10-Q

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 June 30, 2015

or

( )   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 JUNE 30, 2015

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
				Pages
	Item 1. Condensed Financial Statements
		Condensed Balance Sheets	3-6
		Condensed Statements of Operations	7-10
		Condensed Statements of Changes in  Partners' Capital (Deficit)	11-12
		Condensed Statements of Cash Flows	13-16
		Notes to Condensed Financial  Statements	17-24
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of  Operations		24-31
	Item 3. Quantitative and Qualitative Disclosures About Market Risk		32
	Item 4. Controls and Procedures		32
PART II - OTHER INFORMATION
	Item 1. Legal Proceedings		33
	Item 1A. Risk Factors		33
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		33
	Item 3. Defaults Upon Senior Securities		33
	Item 4. Mine Safety Disclosures		33
	Item 5. Other Information		33
	Item 6. Exhibits		33
	Signatures		34

Boston Capital Tax Credit Fund V L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

		June 30, 2015	March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$ 8,816,825	$ 9,150,371
OTHER ASSETS
	Cash and cash equivalents	895,220	854,750
	Acquisition costs, net	472,774	540,313
	Other assets	106,411	106,411
		$10,291,230	$10,651,845
LIABILITIES
	Accounts payable and accrued expenses	$       843	$       843
	Accounts payable affiliates	6,068,238	5,783,781
	Capital contributions payable	101	101
		6,069,182	5,784,725
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	4,472,695	5,116,155
General Partner		(250,647)	(249,035)
		4,222,048	4,867,120
		$10,291,230	$10,651,845

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

		June 30, 2015	March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$  1,203,455	$  1,225,363
OTHER ASSETS
	Cash and cash equivalents	232,200	218,870
	Acquisition costs, net	83,722	95,682
	Other assets	-	-
		$  1,519,377	$  1,539,915
LIABILITIES
	Accounts payable and accrued expenses	$        385	$        385
	Accounts payable affiliates	2,717,207	2,620,121
	Capital contributions payable	-	-
		2,717,592	2,620,506
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	(1,118,511)	(1,001,181)
General Partner		(79,704)	(79,410)
		(1,198,215)	(1,080,591)
		$  1,519,377	$  1,539,915

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

		June 30, 2015	March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$ 1,237,298	$ 1,272,550
OTHER ASSETS
	Cash and cash equivalents	233,554	222,229
	Acquisition costs, net	96,116	109,847
	Other assets	-	-
		$ 1,566,968	$ 1,604,626
LIABILITIES
	Accounts payable and accrued expenses	$       115	$       115
	Accounts payable affiliates	1,605,015	1,545,420
	Capital contributions payable	-	-
		1,605,130	1,545,535
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	12,695	109,705
General Partner		(50,857)	(50,614)
		(38,162)	59,091
		$ 1,566,968	$ 1,604,626

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

		June 30, 2015	March 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS  (Note D)		$ 6,376,072	$ 6,652,458
OTHER ASSETS
	Cash and cash equivalents	429,466	413,651
	Acquisition costs, net	292,936	334,784
	Other assets	106,411	106,411
		$ 7,204,885	$ 7,507,304
LIABILITIES
	Accounts payable and accrued expenses	$       343	$       343
	Accounts payable affiliates	1,746,016	1,618,240
	Capital contributions payable	101	101
		1,746,460	1,618,684
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	5,578,511	6,007,631
General Partner		(120,086)	(119,011)
		5,458,425	5,888,620
		$ 7,204,885	$ 7,507,304

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 June 30,
(Unaudited)

		2015	2014
Income
	Interest income	$     26,791	$        526
Other income		738	3,304
		27,529	3,830
Share of loss from Operating  Partnerships(Note D)		(306,046)	(309,706)
Expenses
	Professional fees	17,434	14,130
	Fund management fee, net (Note C)	272,143	245,221
	Amortization	67,539	145,078
	General and administrative expenses	9,439	9,469
		366,555	413,898
NET LOSS		$  (645,072)	$  (719,774)
Net loss allocated to assignees		$  (643,460)	$  (717,974)
Net loss allocated to general partner		$    (1,612)	$    (1,800)
Net loss per BAC		$      (.05)	$      (.06)

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 June 30,
(Unaudited)

Series 47

		2015	2014
Income
	Interest income	$        80	$        29
Other income		738	-
		818	29
Share of loss from Operating  Partnerships(Note D)		(8,158)	(42,531)
Expenses
	Professional fees	4,895	4,445
	Fund management fee, net (Note C)	90,399	69,250
	Amortization	11,960	64,255
	General and administrative expenses	3,030	3,077
		110,284	141,027
NET LOSS		$ (117,624)	$ (183,529)
Net loss allocated to assignees		$ (117,330)	$ (183,070)
Net loss allocated to general partner		$     (294)	$     (459)
Net loss per BAC		$     (.03)	$     (.05)

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 June 30,
(Unaudited)

Series 48

		2015	2014
Income
	Interest income	$       105	$        48
Other income		-	657
		105	705
Share of loss from Operating  Partnerships(Note D)		(21,502)	(32,512)
Expenses
	Professional fees	4,235	3,820
	Fund management fee, net (Note C)	55,195	53,695
	Amortization	13,731	34,738
	General and administrative expenses	2,695	2,563
		75,856	94,816
NET LOSS		$  (97,253)	$ (126,623)
Net loss allocated to assignees		$  (97,010)	$ (126,306)
Net loss allocated to general partner		$     (243)	$     (317)
Net loss per BAC		$     (.04)	$     (.05)

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 June 30,
(Unaudited)

Series 49

		2015	2014
Income
	Interest income	$     26,606	$        449
Other income		-	2,647
		26,606	3,096
Share of loss from Operating  Partnerships(Note D)		(276,386)	(234,663)
Expenses
	Professional fees	8,304	5,865
	Fund management fee, net (Note C)	126,549	122,276
	Amortization	41,848	46,085
	General and administrative expenses	3,714	3,829
		180,415	178,055
NET LOSS		$  (430,195)	$  (409,622)
Net loss allocated to assignees		$  (429,120)	$  (408,598)
Net loss allocated to general partner		$    (1,075)	$    (1,024)
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 CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2015
(Unaudited)

	Assignees	General partner	Total
Partners' capital (deficit)   April 1, 2015	$  5,116,155	$(249,035)	$  4,867,120
Net loss	(643,460)	(1,612)	(645,072)
Partners' capital (deficit),   June 30, 2015	$  4,472,695	$(250,647)	$  4,222,048

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)

Three Months Ended June 30, 2015
(Unaudited)

	Assignees	General partner	Total
Series 47
Partners' capital (deficit)   April 1, 2015	$(1,001,181)	$ (79,410)	$(1,080,591)
Net loss	(117,330)	(294)	(117,624)
Partners' capital (deficit),   June 30, 2015	$(1,118,511)	$ (79,704)	$(1,198,215)
	Assignees	General partner	Total
Series 48
Partners' capital (deficit)   April 1, 2015	$    109,705	$ (50,614)	$      59,091
Net loss	(97,010)	(243)	(97,253)
Partners' capital (deficit),   June 30, 2015	$     12,695	$ (50,857)	$    (38,162)
	Assignees	General partner	Total
Series 49
Partners' capital (deficit)   April 1, 2015	$  6,007,631	$(119,011)	$  5,888,620
Net loss	(429,120)	(1,075)	(430,195)
Partners' capital (deficit),   June 30, 2015	$  5,578,511	$(120,086)	$  5,458,425

The accompanying notes are an integral part of these condensed statements

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

Three Months Ended June 30,
(Unaudited)

				2015		2014
Cash flows from operating activities:
	Net loss			$  (645,072)		$  (719,774)
	Adjustments to reconcile net loss to net cash (used in) provided by operating activities
		Amortization		67,539		145,078
		Distributions from Operating   Partnerships		27,500		41,544
		Share of Loss from Operating   Partnerships		306,046		309,706
	Changes in assets and liabilities
		Increase in other   assets		-		(30,000)
		Increase in accounts   payable affiliates		284,457		284,457
			Net cash (used in) provided by operating activities	40,470		31,011
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS					40,470		31,011
Cash and cash equivalents, beginning					854,750		863,291
Cash and cash equivalents, ending					$    895,220		$    894,302

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 47

					2015		2014
Cash flows from operating activities:
	Net loss				$  (117,624)		$  (183,529)
	Adjustments to reconcile net loss to net cash (used in) provided by operating activities
		Amortization			11,960		64,255
		Distributions from Operating   Partnerships			13,750		20,896
		Share of Loss from Operating   Partnerships			8,158		42,531
	Changes in assets and liabilities
		Increase in other   assets			-		-
		Increase in accounts   payable affiliates			97,086		97,086
			Net cash (used in) provided by operating activities		13,330		41,239
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				13,330		41,239
Cash and cash equivalents, beginning				218,870		98,908
Cash and cash equivalents, ending				$    232,200		$    140,147

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 48

					2015		2014
Cash flows from operating activities:
	Net loss				$   (97,253)		$  (126,623)
	Adjustments to reconcile net loss to net cash (used in) provided by operating activities
		Amortization			13,731		34,738
		Distributions from Operating   Partnerships			13,750		20,648
		Share of Loss from Operating   Partnerships			21,502		32,512
	Changes in assets and liabilities
		Increase in other   assets			-		-
		Increase in accounts   payable affiliates			59,595		59,595
			Net cash (used in) provided by operating activities		11,325		20,870
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				11,325		20,870
Cash and cash equivalents, beginning				222,229		189,928
Cash and cash equivalents, ending				$    233,554		$    210,798

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 49

					2015		2014
Cash flows from operating activities:
	Net loss				$  (430,195)		$  (409,622)
	Adjustments to reconcile net loss to net cash (used in) provided by operating activities
		Amortization			41,848		46,085
		Distributions from Operating   Partnerships			-		-
		Share of Loss from Operating   Partnerships			276,386		234,663
	Changes in assets and liabilities
		Increase in other   assets			-		(30,000)
		Increase in accounts   payable affiliates			127,776		127,776
			Net cash (used in) provided by operating activities		15,815		(31,098)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				15,815		(31,098)
Cash and cash equivalents, beginning				413,651		574,455
Cash and cash equivalents, ending				$    429,466		$    543,357

The accompanying notes are an integral part of these condensed statements

Boston Capital Tax Credit Fund V L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
June 30, 2015
(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 June 30, 2015, 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 June 30, 2015:

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
June 30, 2015
(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of June 30, 2015 and for the three 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, 2015.

Amortization

Acquisition costs were amortized on the straight-line method over 27.5 years. Impairment losses have been recognized for the year ended March 31, 2015 of $418,353 for Series 47, $168,065 for Series 48 and $33,896 for Series 49. Impairment losses have been recognized for the year ended March 31, 2014 of $229,911 for Series 47 and $88,947 for Series 49. As of March 31, 2015, the lives of the remaining acquisition costs were reassessed and determined to be 2 years for all Series.

Accumulated amortization of acquisition costs by Series for the quarters ended June 30, 2015 and 2014 are as follows:

	2015	2014
Series 47	$   11,960	$   64,255
Series 48	13,731	451,594
Series 49	41,848	46,085
	$   67,539	$  561,934

The annual amortization for deferred acquisition costs for the years ending June 30, 2016 and 2017 are estimated to be $270,156 and $202,618, respectively.

Boston Capital Tax Credit Fund V L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015
(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 June 30, 2015 and 2014 are as follows:

	2015	2014
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 June 30, 2015 and 2014 are as follows:

	2015	2014
Series 47	$      -	$      -
Series 48	-	-
Series 49	-	-
Total	$      -	$      -

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At June 30, 2015 and 2014, 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 June 30, 2015 and 2014 is as follows:

	2015	2014
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 three months ended March 31, 2015.

Boston Capital Tax Credit Fund V L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2015

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Total

		2015	2014
Revenues
	Rental	$  5,756,323	$  5,607,063
	Interest and other	175,956	164,524
		5,932,279	5,771,587
Expenses
	Interest	851,096	822,844
	Depreciation and amortization	1,605,412	1,603,937
	Operating expenses	4,157,972	3,941,161
		6,614,480	6,367,942
NET LOSS		$  (682,201)	$  (596,355)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (675,378)	$  (590,392)
Net loss allocated to other Partners		$    (6,823)	$    (5,963)

* Amounts include $369,332 and $280,686 for 2015 and 2014, 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
June 30, 2015

(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 47

		2015	2014
Revenues
	Rental	$  2,238,211	$  2,212,937
	Interest and other	43,950	45,795
		2,282,161	2,258,732
Expenses
	Interest	332,755	299,700
	Depreciation and amortization	542,082	545,233
	Operating expenses	1,627,078	1,571,224
		2,501,915	2,416,157
NET LOSS		$  (219,754)	$  (157,425)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (217,557)	$  (155,851)
Net loss allocated to other Partners		$    (2,197)	$    (1,574)

* Amounts include $209,399 and $113,320 for 2015 and 2014, 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
June 30, 2015

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 48

		2015	2014
Revenues
	Rental	$  1,245,130	$  1,214,392
	Interest and other	29,143	31,225
		1,274,273	1,245,617
Expenses
	Interest	149,284	148,923
	Depreciation and amortization	328,981	341,958
	Operating expenses	886,783	841,760
		1,365,048	1,332,641
NET LOSS		$   (90,775)	$   (87,024)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$   (89,866)	$   (86,154)
Net loss allocated to other Partners		$      (909)	$      (870)

* Amounts include $68,364 and $53,642 for 2015 and 2014, 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
June 30, 2015

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 49

		2015	2014
Revenues
	Rental	$  2,272,982	$  2,179,734
	Interest and other	102,863	87,504
		2,375,845	2,267,238
Expenses
	Interest	369,057	374,221
	Depreciation and amortization	734,349	716,746
	Operating expenses	1,644,111	1,528,177
		2,747,517	2,619,144
NET LOSS		$  (371,672)	$  (351,906)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (367,955)	$  (348,387)
Net loss allocated to other Partners		$    (3,717)	$    (3,519)

* Amounts include $91,569 and $113,724 for 2015 and 2014, 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.

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the calendar year ended December 31, 2015 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 2011 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, 2015. 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 June 30, 2015 were $284,457 and total fund management fees accrued as of June 30, 2015 were $6,068,238. During the quarter ended June 30, 2015, 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 June 30, 2015.

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 June 30, 2015, 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 June 30, 2015, 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 June 30, 2015, 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 June 30, 2015. 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 June 30, 2015, 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 three months ended June 30, 2015 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	$ 6,687	$ 90,399
Series 48	59,595	4,400	55,195
Series 49	127,776	1,227	126,549
	$284,457	$12,314	$272,143

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 June 30, 2015 and 2014, the average Qualified Occupancy was 100%. The series had a total of 15 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 47 reflects a net loss from Operating Partnerships of $(219,754) and $(157,425), respectively, which includes depreciation and amortization of $542,082 and $545,233, 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. Due to low rental rates and high operating expenses, the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee is unlimited in time and up to $542,490. The 15-year low income tax credit compliance period with respect to CP Continental expires on December 31, 2019.

McEver Vineyards, L.P. (McEver Vineyards Apartments) is a 220-unit family property in Gainesville, GA. Due to high operating expenses, burdensome debt service and insufficient rental rates the property operates below breakeven. The investment general partner continues to work with the operating general partner and the management company to improve operations. Whether the operating general partner's operating deficit guarantee has expired is in dispute by the operating general partner and the investment general partner. Nevertheless, operating deficits have been partially financed by advances from the operating general partner in the past several years. The 15-year low income tax credit compliance period with respect to McEver Vineyards, LP expires on December 31, 2019. If the operating general partner stops funding deficits in 2015 causing a mortgage default and subsequent foreclosure, the estimated credit loss for 2015 would be $63,131 and the tax credit recapture cost plus interest penalties would be $938,751; these amounts are equivalent to a credit loss of $18 per 1,000 BACs and a recapture plus interest penalties of $270 per 1,000 BACs.

Pecan Acres, L.P. (La Maison Apartments) is a 78-unit family property located in Lake Charles, LA. The investment general partner removed one of the operating general partners in 2014 after the operating general partner misappropriated partnership funds. The operating general partner's operating deficit guarantee expired on December 31, 2009. The 15-year low income housing tax credit compliance period with respect to Pecan Acres, L.P. expires on December 31, 2019.

Park Plaza Village Limited Partnership (Park Plaza Village Apartments) is a 14-unit family property in Temple, OK.  Due to fluctuating occupancy and high expenses in 2014, the property operated below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee expired on August 31, 2014. The 15-year low income housing tax credit compliance period with respect to Park Plaza Village, LP expires on December 31, 2018.

Hillsboro Fountainhead, L.P. (Pecan Creek Apartments) is a 48-unit family property in Hillsboro, Texas. Due to low occupancy, insufficient rental income and high operating expenses, the property continues to operate below breakeven. The investment general partner will continue to work closely with the operating general partner and the affiliated management company to improve operations. The operating general partner's operating deficit guarantee has expired; however, operating general partner continues to fund deficits through advances and by accruing management fees. The 15-year low income housing tax credit compliance period with respect to Hillsboro Fountainhead, L.P., expires on December 31, 2019.

Series 48

As of June 30, 2015 and 2014, the average Qualified Occupancy was 100%. The series had a total of 11 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 48 reflects a net loss from Operating Partnerships of $(90,775) and $(87,024), respectively, which includes depreciation and amortization of $328,981 and $341,958, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

McEver Vineyards, L.P. (McEver Vineyards Apartments) is a 220-unit family property in Gainesville, GA. Due to high operating expenses, burdensome debt service and insufficient rental rates the property operates below breakeven. The investment general partner continues to work with the operating general partner and the management company to improve operations. Whether the operating general partner's operating deficit guarantee has expired is in dispute by the operating general partner and the investment general partner. Nevertheless, operating deficits have been partially financed by advances from the operating general partner in the past several years. The 15-year low income tax credit compliance period with respect to McEver Vineyards, LP expires on December 31, 2019. If the operating general partner stops funding deficits in 2015 causing a mortgage default and subsequent foreclosure, the estimated credit loss for 2015 would be $63,131 and the tax credit recapture cost plus interest penalties would be $938,751; these amounts are equivalent to a credit loss of $27 per 1,000 BACs and a recapture plus interest penalties of $408 per 1,000 BACs.

Wyndam-Emporia (Wyndam Place Senior Residences) is a 42-unit senior property located in Emporia, KS. Due to low occupancy the property continues to operate below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner remains under the operating deficit guarantee until the property can demonstrate 12 consecutive months of above breakeven operations. The 15-year low income housing tax credit compliance period with respect to Wyndam Place Senior Residences expires on December 31, 2020.

CTP Limited Partnership (Contempo Apartments) is a 48-unit family development located in Hammond, LA.  In the first quarter of 2014, the investment general partner was notified that the Operating Partnership had been named in a civil action dated February 28, 2014, brought against the former management company as well as former members of the operating general partner entity.  The investment general partner's counsel will continue to monitor the case to ascertain the impact on the Operating Partnership. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to CTP Limited Partnership period expires on December 31, 2019.

Series 49

As of June 30, 2015 and 2014, the average Qualified Occupancy was 100%. The series had a total of 24 properties at June 30, 2015, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2015 and 2014, Series 49 reflects a net loss from Operating Partnerships of $(371,672) and $(351,906), respectively, which includes depreciation and amortization of $734,349 and $716,746, 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 apartment development for seniors located in Lenexa, Kansas. The property operated above breakeven during the first half of 2015. The investment general partner continues to monitor the personal Chapter 7 bankruptcy of the principal of the operating general partner and regularly receives verbal updates from the bankruptcy trustee on the status and progress on the liquidation of the operating general partner's personal assets, including the eventual sale of his operating general partner interest in the subject Operating Partnership. Although the operating general partner's operating deficit guarantee has not expired, it has no ability to honor this guarantee due to aforementioned personal bankruptcy filing by its principal. The 15-year low income tax credit compliance period with respect to Rosewood Place, LLC expires on December 31, 2021.

Rural Housing Partners of Mauston L.P. (Brookview I & II Apartments) is a 22-unit family property located in Mauston, WI. Due to low occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve the occupancy level. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Rural Housing Partners of Mauston, LP expires on December 31, 2019.

Kaufman Fountainhead, LP (Briarwood Apartments) is a 48-unit family property in Kaufman, Texas.  Due to low occupancy, insufficient rental income and high operating expenses, the property continues to operate below breakeven. The investment general partner will continue to work closely with the operating general partner and the affiliated management company to monitor and improve operations. The operating general partner's operating deficit guarantee has expired; still, the operating general partner has been funding deficits by accruing management fees and with cash advances as needed. The 15-year low income housing tax credit compliance period with respect to Kaufman Fountainhead, LP expires on December 31, 2021.

Linden - Bartlesville Partners, L.P. (The Linden's Apartments) is a 54-unit family property located in Bartlesville, OK. Due to decreasing occupancy levels since the fourth quarter of 2014, the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating deficit guarantee expired on March 31, 2010. The 15-year low income housing tax credit compliance period with respect to Linden - Bartlesville Partners, L.P., expires on December 31, 2020.

Meadow Glen Apartments, Limited Partnership (Meadow Glen Apartments) is a 20-unit family property located in Kingfisher, OK. Due to decreasing occupancy levels in the first quarter of 2015, the property operated below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating deficit guarantee expired on September 30, 2008. The 15-year low income housing tax credit compliance period with respect to Meadow Glen Apartments, Limited Partnership, expires on December 31, 2019.

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, 2015 and 2014. 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.

Recent Accounting Pronouncement

In February, 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis". This will improve certain areas of consolidation guidance for reporting organizations that are required to evaluate whether to consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU 2015-02 simplified and improves GAAP by: eliminating the presumption that a general partner should consolidate a limited partnership, eliminating the indefinite deferral of FASB Statement No. 167, thereby reducing the number of Variable Interest Entity (VIE) consolidation models from four to two (including the limited partnership consolidation model), and clarifying when fees paid to a decision maker should be a factor to include in the consolidation of VIEs. ASU 2015-02 will be effective for periods beginning after December 15, 2015. The Fund is currently evaluating the potential impact of the adoption of this guidance on its financial statements.

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 June 30, 2015 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, 2015.
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 June 30, 2015 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, filed herein

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: August 13, 2015			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:
August 13, 2015	/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.
August 13, 2015	/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

Exhibit 31.a

I, John P. Manning, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund V L.P.;
2. 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;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

1. 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;
2. 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;
3. 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
4. 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

1. 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):

1. 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
2. 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.

August 13, 2015	/s/ John P. Manning
	John P. Manning
	Principal
	Executive Officer

EX-31

Exhibit 31.b

I, Marc N. Teal, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund V L.P.;
2. 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;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

1. 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;
2. 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;
3. 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
4. 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

1. 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):

1. 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
2. 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.

August 13, 2015	/s/ Marc N. Teal
	Marc N. Teal
	Principal Financial Officer

EX-32

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 June 30, 2015 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:
August 13, 2015	/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

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 June 30, 2015 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:
August 13, 2015	/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.

XML

INVESTMENTS IN OPERATING PARTNERSHIPS (Details 1) - USD ($)		3 Months Ended
		Mar. 31, 2015	Mar. 31, 2014
Revenues
Rental		$ 5,756,323	$ 5,607,063
Interest and other		175,956	164,524
Operating Partnerships Revenues		5,932,279	5,771,587
Expenses
Interest		851,096	822,844
Depreciation and amortization		1,605,412	1,603,937
Operating expenses		4,157,972	3,941,161
Operating Partnerships Total Expenses		6,614,480	6,367,942
NET LOSS		(682,201)	(596,355)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.	[1]	(675,378)	(590,392)
Net loss allocated to other Partners		(6,823)	(5,963)
Series Forty Seven [Member]
Revenues
Rental		2,238,211	2,212,937
Interest and other		43,950	45,795
Operating Partnerships Revenues		2,282,161	2,258,732
Expenses
Interest		332,755	299,700
Depreciation and amortization		542,082	545,233
Operating expenses		1,627,078	1,571,224
Operating Partnerships Total Expenses		2,501,915	2,416,157
NET LOSS		(219,754)	(157,425)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.	[2]	(217,557)	(155,851)
Net loss allocated to other Partners		(2,197)	(1,574)
Series Forty Eight [Member]
Revenues
Rental		1,245,130	1,214,392
Interest and other		29,143	31,225
Operating Partnerships Revenues		1,274,273	1,245,617
Expenses
Interest		149,284	148,923
Depreciation and amortization		328,981	341,958
Operating expenses		886,783	841,760
Operating Partnerships Total Expenses		1,365,048	1,332,641
NET LOSS		(90,775)	(87,024)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.	[3]	(89,866)	(86,154)
Net loss allocated to other Partners		(909)	(870)
Series Forty Nine [Member]
Revenues
Rental		2,272,982	2,179,734
Interest and other		102,863	87,504
Operating Partnerships Revenues		2,375,845	2,267,238
Expenses
Interest		369,057	374,221
Depreciation and amortization		734,349	716,746
Operating expenses		1,644,111	1,528,177
Operating Partnerships Total Expenses		2,747,517	2,619,144
NET LOSS		(371,672)	(351,906)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.	[4]	(367,955)	(348,387)
Net loss allocated to other Partners		$ (3,717)	$ (3,519)

[1] Amounts include $369,332 and $280,686 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

[2] Amounts include $209,399 and $113,320 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

[3] Amounts include $68,364 and $53,642 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

[4] Amounts include $91,569 and $113,724 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

XML

RELATED PARTY TRANSACTIONS

3 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

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 June 30, 2015 and 2014 are as follows:

	2015	2014
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 June 30, 2015 and 2014 are as follows:

	2015	2014
Series 47	$      -	$      -
Series 48	-	-
Series 49	-	-
Total	$      -	$      -

XML

ACCOUNTING AND FINANCIAL REPORTING POLICIES

3 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of June 30, 2015 and for the three 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, 2015.

Amortization

Acquisition costs were amortized on the straight-line method over 27.5 years. Impairment losses have been recognized for the year ended March 31, 2015 of $418,353 for Series 47, $168,065 for Series 48 and $33,896 for Series 49. Impairment losses have been recognized for the year ended March 31, 2014 of $229,911 for Series 47 and $88,947 for Series 49. As of March 31, 2015, the lives of the remaining acquisition costs were reassessed and determined to be 2 years for all Series.

Accumulated amortization of acquisition costs by Series for the quarters ended June 30, 2015 and 2014 are as follows:

	2015	2014
Series 47	$   11,960	$   64,255
Series 48	13,731	451,594
Series 49	41,848	46,085
	$   67,539	$  561,934

The annual amortization for deferred acquisition costs for the years ending June 30, 2016 and 2017 are estimated to be $270,156 and $202,618, respectively.

XML

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2015	Mar. 31, 2015
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	$ 8,816,825	$ 9,150,371
OTHER ASSETS
Cash and cash equivalents	895,220	854,750
Acquisition costs, net	472,774	540,313
Other assets	106,411	106,411
Assets	10,291,230	10,651,845
LIABILITIES
Accounts payable and accrued expenses	843	843
Accounts payable affiliates	6,068,238	5,783,781
Capital contributions payable	101	101
Total Liabilities	6,069,182	5,784,725
PARTNERS' CAPITAL (DEFICIT)
Assignees limited partner	4,472,695	5,116,155
General partner	(250,647)	(249,035)
Partners Capital	4,222,048	4,867,120
Liabilities and Stockholders' Equity	10,291,230	10,651,845
Series Forty Seven [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	1,203,455	1,225,363
OTHER ASSETS
Cash and cash equivalents	232,200	218,870
Acquisition costs, net	83,722	95,682
Other assets	0	0
Assets	1,519,377	1,539,915
LIABILITIES
Accounts payable and accrued expenses	385	385
Accounts payable affiliates	2,717,207	2,620,121
Capital contributions payable	0	0
Total Liabilities	2,717,592	2,620,506
PARTNERS' CAPITAL (DEFICIT)
Assignees limited partner	(1,118,511)	(1,001,181)
General partner	(79,704)	(79,410)
Partners Capital	(1,198,215)	(1,080,591)
Liabilities and Stockholders' Equity	1,519,377	1,539,915
Series Forty Eight [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	1,237,298	1,272,550
OTHER ASSETS
Cash and cash equivalents	233,554	222,229
Acquisition costs, net	96,116	109,847
Other assets	0	0
Assets	1,566,968	1,604,626
LIABILITIES
Accounts payable and accrued expenses	115	115
Accounts payable affiliates	1,605,015	1,545,420
Capital contributions payable	0	0
Total Liabilities	1,605,130	1,545,535
PARTNERS' CAPITAL (DEFICIT)
Assignees limited partner	12,695	109,705
General partner	(50,857)	(50,614)
Partners Capital	(38,162)	59,091
Liabilities and Stockholders' Equity	1,566,968	1,604,626
Series Forty Nine [Member]
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	6,376,072	6,652,458
OTHER ASSETS
Cash and cash equivalents	429,466	413,651
Acquisition costs, net	292,936	334,784
Other assets	106,411	106,411
Assets	7,204,885	7,507,304
LIABILITIES
Accounts payable and accrued expenses	343	343
Accounts payable affiliates	1,746,016	1,618,240
Capital contributions payable	101	101
Total Liabilities	1,746,460	1,618,684
PARTNERS' CAPITAL (DEFICIT)
Assignees limited partner	5,578,511	6,007,631
General partner	(120,086)	(119,011)
Partners Capital	5,458,425	5,888,620
Liabilities and Stockholders' Equity	$ 7,204,885	$ 7,507,304

XML

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Net loss	$ (645,072)	$ (719,774)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Amortization	67,539	145,078
Distributions from Operating Partnerships	27,500	41,544
Share of Loss from Operating Partnerships	306,046	309,706
Changes in assets and liabilities
Increase in other assets	0	(30,000)
Increase in accounts payable affiliates	284,457	284,457
Net cash (used in) provided by operating activities	40,470	31,011
Cash flows from investing activities
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	40,470	31,011
Cash and cash equivalents, beginning	854,750	863,291
Cash and cash equivalents, ending	895,220	894,302
Series Forty Seven [Member]
Cash flows from operating activities
Net loss	(117,624)	(183,529)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Amortization	11,960	64,255
Distributions from Operating Partnerships	13,750	20,896
Share of Loss from Operating Partnerships	8,158	42,531
Changes in assets and liabilities
Increase in other assets	0	0
Increase in accounts payable affiliates	97,086	97,086
Net cash (used in) provided by operating activities	13,330	41,239
Cash flows from investing activities
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	13,330	41,239
Cash and cash equivalents, beginning	218,870	98,908
Cash and cash equivalents, ending	232,200	140,147
Series Forty Eight [Member]
Cash flows from operating activities
Net loss	(97,253)	(126,623)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Amortization	13,731	34,738
Distributions from Operating Partnerships	13,750	20,648
Share of Loss from Operating Partnerships	21,502	32,512
Changes in assets and liabilities
Increase in other assets	0	0
Increase in accounts payable affiliates	59,595	59,595
Net cash (used in) provided by operating activities	11,325	20,870
Cash flows from investing activities
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	11,325	20,870
Cash and cash equivalents, beginning	222,229	189,928
Cash and cash equivalents, ending	233,554	210,798
Series Forty Nine [Member]
Cash flows from operating activities
Net loss	(430,195)	(409,622)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Amortization	41,848	46,085
Distributions from Operating Partnerships	0	0
Share of Loss from Operating Partnerships	276,386	234,663
Changes in assets and liabilities
Increase in other assets	0	(30,000)
Increase in accounts payable affiliates	127,776	127,776
Net cash (used in) provided by operating activities	15,815	(31,098)
Cash flows from investing activities
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	15,815	(31,098)
Cash and cash equivalents, beginning	413,651	574,455
Cash and cash equivalents, ending	$ 429,466	$ 543,357

XML

RELATED PARTY TRANSACTIONS (Details 1) - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Management Fees Paid	$ 0	$ 0
Series Forty Seven [Member]
Related Party Transaction [Line Items]
Management Fees Paid	0	0
Series Forty Eight [Member]
Related Party Transaction [Line Items]
Management Fees Paid	0	0
Series Forty Nine [Member]
Related Party Transaction [Line Items]
Management Fees Paid	$ 0	$ 0

XML

INVESTMENTS IN OPERATING PARTNERSHIPS (Details) - Number	Jun. 30, 2015	Jun. 30, 2014
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	50	50
Series Forty Seven [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	15	15
Series Forty Eight [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	11	11
Series Forty Nine [Member]
Number Of Operating Partnerships [Line Items]
Number Of Operating Partnerships	24	24

XML

ORGANIZATION

3 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

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 June 30, 2015, 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 June 30, 2015:

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.

XML

CONDENSED BALANCE SHEETS [Parenthetical] - $ / shares	Jun. 30, 2015	Mar. 31, 2015
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

XML

ORGANIZATION (Details) - USD ($)	3 Months Ended
	Jun. 30, 2015	Mar. 31, 2015
Capital Unit [Line Items]
BACs Sold	11,777,706	11,777,706
Equity Raised	$ 117,777,060
Series Forty Seven [Member]
Capital Unit [Line Items]
Closing Date	Apr. 30, 2004
BACs Sold	3,478,334	3,478,334
Equity Raised	$ 34,783,340
Series Forty Eight [Member]
Capital Unit [Line Items]
Closing Date	Aug. 12, 2004
BACs Sold	2,299,372	2,299,372
Equity Raised	$ 22,993,720
Series Forty Nine [Member]
Capital Unit [Line Items]
Closing Date	Apr. 29, 2005
BACs Sold	6,000,000	6,000,000
Equity Raised	$ 60,000,000

XML

Document And Entity Information - Jun. 30, 2015 - shares	Total
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
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

XML

ORGANIZATION (Details Textual) - Tax Credit Series [Domain] - USD ($)	1 Months Ended
	Aug. 31, 2004	Jun. 30, 2015	Mar. 31, 2015
Organization And Summary Of Significant Accounting Policies [Line Items]
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
Units of limited partnership interest, issued		11,777,706	11,777,706
Limited Partners' Contributed Capital		$ 117,777,060

XML

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Income
Interest income	$ 26,791	$ 526
Other income	738	3,304
Total income	27,529	3,830
Share of loss from Operating Partnerships(Note D)	(306,046)	(309,706)
Expenses and loss
Professional fees	17,434	14,130
Fund management fee, net (Note C)	272,143	245,221
Amortization	67,539	145,078
General and administrative expenses	9,439	9,469
Operating expenses	366,555	413,898
NET LOSS	(645,072)	(719,774)
Net loss allocated to assignees	(643,460)	(717,974)
Net loss allocated to general partner	$ (1,612)	$ (1,800)
Net loss per BAC (in dollar per share)	$ (0.05)	$ (0.06)
Series Forty Seven [Member]
Income
Interest income	$ 80	$ 29
Other income	738	0
Total income	818	29
Share of loss from Operating Partnerships(Note D)	(8,158)	(42,531)
Expenses and loss
Professional fees	4,895	4,445
Fund management fee, net (Note C)	90,399	69,250
Amortization	11,960	64,255
General and administrative expenses	3,030	3,077
Operating expenses	110,284	141,027
NET LOSS	(117,624)	(183,529)
Net loss allocated to assignees	(117,330)	(183,070)
Net loss allocated to general partner	$ (294)	$ (459)
Net loss per BAC (in dollar per share)	$ (0.03)	$ (0.05)
Series Forty Eight [Member]
Income
Interest income	$ 105	$ 48
Other income	0	657
Total income	105	705
Share of loss from Operating Partnerships(Note D)	(21,502)	(32,512)
Expenses and loss
Professional fees	4,235	3,820
Fund management fee, net (Note C)	55,195	53,695
Amortization	13,731	34,738
General and administrative expenses	2,695	2,563
Operating expenses	75,856	94,816
NET LOSS	(97,253)	(126,623)
Net loss allocated to assignees	(97,010)	(126,306)
Net loss allocated to general partner	$ (243)	$ (317)
Net loss per BAC (in dollar per share)	$ (0.04)	$ (0.05)
Series Forty Nine [Member]
Income
Interest income	$ 26,606	$ 449
Other income	0	2,647
Total income	26,606	3,096
Share of loss from Operating Partnerships(Note D)	(276,386)	(234,663)
Expenses and loss
Professional fees	8,304	5,865
Fund management fee, net (Note C)	126,549	122,276
Amortization	41,848	46,085
General and administrative expenses	3,714	3,829
Operating expenses	180,415	178,055
NET LOSS	(430,195)	(409,622)
Net loss allocated to assignees	(429,120)	(408,598)
Net loss allocated to general partner	$ (1,075)	$ (1,024)
Net loss per BAC (in dollar per share)	$ (0.07)	$ (0.07)

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INCOME TAXES

3 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Tax Relating To Partnership Disclosure [Text Block]

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 2011 remain open.

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TAXABLE LOSS

3 Months Ended

Jun. 30, 2015

Taxable Loss [Abstract]

Taxable Loss [Text Block]

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the calendar year ended December 31, 2015 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.

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RELATED PARTY TRANSACTIONS (Details Textual)	3 Months Ended
	Jun. 30, 2015
Related Party Transaction [Line Items]
Percentage Of Annual Management Fee	0.50%

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ACCOUNTING AND FINANCIAL REPORTING POLICIES (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Accumulated Amortization Of Acquisition Costs [Line Items]
Accumulated Amortization Of Acquisition Costs	$ 67,539	$ 561,934
Series Forty Seven [Member]
Accumulated Amortization Of Acquisition Costs [Line Items]
Accumulated Amortization Of Acquisition Costs	11,960	64,255
Series Forty Eight [Member]
Accumulated Amortization Of Acquisition Costs [Line Items]
Accumulated Amortization Of Acquisition Costs	13,731	451,594
Series Forty Nine [Member]
Accumulated Amortization Of Acquisition Costs [Line Items]
Accumulated Amortization Of Acquisition Costs	$ 41,848	$ 46,085

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RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

Schedule Of Gross Management Fee [Table Text Block]

The fund management fee accrued for the quarters ended June 30, 2015 and 2014 are as follows:

	2015	2014
Series 47	$ 97,086	$ 97,086
Series 48	59,595	59,595
Series 49	127,776	127,776
Total	$284,457	$284,457

Schedule Of Management Fees Paid [Table Text Block]

The fund management fees paid for the quarters ended June 30, 2015 and 2014 are as follows:

	2015	2014
Series 47	$      -	$      -
Series 48	-	-
Series 49	-	-
Total	$      -	$      -

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ORGANIZATION (Tables)

3 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Limited Partners' Capital Account by Class [Table Text Block]

Below is a summary of the BACs sold and total equity raised, by series, as of June 30, 2015:

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

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ACCOUNTING AND FINANCIAL REPORTING POLICIES (Tables)

3 Months Ended

Jun. 30, 2015

Accounting Policies [Abstract]

Schedule Of Accumulated Amortization Of Acquisition Costs [Table Text Block]

Accumulated amortization of acquisition costs by Series for the quarters ended June 30, 2015 and 2014 are as follows:

	2015	2014
Series 47	$   11,960	$   64,255
Series 48	13,731	451,594
Series 49	41,848	46,085
	$   67,539	$  561,934

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INVESTMENTS IN OPERATING PARTNERSHIPS (Tables)

3 Months Ended

Jun. 30, 2015

Investments In Operating Partnerships [Abstract]

Schedule Of Number Of Operating Partnerships [Table Text Block]

The breakdown of Operating Partnerships within the Fund at June 30, 2015 and 2014 is as follows:

	2015	2014
Series 47	15	15
Series 48	11	11
Series 49	24	24
Total	50	50

Schedule Of Summarized Statement Of Operations In Operating Partnerships [Table Text Block]

Accordingly, the financial results available for the Operating Partnerships are for the three months ended March 31, 2015.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Total

		2015	2014
Revenues
	Rental	$  5,756,323	$  5,607,063
	Interest and other	175,956	164,524
		5,932,279	5,771,587
Expenses
	Interest	851,096	822,844
	Depreciation and amortization	1,605,412	1,603,937
	Operating expenses	4,157,972	3,941,161
		6,614,480	6,367,942
NET LOSS		$  (682,201)	$  (596,355)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (675,378)	$  (590,392)
Net loss allocated to other Partners		$    (6,823)	$    (5,963)

* Amounts include $369,332 and $280,686 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

Series 47

		2015	2014
Revenues
	Rental	$  2,238,211	$  2,212,937
	Interest and other	43,950	45,795
		2,282,161	2,258,732
Expenses
	Interest	332,755	299,700
	Depreciation and amortization	542,082	545,233
	Operating expenses	1,627,078	1,571,224
		2,501,915	2,416,157
NET LOSS		$  (219,754)	$  (157,425)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (217,557)	$  (155,851)
Net loss allocated to other Partners		$    (2,197)	$    (1,574)

* Amounts include $209,399 and $113,320 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

Series 48

		2015	2014
Revenues
	Rental	$  1,245,130	$  1,214,392
	Interest and other	29,143	31,225
		1,274,273	1,245,617
Expenses
	Interest	149,284	148,923
	Depreciation and amortization	328,981	341,958
	Operating expenses	886,783	841,760
		1,365,048	1,332,641
NET LOSS		$   (90,775)	$   (87,024)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$   (89,866)	$   (86,154)
Net loss allocated to other Partners		$      (909)	$      (870)

* Amounts include $68,364 and $53,642 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

Series 49

		2015	2014
Revenues
	Rental	$  2,272,982	$  2,179,734
	Interest and other	102,863	87,504
		2,375,845	2,267,238
Expenses
	Interest	369,057	374,221
	Depreciation and amortization	734,349	716,746
	Operating expenses	1,644,111	1,528,177
		2,747,517	2,619,144
NET LOSS		$  (371,672)	$  (351,906)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (367,955)	$  (348,387)
Net loss allocated to other Partners		$    (3,717)	$    (3,519)

* Amounts include $91,569 and $113,724 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting.

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RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Gross Fund Management Fee	$ 284,457	$ 284,457
Series Forty Seven [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	97,086	97,086
Series Forty Eight [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	59,595	59,595
Series Forty Nine [Member]
Related Party Transaction [Line Items]
Gross Fund Management Fee	$ 127,776	$ 127,776

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INVESTMENTS IN OPERATING PARTNERSHIPS (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	$ 369,332	$ 280,686
Series Forty Seven [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	209,399	113,320
Series Forty Eight [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	68,364	53,642
Series Forty Nine [Member]
Investments In Operating Limited Partnerships [Line Items]
Income Loss Not Recognized Under Equity Method Accounting	$ 91,569	$ 113,724

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CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - 3 months ended Jun. 30, 2015 - 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, 2015	$ 4,867,120	$ 5,116,155	$ (249,035)	$ (1,080,591)	$ (1,001,181)	$ (79,410)	$ 59,091	$ 109,705	$ (50,614)	$ 5,888,620	$ 6,007,631	$ (119,011)
Net loss	(645,072)	(643,460)	(1,612)	(117,624)	(117,330)	(294)	(97,253)	(97,010)	(243)	(430,195)	(429,120)	(1,075)
Partners' capital (deficit) at Jun. 30, 2015	$ 4,222,048	$ 4,472,695	$ (250,647)	$ (1,198,215)	$ (1,118,511)	$ (79,704)	$ (38,162)	$ 12,695	$ (50,857)	$ 5,458,425	$ 5,578,511	$ (120,086)

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INVESTMENTS IN OPERATING PARTNERSHIPS

3 Months Ended

Jun. 30, 2015

Investments In Operating Partnerships [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At June 30, 2015 and 2014, 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 June 30, 2015 and 2014 is as follows:

	2015	2014
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 three months ended March 31, 2015.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Total

		2015	2014
Revenues
	Rental	$  5,756,323	$  5,607,063
	Interest and other	175,956	164,524
		5,932,279	5,771,587
Expenses
	Interest	851,096	822,844
	Depreciation and amortization	1,605,412	1,603,937
	Operating expenses	4,157,972	3,941,161
		6,614,480	6,367,942
NET LOSS		$  (682,201)	$  (596,355)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (675,378)	$  (590,392)
Net loss allocated to other Partners		$    (6,823)	$    (5,963)

* Amounts include $369,332 and $280,686 for 2015 and 2014, 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.

Series 47

		2015	2014
Revenues
	Rental	$  2,238,211	$  2,212,937
	Interest and other	43,950	45,795
		2,282,161	2,258,732
Expenses
	Interest	332,755	299,700
	Depreciation and amortization	542,082	545,233
	Operating expenses	1,627,078	1,571,224
		2,501,915	2,416,157
NET LOSS		$  (219,754)	$  (157,425)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (217,557)	$  (155,851)
Net loss allocated to other Partners		$    (2,197)	$    (1,574)

* Amounts include $209,399 and $113,320 for 2015 and 2014, 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.

Series 48

		2015	2014
Revenues
	Rental	$  1,245,130	$  1,214,392
	Interest and other	29,143	31,225
		1,274,273	1,245,617
Expenses
	Interest	149,284	148,923
	Depreciation and amortization	328,981	341,958
	Operating expenses	886,783	841,760
		1,365,048	1,332,641
NET LOSS		$   (90,775)	$   (87,024)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$   (89,866)	$   (86,154)
Net loss allocated to other Partners		$      (909)	$      (870)

* Amounts include $68,364 and $53,642 for 2015 and 2014, 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.

Series 49

		2015	2014
Revenues
	Rental	$  2,272,982	$  2,179,734
	Interest and other	102,863	87,504
		2,375,845	2,267,238
Expenses
	Interest	369,057	374,221
	Depreciation and amortization	734,349	716,746
	Operating expenses	1,644,111	1,528,177
		2,747,517	2,619,144
NET LOSS		$  (371,672)	$  (351,906)
Net loss allocated to Boston Capital Tax Credit Fund V L.P.*		$  (367,955)	$  (348,387)
Net loss allocated to other Partners		$    (3,717)	$    (3,519)

* Amounts include $91,569 and $113,724 for 2015 and 2014, 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.

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ACCOUNTING AND FINANCIAL REPORTING POLICIES (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Mar. 31, 2014
Accounting policies [Line Items]
Amortization Period Of Acquisition Costs		27 years 6 months
Amortization Of Deferred Acquisition Costs Year One	$ 270,156
Amortization Of Deferred Acquisition Costs Year Two	$ 202,618
Series Forty Seven [Member]
Accounting policies [Line Items]
Impairment Loss Of Acquisition Costs		$ 418,353	$ 229,911
Amortization Of Acquisition Cost Remaining Contractual Term		2 years
Series Forty Eight [Member]
Accounting policies [Line Items]
Impairment Loss Of Acquisition Costs		$ 168,065
Amortization Of Acquisition Cost Remaining Contractual Term		2 years
Series Forty Nine [Member]
Accounting policies [Line Items]
Impairment Loss Of Acquisition Costs		$ 33,896	$ 88,947
Amortization Of Acquisition Cost Remaining Contractual Term		2 years