forty Eight [Member]
Gross Fund Management Fee	59,595	59,595
Series Forty Nine [Member]
Gross Fund Management Fee	$ 127,776	$ 127,776